Not too long ago, Netbank was shut down by the Feds, and their main banking assets were acquired by ING Direct for a song. I was a loyal Netbank customer for about 10 years, and enjoyed it tremendously. While I became complacent with the (initially good) rates, and stopped looking for better deals, for the most part I got what I needed.

Netbank was probably the first online only banking entity to not only offer above average rates, but also free bill payment. One feature that I didn’t even knew existed when I signed up, but immediately loved, was the ability to write someone a check from within the website and have Netbank print out and mail the check. Free. When I told friends and family about this, they either didn’t believe me and/or were amazed that that existed, more so when I sent them a check!

Lots of banks now offer this feature, but my vague memory tells me that Netbank pioneered this. I’ve started the process of migrating my accounts to ING Direct, as they appear to have what I need for bill payment and have great interest rates, and I don’t really want to spend lots of time researching new banks.

BTW, for those of you wondering how this has affected, the short answer is not at all. My money was FDIC insured, and I think the Netbank site may have been down for less than a day while ING Direct did some tweaking in the background to get it all under their control, but other than that, everything still looks, feels and is the same for me and the rest of the Netbank customers. The only impending thing is that I get the distinct impression that ING is trying to phase out the Netbank services and bring us under their main umbrealla of services. Makes sense for them.

Thanks Netbank. It’s too bad you didn’t manage to stick around and benefit from the fruits of your pioneering work, but I was glad to be along for the ride.