First-time poster. :O)

In 2002 I opened and funded an online-only account with NetBank; the terms of the promotion required funds remain untouched for an extended period. Once the account was funded and verifiably functional I left it alone (big mistake), since there wasn't anything I could do with the funds anyway, and what could be safer than money in a bank, right?

NetBank failed in 2007, and all funds were transferred to ING Bank by the FDIC. By this time I no longer had access to the email account I had when I started the NetBank account, and so I didn't know the account number, and ING could not find my account using my social security number, but they said perhaps the information hadn't been properly transmitted. (Then a few years passed, as some major life-stuff (illness, death, etc) took precedence.)

I've since found the account number, and have a 1099 form from 2007 (generated just a few months before the bank's closing), but the FDIC tells me there's no record of my account as of Sep 2007, when the bank was closed. The info on the 1099 is all correct, my address and SSN were in the system, so where did the account go? (I've read about dormant account procedures, and it hadn't been long enough, nor was anything mailed to me in an effort to contact me.)

I'm offered research by the FDIC (for an hourly fee), but need to know what resources are available to me, so I know what I'm looking for. I can't really afford this research fee, so I'd like to make the search as focused (and brief) as possible.

I've searched and searched to see if part of NetBank's failure had anything to do with fraud, but haven't found anything that would confirm that. How can an account just disappear?

I wonder whether, as things were becoming more difficult, the bank appropriated "abandoned" funds trying for some quick cash. I would think that there's is a strict oversight which would make this sort of action impossible, yet the account has disappeared, so I don't know what to think.

Any advice, resources, knowledgeable theories would be greatly appreciated. Thanks!


Edit, 24 Jan 2016: The funds have been recovered! I'm adding to this post in case anyone else should find themselves in similar circumstances.

  • 2
    So the obvious question: Are you sure that you didn't close the account and take the money out? The following scenario is consistent with the facts presented: Account closed by you in August 2007 with money withdrawn and then you forgot in the intervening years that you did this. FDIC would not find record of your account in September because it was closed in August. You would still get a 1099 at the end of 2007 for interest accrued during the first half of 2007.
    – user32479
    Dec 14, 2015 at 10:52
  • 3
    Have you checked with the state treasurer's office in your state for any "unclaimed money" in your name?
    – Ben Miller
    Dec 14, 2015 at 12:45
  • 1
    You do know that ING Direct is now Capital One banking, right? Have you tried contacting them?
    – user1731
    Dec 15, 2015 at 4:45
  • 1
    I just checked my year 2007 tax records, and my 1099 came from ING DIRECT, not from Netbank. If your 1099 is dated months before the bank closed, that suggests you closed your account, although it seems strange overall: banks usually issue 1099s at the end of the year. Double check your 1099 and see if you can find any other 1099s
    – user1731
    Dec 19, 2015 at 3:41
  • 3
    Congrats getting it fixed. If you would, please "answer" your own question and then accept it as "answered". You can then remove the "resolved"portion of your question and title, which will format your Q&A more in line with how the site works, and your question and result will spread further and be able to help more people. Thank you
    – MrChrister
    Jan 25, 2016 at 4:07

1 Answer 1


As was suggested here, I checked with the state for "Unclaimed Funds," and despite the fact that I had already done so and found nothing, the funds were now there to be retrieved.

So, the takeaway here is, keep checking periodically, it might just take a bit for things to settle out.

This link is endorsed by NJ State, and covers much of the US: http://www.missingmoney.com/. Otherwise check with your state's Dept of Treasury.

  • 1
    Just wanted to add: finding your funds should never cost anything -- this is a free public service, and anyone looking to charge for it is scamming (unless you hire someone to do what you could do yourself, then that's your choice). The funds are yours, and are being held in trust until you recover them. The state adds on interest (negligible, but still) for having had use of your $$ -- there are no fees.
    – SuzyD
    Jan 26, 2016 at 0:00

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