netbank goes under due to mortgage defaults

Discussion in 'Wall St. News' started by blackjack007, Sep 28, 2007.

  1. Wow, good old NTBK. I will always remember you fondly NTBK as you were one of my biggest ever scores. Thank you for the 100 points in less than 24 hours back in '99.

    Rest in Peace. :D
  2. gangof4


    "NetBank had $109 million in deposit accounts that exceeded the FDIC limit. Those customers will become creditors in NetBank's receivership, the FDIC said."

    wow. who are these people?!? given the known issues with this bank i find this figure incredible. even more as a % of their deposits.

    it's as if that who FDIC $100m limit is some secret. to quote from Tommy Boy:

    what the American people don't know is what makes them the American people.
  3. Am I understand this correctly. The FDIC guarantee is only good for 100 mil? That's pretty scary if true.
  4. sprstpd


    100k per person. No limit on a bank as a whole.
  5. Allen3


    As an unfortunate netbank customer I guess I would be one of them. From what I can tell now all of my money has been FDIC insured up to 100 k. I have been transferred to another bank with deposits in the billions. Do you contend that this bank is only FDIC insured up to 100 million in deposits or are you just a stupid F#*k!

    What bank (unless it is the smallest village bank you can find) doesn't have over 100 million in deposits. Now if you are talking about the people who have over 100k in their accounts with a certain bank then I agree.

    Still Kind of sad. A lot of people believe that their banks are safe places. Maybe all this FDIC stuff will pan out with out a hiccup. I won't believe my money is safe until I can get it to a place I designate.

    Crap this sucks. The local banks suck and the internet banks suck. damn I'm going to cash and coin! maybe I can store Barrels of crude in my back yard. :mad:

  6. john12


    ntbk had a unique product in 99. they charged no fees on $100 checking accounts and offered interest on checking accounts. now all offer it. all my moneys in the biggest banks like wachovia and bac
  7. Allen3


    Yeah it was good for what it was good for. We were moving around a lot when we opened an account there and thought it would be good to have a stable bank rather than open one everywhere we went. Kind of like a hot mail account rather than an email from data provider. Never got around to doing anything about moving to a new bank. Right now it feels like I should have 4 different bank accounts. If they all go down at once? Well we probably wouldn't need money anymore anyway. CRAP again!:)
  8. Do you really think the safety and soundness of a bank is related to its size?
  9. All I remember are their reasonable interest rates back then. It was a good idea gone sour.

    #10     Sep 29, 2007