Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We had several accounts at both WAMU and another large bank about four years ago. Our experiences at WAMU were almost universally negative over an 18-month period, and as soon as we could (some accounts were CDs so we were stuck for a while) we pulled everything out of that bank and went solely with the other. TONS of errors and sloppy paperwork processing at WAMU, impossible to get clear communication going when there were problems, and a general air of incompetence, not only at the branch level but at the regional departmental levels as well. It wouldn't surprise me at all to hear that they're having serious problems at any time.
Seriously people banks are machines and machines often have technical difficulties and even break down, why would that be surprising to anyone? I have a WAMU credit card and have never had an ounce of trouble with them. If they get bought out, no big deal. I also have a mortgage with IndyMac and I am still waiting to see who will end up with my loan, but hey no biggie once again. At first I was bit peeved, but I realize it is just a name change. The more people panic and pull their funds from banks the worse the situation will get with banks, they need those deposits to stay afloat!
The more people panic and pull their funds from banks the worse the situation will get with banks, they need those deposits to stay afloat!
Unfortunately, people don't realize this. Make sure that you understand the FDIC limits and have your funds distributed properly, even if that means several accounts at different banks. There have been so many Americans "asleep behind the wheel" with their money and now that the economy is a little shakey they start to panic.
Unfortunately, people don't realize this. Make sure that you understand the FDIC limits and have your funds distributed properly, even if that means several accounts at different banks. There have been so many Americans "asleep behind the wheel" with their money and now that the economy is a little shakey they start to panic.
I wouldn't trust the FDIC. Too many banks set to go bankrupt. Plus I have to file a claim, who knows how long it'll take to get my money assuming the "guarantee" is maintained. Plus if hyperinflation sets in, how much is my nominal net worth actually worth when I finally get my money?
Washington Mutual used to be a solid, small chain in the Seattle area. Then they got greedy, underwriting subprime loans and buying a credit card company that markets to people with below-average credit. Now, because of their short-sighted greed, they are on the ropes. They expanded too fast, they underwrote loans and credit cards to people that could barely afford them in a strong economy, and they lost track of the values of a small, regional savings and loan bank.
I wouldn't be surprised if Chase or some other larger bank buys them out.
I wouldn't trust the FDIC. Too many banks set to go bankrupt. Plus I have to file a claim, who knows how long it'll take to get my money assuming the "guarantee" is maintained. Plus if hyperinflation sets in, how much is my nominal net worth actually worth when I finally get my money?
IMO, this rationale is just as bad as panic mode. I rather have my money in a bank(s) than hidden in & around my home, etc. There are people out there today stealing copper wire & catalytic converters for quick cash, home robberies are probably going to spike if there is a belief the masses are hiding $$$ at home. The imagination can run wild if you let panic take over ...
Plus, there's a huge difference between "being bought out" and "going under". If you look at the banking industry, when one bank becomes really profitable, it's often bought out by another bank.
Profitable...not WAMU. They reported a quarterly loss of $3.3 BILLION on Tuesday.
Don't any of y'all remember the banking and S&L crisis of the 1980s?
Anybody think buying WAMU stock is a good idea?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Make sure that you understand the FDIC limits and have your funds distributed properly, even if that means several accounts at different banks. There have been so many Americans "asleep behind the wheel" with their money and now that the economy is a little shakey they start to panic.
