(no subject)

[littlewashu]

You guys, NetBank just, like, shut down. That was my bank.

Apparently everything's been transferred over to ING, which is fine because that's where I have my savings account. Still, crazy!

Comments

[biscuitevil.livejournal.com]

Wow. Um... nice of them to tell you ahead of time.

[biscuitevil.livejournal.com]

MAN, that also really sucks for people who had uninsured accounts with them!

That's nutzo. I use Bank Of America and I know they 'aint going anywhere.

[taumeson.livejournal.com]

They had under $200 million of uninsured deposits, and apparently they'll have enough assets to sell to give back about 50% of uninsured deposits.

Not ideal, no. But better than nothing.

[littlewashu.livejournal.com]

The little release thingie said "No advance notice is given to the public when a financial institution is closed.", which makes sense if you think about it, because if they announced that a bank was under investigation, everyone would pull their accounts and then the bank WOULD go under, even if they would have been okay in the first place.

Like my friend Vince said below, I'm now very grateful for the existence of the FDIC!

[(Anonymous)]

I suddenly have a much greater appreciation for the FDIC...

[qed.livejournal.com]

...and from now on I'll make sure I never put more than $100,000 in a bank account again. It's all going under the mattress.

[littlewashu.livejournal.com]

I thought exactly these same two thoughts!

[macivanhorn.livejournal.com]

From all the problems I've heard about that bank with not being able to correctly change an address or a name, I'm not surprised. Its also seems completely inconvenient. I still can't understand why this bank was better than the local banks.

[qed.livejournal.com]

Back when they first opened (1998 maybe?) they had a much better interest rate on their checking/saving accounts than most banks. They also had all of their services available online, which most banks didn't have back then. By 2005 or so they'd lost most of their advantage... I was actually planning on moving all of my money into my Wachovia account pretty soon anyway.

[macivanhorn.livejournal.com]

Ah. I get it. That makes sense now. Thanks. :)