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WAMU
My mom is a penny pincher and watches her account like a hawk, in several occasions she has had to call Wamu because overdraft fees suddenly just appear even though she has money in the bank.
My mom can exagerated but I do not doubt Wamu is in trouble, possibly facing bankruptcy. I want to open a CD and was looking at Wamu and ING for their rates. Our financial counselor at my credit union believes Wamu will most likely be bailed out by the gov but does not suggest opening any accounts with them right now. I do follow this blog and lately they have not been to favorable to Wamu:
http://www.dinksfinance.com/2008/07/is-washington-mutual-going-bankrupt.html
As stated, I get finacial help from my credit union. I'm just wondering if any of you have had a bad experience with Wamu.
Re: WAMU
I have had nothing but stellar experiences with WaMu for years now. And I can't say that about all banks (I ended up at WaMu after a horrible experience with Wells Fargo).
That said, DH and I removed our money from WaMu, in part for housekeeping and in part because we don't have a lot of confidence in it right now. They have a lot of loan issues apparently.
Keep in mind, the FDIC does insure up to a certain amount and it is likely that WaMu will be bailed out by the taxpayers (make no mistake, when the gov't bails something/one out or gets sued, or whatever, it is the taxpayers that pay) so you're likely safe anyway.
Ditto the great experience with WAMU...I moved to them after WF was a pain also....
Pulling your money out is exactly what is going to make the bank crash for everyone else! There money reservs are great but they are stuggling in the loan dept.
"Pulling your money out is exactly what is going to make the bank crash for everyone else! There money reservs are great but they are stuggling in the loan dept."
I didn't think it would be honest not to disclose the fact that we took our money out but I did clarify that it was part of our (long overdue) financial housekeeping. I was a financial advisor and DH was part-owner in a private trust company. We're pretty well aware of economics.
Bank accounts are insured up to $100,000 and $250k for certain retirement accounts.
Hi Ladies,
DH works for WAMU Financial Services. Honestly WAMU is the largest S &L in the nation and will not go bankrupt. They are not having trouble with cash flow on the banking side. It is the defaulting mortgages and commercial lending. In Clark County alone they have a deposit base of over 900 million dollars. They are not closing their doors tomorrow and stealing your money. In all likelyhood they will stay open on their own or be bought by Chase or WF. Our Mortgage, banking and some retirement is at WAMU. Not to mention they are our only source of income. It pains me to hear the panic response to the banking crisis. Your money is insured by the FDIC and is safe.
Good luck!
Stacey
UGH. Sorry that happend to you. You are lucky that you got paid.
Thanks!
Stacey
UGH! I must have been really excited to post 4x.