My bank goes kaputt

Feds shut down NetBank after big subprime defaults

That’s really not a headline one would want to read about his bank heading into the weekend. Unfortunately, it’s true. The Feds have pulled the plug on NetBank.

The interesting thing is ING Direct, where i have my savings account, will be acquiring the federally insured deposits, including mine, from NetBank. So because of NetBank going kaputt, by Monday, both my savings and checking accounts will be under the same bank!

Here’s FDIC’s notice on the shutdown of NetBank.

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