From the Personal Finance Blog comes a story of how NetBank is suddenly no more. NetBank is the bank where Reilly Technologies’ (the maker of Moneydance, in case you haven’t noticed) accounts were kept and this is the first I’ve heard of their closing.

All accounts at NetBank were apparently transferred to the FDIC and quickly sold to ING Direct, which is a relief but I’ll be happier when I can regain access to our accounts and make sure that any pending payments and deposits will be processed. I have recommended NetBank to a few friends and acquaintances over the years because of their excellent support of OFX and free online banking and bill payment (both via the web and directly from Moneydance).

So now we find ourselves ING Direct customers. Can any other ING Direct customers vouch for their support of OFX connections? How about international money transfers (I’m currently living in the UK)? Anyone have any horror stories of their bank suddenly disappearing?

I’ve been researching UK bank regulations, law, and practices for a couple weeks now in an effort to better understand the UK Banking community. Since we have quite a few users who are located in the UK (including our wonderful developer, Sean), I thought I might point out a neat little blog I’ve found that covers the (very) confusing world of Bank Law in the United Kingdom: Bank Law Blog.

It’s probably not the best place to start if you’re completely unfamiliar with the subject, as some of the shorter entries take the reader’s expertise for granted. Take, for example, March 6th’s entry:

Business rates are an administration expense

“The House of Lords has decided that business rates must be paid before administrators take their remuneration.  The effect of the ruling in re Trident Fashions, Exeter City Council clarifies a position that has been uncertain since early 2006.”

I spent a few minutes on Google after reading that one. But generally a cursory knowledge of finance and law will let you access the insight and commentary that “1BankBlogger” provides on a regular basis.