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09-28-2007, 10:49 AM
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Senior Member
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Join Date: Nov 2006
149 posts, read 173,346 times
Reputation: 22
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Is Washington Mutual going under ???
Went to the Chase local branch this morning to open a new checking account with them. They asked usual questions like who do you presently bank with, etc.
Me: WAMU.
Clerk: Do you know that they are going under? There is a rumor circulating that we may probably buy them...
Did anybody hear anything?
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09-28-2007, 10:54 AM
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Senior Member
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Join Date: Aug 2006
4,591 posts, read 2,981,734 times
Reputation: 6113
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I haven't heard that either?  I have a small account with them that I kept open for if I move back to California. I'll keep my ears open for this. Thanks! |
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09-28-2007, 11:05 AM
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Not a member
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Join Date: Aug 2007
Location: in drifts of snow wherever you go
2,525 posts
Reputation: 692
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Quote:
Originally Posted by Torontonian
Went to the Chase local branch this morning to open a new checking account with them. They asked usual questions like who do you presently bank with, etc.
Me: WAMU.
Clerk: Do you know that they are going under? There is a rumor circulating that we may probably buy them...
Did anybody hear anything?
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It's nothing to be too concerned about. Most savings/checking accounts are FDIC insured. Besides, banks get acquired by other banks all the time! I opened an account at a small bank years ago, that got acquired by another, that got acquired at Bank of America. I never started out as a BofA customer... just ended up that way.
greenie
Last edited by GreenMachine; 09-28-2007 at 12:34 PM..
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09-28-2007, 11:44 AM
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Not a member
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Join Date: Aug 2007
Location: Florida
394 posts
Reputation: 53
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I've only seen Wachovia spreading out everywhere. Ironically, unbeknownst to this thread, I just opened a new account with HSBC, but still kept my WAMU account. Maybe I should close it. Hmm...
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09-28-2007, 11:52 AM
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Taipan
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Join Date: Jun 2007
Location: Las Vegas, NV and NW of Florence Junction, AZ
21,426 posts, read 7,663,004 times
Reputation: 2959
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WAMU just bought Providian Bank and are expanding their services
I don't hold much stock in the "rumor"  |
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09-28-2007, 12:02 PM
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Senior Member
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Join Date: Jul 2006
607 posts, read 726,534 times
Reputation: 118
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I have an account at "wamu". I think it is a great bank. I haven't heard anything about it going under.
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09-29-2007, 02:07 AM
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Idaho Moderator
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Join Date: Jan 2007
Location: Sandpoint, ID
1,495 posts, read 1,503,194 times
Reputation: 653
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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. My uncle has worked in commercial loans for 30 years or so...and he's always had a job, but has worked for probably 7-8 banks during that time...rarely even having to change offices...just the names on the business cards and letterhead changes...IIRC Chase is one of those who gobbles up smaller financial institutions...so that would make sense...
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Sage
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*** Please read the CDF Terms of Service ***
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09-29-2007, 11:02 AM
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Leaving on a Jet Plane
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Join Date: May 2007
2,202 posts, read 1,810,444 times
Reputation: 1458
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If it's true, Chase would change a lot of the things everybody likes so much about Wamu. There's a reason they're more profitable. Their services are leaner... just like Wells Fargo's. Better for them, better for stockholders, not as great for customers.
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09-29-2007, 12:39 PM
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Go climb your family tree
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Join Date: Jan 2007
Location: Leland, NC
3,070 posts, read 2,514,317 times
Reputation: 2784
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07-25-2008, 02:19 AM
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Junior Member
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Join Date: Jul 2008
1 posts, read 12,853 times
Reputation: 10
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WAMU is going under
Quote:
Originally Posted by Torontonian
Went to the Chase local branch this morning to open a new checking account with them. They asked usual questions like who do you presently bank with, etc.
Me: WAMU.
Clerk: Do you know that they are going under? There is a rumor circulating that we may probably buy them...
Did anybody hear anything?
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I hear also that Wamu is going under. They have a very bad reputation. The Better Business Bureau rates them with a "D". I am closing my accounts also. |
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