Watch out for those online-only banks.
Many (ahem, Netbank, ahem) are not, in fact, banks. They're thrifts. That means they follow an entirely different set of regulations and answer to an entirely different set of regulators.
I found this out the hard way a couple of years ago when I had a money market account frozen and had to spend an unfathomable amount of time sorting it out.
Many (ahem, Netbank, ahem) are not, in fact, banks. They're thrifts. That means they follow an entirely different set of regulations and answer to an entirely different set of regulators.
I found this out the hard way a couple of years ago when I had a money market account frozen and had to spend an unfathomable amount of time sorting it out.