The FDIC said NetBank had approximately $109m in1,500 deposit accounts that exceeded the federal deposit insurance limit. These customers will have access to their insured deposits but will become creditors for the their uninsured funds.
Sunday, September 30, 2007
Where is your money?
Federal Regulators closed down NetBank on Friday. Why? Loan losses from subprime mortgages reduced the bank's capital below requirements. Take for granted the FDIC guarantee requirements? Look at this from the Financial Times:
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