NetBank Shuts Down!

[This post is written and copyrighted by FIRE Finance (]

NetBankLast week we had pondered about the safety of online banks in "Are Banks Safe In A Falling Market?" Netbank's closure comes as a corroboration of our hunches. On September 28th NetBank, Alpharetta, Georgia was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation (FDIC). Ing Direct acquired Netbank's personal and business savings, checking, CD and IRA accounts. Everbank has taken over the mortgage assets.

It is to be noted that principal and interest on insured accounts, through September 28, 2007, are fully insured by the FDIC, up to the insurance limit of $100,000. You will receive full payment for your insured account. Certain entitlements and different types of accounts may be insured for more than the $100,000 limit. IRA funds are insured separately from other types of accounts, up to a $250,000 limit. For details on the closure and FDIC insurance you may visit this link.

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