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FDIC shuts down Netbank !!!!

netbank.com — Netbank just got shutdown by the FDIC and the accounts are getting transferred. Cause: Too many mortgage defaults

Who dugg this?

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6 Comments

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  • hyperlexic, on 10/10/2007, -0/+2"NetBank had $109 million in deposit accounts that exceeded the FDIC limit. Those customers will become creditors in NetBank's receivership, the FDIC said."

    Good luck trying to pick the meat off of that carcass.
  • Error601, on 10/10/2007, -0/+1Real cause: Not following mortgage underwriting guidelines and not being able to sell them plus various other problems caused by crappy management.
  • macman2k, on 10/10/2007, -0/+1They need a new slogan... somehow "connect with your money" no longer works.
  • hyperlexic, on 10/10/2007, -1/+2wow. is this the start of something bigger? maybe those gold bugs were on to something.
  • gorndog, on 10/10/2007, -0/+0You would think anyone with large balances would also be smart enough to withraw the balance down to the limit that the FDIC guarantees ($100,000 per account) or withdraw completely -- especially after the bank got deficiancy notices from the NASDAQ (or saw any of the dozen other warning signs that cropped up).
  • brianara3, on 10/10/2007, -0/+0Week... seriously. I miss my online account already.

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