NetBank was shut down by federal regulators yesterday, with the following notice appearing on the bank’s web site:
On September 28, 2007, NetBank, Alpharetta, GA was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. All insured depositors are now customers of ING Direct Bank, member FDIC. No advance notice is given to the public when a financial institution is closed.
The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a business checking account, a Social Security direct deposit, and other relationships with the institution. The FDIC has compiled information which should answer many of your questions.
I had a NetBank account years ago, and I’m a little sad to see one of the earliest and highest-profile internet banks fail. It’s ironic that the online bank founded in 1996 survived the dot-com bust only to fall victim to the current mortgage crisis.
Read more about NetBank’s rise and fall on WikiPedia.
