NetBank closes after failed deal

Wow, talk about good timing. I just closed my accounts at NetBank two weeks ago and moved them to EverBank. Now I see that NetBank has officially shutdown.

NetBank has steadily declined over the years, but I had been with them so long (7 years) it just wasn’t worth the trouble to move my accounts. I read a couple months ago that EverBank was going to purchase NetBank and after some research I decided to open new joint accounts there and move everything over. I wanted to make sure my money didn’t get caught (or somehow frozen) in the shuffle. Newly married, I also wanted to consolidate accounts with my wife.

I didn’t expect the deal to fall though though, so the news was a shock. I’ll chalk it up as good timing on my part I guess. It appears the FDIC is holding the bag for some 1500 accounts over the $100k limit and ING Direct is taking over the other accounts.

Let’s hope EverBank doesn’t run into the same problems. I’ve been watching them for the past couple of years and have been impressed with their reviews, high interest rates, and unusual financial products.

Tom currently works in developer relations for IBM Watson. A serial entrepreneur, he's been the founder of numerous startups including Investify and StatsMix, a Techstars alumni company. Tom lives outside Boulder, Colorado and in his free time he's an avid rock climber, skier, and trail runner.

2 comments On NetBank closes after failed deal

  • I’ve banked with ING Direct for a while and really enjoy it. Their interface leaves something to be desired but you can’t beat the cool higher-interest bearing savings and checking accounts!

  • @Marty – The best thing about Everbank so far is their online banking services. It’s the best I’ve used. Very robust, nice UI, and email notices make it so much better than Netbank.

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