8 replies to this topic

[Sentient Being]

Regulators shut down online bank LINK

Edited by Sentient Being, 28 September 2007 - 05:10 PM.

[nicolasillo]

Regulators shut down online bank LINK

can t read your link....it takes me to a traders-talk window saying I can t edit this post...

[Sentient Being]

Regulators shut down online bank LINK

can t read your link....it takes me to a traders-talk window saying I can t edit this post...

First time I've had trouble linking here. Let me try again.

[hitoya]

I am getting scared. Has about 50K in Netbank Money Market account. I am not sure that Netbank Money market is insured or not. Look like I can get half of the money back if not insured. I am getting more scared on IB as I have a lot more cash in IB as well.

Regulators shut down online bank LINK

[arbman]

FDIC insured up to 100k, you will get your money back. Thank SB, this is definitely an interesting news...

[hitoya]

FDIC insured up to 100k, you will get your money back.

Thank SB, this is definitely an interesting news...

I think I will get my money back for checking account. But not sure about money market account as it may not be FDIC insured.

[thespookyone]

Thanks for sharing that quickly. Important info. I see that they had $109 million in deposit accounts that exceeded the FDIC limit-I wonder how well the "bad news is good news" tune will be playing for those folks?

[bullshort]

I think I will get my money back for checking account. But not sure about money market account as it may not be FDIC insured.

http://www.fdic.gov/...suringdeposits/

This should give you some comfort. I think they also mention that they insure "money market bank accounts." In the fourth paragraph they point out that not "a penny" has been lost by a depositor since 1933. That little factoid is muy importante, as SenorBS might say, in order to maintain consumer confidence. And I'm sure they won't let this little bump in the road blemish the stellar track record. In fact, it is my understanding that they could even make the above claim with reference to account balances over $100,000, but they don't want to seem too omnipotent.

HOWEVER, give us another 1929 style run on banks, and it's all over (the FDIC is probably insolvent itself based on estimated loss reserves, but what the hey, as Bernanke says, "the government has this instrument called the printing press . . .").

[Douglas]

Check out the US dollar action today. Your deposit is quickly becoming worthless with or without insurance.