First X.com bought PayPal, now it looks it’s going down with the ship. Internet banks always seemed like a patently stupid idea to me. Bank accounts are really cheap, anyone with much of a balance can usually have all their service charges waived. Most banks are getting on board with online banking. So what’s the point of an online bank? I wasn’t pleased when X.com bought PayPal in the first place, and it looks like my fears were well founded.