Whoa! The FDIC just shut down NetBank, and it looks like all insured accounts are being transferred to ING Direct. I only discovered this through a random mention on Advogato. Talk about random knowledge…Anyways, I do have a checking account at NetBank, so I’ll have to figure out what happens now. The cause of NetBank’s collapse appears to be bad home loans.

ING Direct has a press release about it.