Comments on: Netbank: Online Banking goes Offline. Permanently.

By: neetugarg37

neetugarg37 — Wed, 04 Feb 2009 11:56:50 +0000

hi,my father's old age money is store in Net Bank (ING).that will help me for my higher study.I think in this my money is safe.The only time you have to worry is if your deposits exceed the FDIC guarantee amount, generally $100K.

---------
neetu
---------
MLS-MLS

By: Miraclemant

Miraclemant — Wed, 21 Nov 2007 07:15:39 +0000

you think you have it bad with the Netbank failure, try living overseas and having to deal with opening a new account at a new bank. and now ING cancels all overdraft protection, and tells me they will no longer accept online payments for the previous overdraft. and now the tell me they are cancelling my ATM card (the only access I have to my funds overseas), and the icing on the cake is that all bill payments will cease as of Dec. 7th.
ING Direct is non-service. they do NOT care about the Netbank customers.
so I did some research, and found SalemFive Bank, founded in 1867, and they pay a whopping 4.7% on checking accounts, with no minimium balance required. so sign me up SalemFive Bank.

By: Online-Banking » Blog Archives » Belgian online banking hacking problem is not new.

Mon, 15 Oct 2007 16:48:48 +0000

[...] Netbank: Online Banking goes Offline. Permanently.Technorati Tags: netbank, online banking, quicken, ms money, microsoft money, bank failure, fdic, recession, mortgage, subprime mortgage, mortgage defaults, subprime defaults. Share This. [...]

By: Anita Campbell

Anita Campbell — Fri, 05 Oct 2007 06:27:04 +0000

Thrifts and banks get taken over all the time, and arranged marriages are made, just like here. Usually they are small institutions and you don’t hear much about them because of their size.

Your money is safe. The only time you have to worry is if your deposits exceed the FDIC guarantee amount, generally $100K.

That’s why if you have more than $100K in deposits you should always divide them up among different FDIC insured institutions — or find a better investment for them.

The really bad times were back in the late 1980s, early 1990s, when we had the so-called savings and loan crisis. Today is nothing compared to then.

By: Mark Robertson

Mark Robertson — Sat, 29 Sep 2007 05:17:30 +0000

Yeow!

My mom’s old age money is in NetBank (ING). Last year my wife got cancer and took an early retirement, and with little time between medical treatments moved through an extremely complicated cash-out and parked her retirement IRA at NetBank. The interest it accrued this last year takes her over the insured limit. We hadn’t thought about that.

But enough about our Stupidity and Bad Luck.

Lets look at this beast.

Sub-prime lenders who are handing out 125% of value loans to people that don’t have to even prove their earnings, bundle those sketchy loans up and sell them to brokers via financial managers who tout them as investments.

Everybody makes money. Everybody goes shopping. Patriotic.

The bank makes money, the broker makes money, the financial manager makes money. The investors make money right up until the bad mortgage comes home to roost and then all their friends walk away, counting, while they weep.

A Stop the Hemorrhage Measure?

At this point the Office of Thrift Supervision steps in and closes down NetBank – a bank that wasn’t insolvent yet – to keep a bunch of under-regulated lenders from going broke domino fashion and dirtying the economic and political waters. My wife loses a years interest on her retirement IRA to pay for it.

Does the Office of Thrift Supervision normally step in at this level of bank risk exposure – or is this a damage control exercise? Hmm?

The Good Guys are being Punished, and the Bad Guys are getting Paid.

Yeah chemo and xrays can make you dingy and we should have remembered to leave some umbrella to cover the interest, we’re just not used to having money. Or losing it to unethical institutions.

Something is really very wrong here.

We’re hoping the banking industry and FDIC are going to say “this is going to get really big and look really bad no matter how much we sit on the story and we should make sure that people in American that actually SAVED MONEY (gasp!) and trusted the electronic banking system get a fair shake in order to maintain consumer confidence and thus avert a run on the brickless and bricked banks alike…” Something like that. Huh? Guys?

At this point, it won’t take much fear and doom – and then it won’t be “a once-in-a-lifetime experience.”

m.robertson