Holy Heck, My Bank Went Bust!
When I first came to the US I opened accounts with NetBank, Inc, an online-only bank that had great checking and savings rates. I’ve been with them ever since though this year I opened an account with a local bank just to make deposits and withdrawals easier and cheaper. Recently I got a letter from ING saying that they my accounts with NetBank were being moved to them, and I figured that it was a takeover/buyout. But doing a little research today I discovered that they actually went bankrupt in October and all the insured funds were taken over by ING. There were $109M of uninsured funds for which the FDIC were paying out 50%; for once I am glad I don’t have $100k in the bank. ING look pretty good (love the orange) but I might move what paltry funds I have somewhere else anyway.