Rick recently moved and needed to set up a checking account quickly, so he went with ING, the online bank with which he already has a savings account. He tells personal finance blog Poorer Than You, the bank wouldn’t give him account because it couldn’t verify his identity.
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NetBank Fails, Assets Disgorged To FDIC, ING
NetBank is the first federally regulated bank to fail thanks to the ongoing subprime meltdown. The failure spotlights the importance of FDIC insurance, which guarantees deposits of up to $100,000. Customers who abided by the FDIC limits and deposited less than $100,000 with the internet bank will become ING customers, and will have immediate access to their funds. The 1,500 customers who collectively deposited $109 million above the FDIC limits stand to lose half of their funds.
5,300 Electric Orange Checking Account Holders Mistakenly Told: "Based On Your Credit Score, We Have Decided To Close Your Account"
Nick was shocked to receive an email from ING telling him that his Electric Orange checking account would be closed because of his credit score. Nick was not the only one; similar letters were sent to 5,300 account holders.