Apparently the Office of Thrift Supervision shut Netbank down. I didn't even know there was such a thing as an Office of Thrift Supervision (OTS). From what I understand they gave Netbank to the FDIC (someone I have heard of) and the FDIC is going to lay the burden on ING Bank. I'm sure ING Bank will make loads of money out of this somehow.This is new for me, and actually very unexpected. I've never had my bank fail on me before. According to the OTS, "NetBank sustained significant losses in 2006 primarily due to early payment defaults on loans sold, weak underwriting, poor documentation, a lack of proper controls, and failed business strategies." I've been using Netbank for years. I think I opened up my account with them in 2000. I have to admit I've never had a problem with this as a customer. In fact quite the opposite. I'd go so far as to say they went out of their way to keep me happy.
I'm a small potatoes customer, but all I had to do was ask and they upped my savings account interest to 4.49%. I always felt they were very honest with me, and I think I only actually had to call them once. Pretty good considering they are an online bank with no branches.
Maybe, behind the scenes, they were shady and didn't do things by the book. Maybe thats why they got closed down. And maybe I can't speak for other customers, but I can say I was very happy with them and now I'm a little nervous about a new bank to deal with. The good news is, at least I don't have to do anything. Just sit back and wait for this new ING Bank to tell me how they're going to screw me over. But everything will remain the same for me for the "foreseeable future."
3 comments:
Your farewell to NetBank is both nostalgic and insightful. It's fascinating to reflect on how much banking has evolved over the years. The personal anecdotes and historical context you provided made for a great read. Thanks for sharing your experiences and perspectives on this significant change in the banking landscape!
Reading about the end of NetBank got me thinking about the critical importance of cyber security in the financial sector. I recently came across the story of Joshua Baazov, a cybercriminal who exploited weaknesses in digital banking systems. His actions serve as a stark reminder of how vulnerable online financial platforms can be if not properly secured. As someone who relies heavily on online banking, I’m more vigilant about the security measures in place. The downfall of NetBank, coupled with the activities of individuals like Baazov, reinforces the need for robust cyber security to protect our financial assets and personal information.
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