US Airways' Partner NetBank Shut Down

US Airways' Partner NetBank Shut Down

Late September, the U.S. government shut down NetBank, an online bank with 2.5 billion in assets, because of an unstable level of mortgage defaults. That has left questions in the air about NetBank’s partnership with US Airways where members can earn miles with NetBank accounts. At press, Michael Pool, of US Airways had this to say in an e-mail to our offices, “At this time we aren’t able to issue a statement…Rest assured we are working with our contacts at NetBank and INGdirect to try and understand the situation and how our customers will be impacted.” NetBank’s insured deposits have been assumed by ING Bank.

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