Late last week NetBank was closed by the US Office of Thrift Supervision. NetBank had been on thin ice for a while due to operating decisions, and they were not able to pull out of the slump. Part of the problem is attributed to loan defaults and exposure to subprime borrowers.
Most accounts with NetBank have been moved to ING Direct. If you had NetBank before, you probably have ING Direct now. For an overview of ING Direct's services, see:
For details on NetBank's failure, a good place to start reading is the BankDeals blog. From there, you can move on to the FDIC's statement and FAQ.Comments
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