Originally Posted by
dhuey
I'm not a depositor at NetBank, but I'm curious about what the prospects of recovery are for those with accounts exceeding the FDIC-insured amounts. Does anyone have a sense for that?
From the FDIC:
http://www.fdic.gov/bank/individual/failed/NetBank.html
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
1. Depositors
2. General Unsecured Creditors
3. Subordinated Debt
4. Stockholders
...
Due to the projected sale of assets of the former bank, the FDIC is in the position to provide each uninsured depositor with an dividend equal to 50% of your uninsured amount. These funds will be deposited directly into your account net of your uninsured portion.
My checking and MM accounts are back on line, and bill pay is working. I had nothing uninsured.