SEC FORM 3/A

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Bellows Joyce

(Last)

(First)

(Middle)

9710 TWO NOTCH ROAD

(Street)

COLUMBIA

29223

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
01/11/2007

3. Issuer Name and Ticker or Trading Symbol
NETBANK INC [ NTBK ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Risk Management Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)
01/18/2007

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock⁽¹⁾	612	D
Common Stock⁽²⁾	654	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)

Explanation of Responses:

1. The line item in the reporting person's original Form 3 showing 667 shares of common stock is hereby amended and restated to show 612 shares of common stock. The line item in the original Form 3 erroneously included 55 shares of common stock disposed of by the reporting person prior to January 11, 2007 in connection with the withholding of shares to satisfy a tax withholding obligation relating to shares of restricted stock that vested on February 4, 2006. The 55 shares were also erroneously included in Table I - column 5 of the Form 4 filed on February 7, 2007.

2. The line item in the reporting person's original Form 3 showing 700 shares of common stock is hereby amended and restated to show 654 shares of common stock. The line item in the original Form 3 erroneously included 46 shares of common stock disposed of by the reporting person prior to January 11, 2007 in connection with the withholding of shares to satisfy a tax withholding obligation relating to shares of restricted stock that vested on February 4, 2006. The 46 shares were also erroneously included in Table I - column 5 of the Form 4 filed on February 7, 2007.

	Lori C. Hair Attorney-In-Fact	02/15/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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