28 Sept. 2007. Online bank shut down by the U.S. government. The bank's dirty little secret was excessive level of mortgage defaults. The FDIC only insures up to $100,000. $109 million of Americans money was not insured and is lost. Hope your money is not in this bank. Who will be next to go? Are you sure your bank is safe or does it have dirty little secrets of it's own.
http://news.yahoo.com/s/ap/20070928/ap_on_bi_ge/netbank_closure_9
2007-09-29 14:47:22 · 6 answers · asked by Mike 2 in Business & Finance ➔ Personal Finance
Even if you think you money is safe "today". Shouldn't news like this send up a "red flag" that something is terribly wrong with the economy. Maybe this is just the beginning.
2007-09-29 15:21:49 · update #1
Even if it was , I would not exceed $100K .
I'm up to 4 banks so far .
People just need to learn to spread it out .
Besides , that is just the short term cash .
The serious change is in the brokerage account .
And we are used to NO insurance with that !
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2007-09-29 14:53:30 · answer #1 · answered by kate 7 · 2⤊ 0⤋
Anyone that has over $100,000 and keeps it all in one bank either inherited it or won it. Every person that EARNED it knows better than to keep that much in a bank. Forget the FDIC insurance, you are losing money daily by not investing it better.
2007-09-29 15:56:55 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
Ya, it became my economic enterprise. It became offered to ING Direct, and the provider did no longer omit a beat. Nor became any of my money misplaced. in case you have over $one hundred,000 in one account, it is not insured. in case you have over $one hundred,000 in a money account, you particularly might desire to speak to a economic consultant, using fact which you do no longer understand a thank you to guard your money. With all banks, they might desire to have money coming in and money going out. the money coming in is your checking, mark downs and CD bills. the money going out is for loans. All banks are required to have a undeniable proportion moving into, to have a undeniable proportion going out. whilst they fail to try this, they get penalized, and then closed and offered. Banks are there to be rewarding, and since the actual components slowdown, loans are not being given out as a lot. All banks now are attempting to win new customers with loose checking and various different perks. Smaller communities like Netbank might fizzle out, and there are additionally a extensive community of small interior of sight banks that are actually not economic enterprise of usa of america or ING. that could be a particularly versatile community of extensive and small banks and that i think of they flex counting on how the economic equipment is doing. I made a sturdy chew of $ from Netbank and am unhappy to work out a startup pass like that.
2016-10-20 08:27:53 · answer #3 · answered by abdulla 4 · 0⤊ 0⤋
yeah if you have more than 100K you have to spread it out. If you lose it, its YOUR fault because it is well known the FDIC only insures 100K.
yeah i think the money is safe. even if it isn't it's safe here than anywhere else.
2007-09-29 14:56:47 · answer #4 · answered by Kaye00 1 · 1⤊ 0⤋
FDIC + 100k = multiple institutions
2007-09-29 15:00:08 · answer #5 · answered by melomego 3 · 0⤊ 0⤋
I have an account at ing. I think it's pretty safe.
2007-09-29 14:52:56 · answer #6 · answered by Lonewolf 4 · 1⤊ 0⤋