Dang! My bank just failed today!

[Extend a Hand]

and was taken over by the FDIC
http://www.netbank.com/
http://www.fdic.gov/bank/individual/failed/banklist.html
Netbank - Alpharetta, GA

My husband just went to the website to pay bills online and saw the notice. It says the websites is supposed to open back up Sunday eve. I sure hope it does. :scared: :scared:

We didn't get any notice at all.

[Bitwit1234]

1. Even an online bank has the 100,000 Federal guarantee

[Extend a Hand]

2. yes , thankfully

I just hope they don't mess around with letting us get our money out.

[MissB]

4. They are usually super fast.

If they say the funds will be available on Sunday, they likely will. I've read about the feds coming in and taking over banks- it really only takes them a couple of days.

[gateley]

3. I'm not familiar with netbank -- or with any online bank, actually. But I've heard

that it's the way of the future, and many are doing well.

Is netbank one of the ones that was considered as doing well?

Jeez, if they're an online bank the least they could have done was e-mailed all their customers.

That so sucks -- I sure hope everything turns out alright.

[Dj13Francis]

5. More are coming...

When you combine the trends that banks are getting paid back for their loans in dollars that are becoming worth less and less, with the diminshed capacity of people to repay their loans, what you get is bank failure...

[blogslut]

6. Okay, that's scary

I had an account with them a few years back. Closed it to go local.

Ironically, the bank was supposed be less costly to operate because there were no branches. So, they ran out of money or what?

Alpharetta, GA, (where NetBank's offices are located) is the home of ChoicePoint, BTW.

[Demeter]

10. Subprime Mortgages Made It Illiquid

The disease du jour of banking.

[Mike03]

7. Just Saw That on the Newswire

Hedge funds, lenders, and now banks. This is becoming eerily reminiscent of the Savings & Loan debacle, but with a touch of 70s inflation and 2000's dangerous exhuberance thrown in for good measure. It's very hard to save for the future under these circumstances, and I think the future economy of this nation is in for a very rough ride.

[Extend a Hand]

8. Update

Whew, all insured deposits were transfered to ING Direct!
and the FDIC website says checks won't bounce and ATM will still work.

[pitohui]

12. you'll love ING direct

nice bank, great interest rates -- only thing i don't like is it takes a couple days when you need to withdraw but for me it's worth it for the great interest rates

they are a dutch outfit, very well regarded w. an impressively large bank bldg in amsterdam, not thinking they'll go down tubes any time soon or i wouldn't have my emergency "stash" with them, which i do

you'll be pleased

decent CD rates also

[BlooInBloo]

9. Google News has stories on it throughout the month. They knew it was coming...

... if they couldn't get anybody to acquire them (ie take over their debt).

[pitohui]

11. don't worry, i had several banks that failed in the early 90s

you may thank fdr that our money was covered in full

[johnfunk]

13. Geez, I just HATE it when that happens!

Another example of Smirkonomics in action!