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By Ben White in New York
Updated: 2:42 a.m. ET Sept 29, 2007
ING Direct, a subsidiary of the Dutch financial group, is to take over the customers and insured deposits of NetBank, an online lender with $2.5bn (£1.2bn) in assets that was shut down on Friday by the US government following losses on subprime mortgages and other loans.
The closure marks the largest US bank failure since the end of the savings and loan crisis in the early 1990s.
Originally posted by Truth4hire
This doesn´t suprise me one bit with the Euro now almost at 1.43USD...
Good thing ING stepped in, a little Dutch pride here
Who´s next??
Originally posted by djohnsto77
If you're scared at all of bank failures, just make sure you have less than $100,000 in each bank.
Originally posted by OBE1
Originally posted by djohnsto77
If you're scared at all of bank failures, just make sure you have less than $100,000 in each bank.
That's certainly the way a reasonable person might approach it, but then a reasonable person probably wouldn't deposit in excess of the FDIC insurance limit in an online banking firm, whose stock has been in serious decline since last May. At issue, is an attempt to preserve consumer confidence in Internet financial institutions. After this failure, and the next...it may become an uphill battle.
Originally posted by uberarcanist
$2.5 billion? Hold the phone, that's a lot of assets!!!
Could they lose $900K?
Every penny I saved for the last 10 years was in this," said Colthrust, 39. "Basically all of our operating funds and accounts were in that bank. Everything we've worked for the last 2 years [could be] up in smoke.
Why keep the business's money in an online bank? When Colthrust had approached traditional brick-and-mortar banks to open a commercial account, he found them unhelpful and the paperwork daunting. He never imagined losing access to his money. Link