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You may wish to look into keeping money in different places for better security, or at least piece of mind. I use a bank, a credit union, and an online bank.
You are right, that's why the people at IndyMac didn't wait in line to withdraw their money when its better to just leave it there...
People withdraw their money out of fear of the unknown. I know exactly what to expect if the FDIC takes over. Indymac branches are still open and operating under the control of the FDIC.
put this in another thread but long story short I have 2 wamu accounts, one has a negative balance. I assume if they just went under I would have the opposite of others problems and just not owe the money back (or if they get bought out, I might owe this new bank the money). Either way I was paying it back but curious if I get just get away with it
If you have a negative balance when WaMu goes under you will owe the FDIC or the new bank. Do you think people who have loans with WaMu will be off the hook? Don't count on it.
And you think leaving money with the "unknown" is better than with the known?
But it's not unknown. I know what will happen.
Edit: When I said fear of the "unknown." What I was implying is that those that withdrew their money weren't educated on the policies and procedures of the FDIC. I know what the procedures are and I am not concerned.
put this in another thread but long story short I have 2 wamu accounts, one has a negative balance. I assume if they just went under I would have the opposite of others problems and just not owe the money back (or if they get bought out, I might owe this new bank the money). Either way I was paying it back but curious if I get just get away with it
you will definitely get your money back but it's pretty stressful. When IndyMac went down there was a line outside the branches miles long, people were storming the entrance in panic and security had to be called several times. Why deal with all that, withdraw from WaMu and put in Bank of America or something like that.
Unless you are getting some benefit or convenience from your WaMu account that you can't get elsewhere OR you're in love with the bank you should just be proactive transfer your money. In these times there are any number of banks that would love to have you as a customer, why do you want to subject yourself to potential stress, I don't get it.
And I find it funny when people say that you shouldn't withdraw because it will cause the bank to fail...WHO THE HELL CARES! Why in the world would you care about the welfare of the bank...good grief! These are the same guys who made millions and are being bailed out with your taxpayer money and you care about their welfare?
I have 3 accounts with WAMU and two mortgages with Countrywide for 2 homes. I do not hold a lot of money but I do have direct deposit.
I have been pondering switching banks for these 3 accounts to Union Bank.
I also just moved our MMA from GMAC Bank to Capitol One (Costco offer)
Moving our 3 Wamu accounts will be a small hassle, but if what is going around is true, I would rather not have to deal with long lines...All bills paid up so I may move 2K out of Wamu before this weekend and keep around 600 in there...and we get paid 500.00, 1334.00 and 917.00 next week...
you will definitely get your money back but it's pretty stressful. When IndyMac went down there was a line outside the branches miles long, people were storming the entrance in panic and security had to be called several times. Why deal with all that, withdraw from WaMu and put in Bank of America or something like that.
Unless you are getting some benefit or convenience from your WaMu account that you can't get elsewhere OR you're in love with the bank you should just be proactive transfer your money. In these times there are any number of banks that would love to have you as a customer, why do you want to subject yourself to potential stress, I don't get it.
And I find it funny when people say that you shouldn't withdraw because it will cause the bank to fail...WHO THE HELL CARES! Why in the world would you care about the welfare of the bank...good grief! These are the same guys who made millions and are being bailed out with your taxpayer money and you care about their welfare?
exactly,and I find it hilarious were entering a depression and people still have the nerve to call others chicken littles,I love it.
you will definitely get your money back but it's pretty stressful. When IndyMac went down there was a line outside the branches miles long, people were storming the entrance in panic and security had to be called several times. Why deal with all that, withdraw from WaMu and put in Bank of America or something like that.
Unless you are getting some benefit or convenience from your WaMu account that you can't get elsewhere OR you're in love with the bank you should just be proactive transfer your money. In these times there are any number of banks that would love to have you as a customer, why do you want to subject yourself to potential stress, I don't get it.
And I find it funny when people say that you shouldn't withdraw because it will cause the bank to fail...WHO THE HELL CARES! Why in the world would you care about the welfare of the bank...good grief! These are the same guys who made millions and are being bailed out with your taxpayer money and you care about their welfare?
I'll leave it there because I negotiated a fantastic interest rate on a CD. If I withdraw the money early I'll pay penalties (don't want to do that). If the FDIC takes over my rate will probably be reduced going forward. The stress that people experienced withdrawing their money from Indymac after the FDIC took over was self inflicted. If WaMu goes under, and if I'm not satisfied with the new interest rate I'll wait a month or so till the lines die down and then I'll withdraw my money.
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