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Anyone worried and pulling their money out of there? We are considering switching banks this weekend for more reasons than their current situation. What is your take on them? Think someone will buy them out?
I think there's a good chance they'll fail, and they might, but I don't want them to. I wouldn't say I'm going to pull out, but very soon I'll open an account at another bank. I like what WaMu offers me, and hope they pull out of this.
I'm pulling my money out. At my mom's work today, their Wamu rep called them and told them they should pull out immediately. I'm switching everything to our credit union.
I don't have a WaMu account, but if I did, I wouldn't be worried. The deposits are insured by the federal government. Now if I were a WaMu stockholder or employee, well then I would be worried about my investment or career.
Quote:
Originally Posted by Pittgal
Anyone worried and pulling their money out of there? We are considering switching banks this weekend for more reasons than their current situation. What is your take on them? Think someone will buy them out?
Switch to a credit union it be better and less headaches...
I couldn't agree with you more. I banked with WaMu for over 20 years but eventually became disenchanted with their overseas customer service reps in the Philippines, plus I had two separate incidents of identity theft with them. Those incidents prompted me to pull all my money from WaMu and open accounts with a local credit union. Best thing I ever did. I will never go back to banking with a large commercial bank again!
I don't have a WaMu account, but if I did, I wouldn't be worried. The deposits are insured by the federal government. Now if I were a WaMu stockholder or employee, well then I would be worried about my investment or career.
It might be insured, but do you really want to go through the madness of everyone trying to withdraw their money at the same time when WaMu goes belly up?
It's only madness if people overreact. But human nature being what it is, particularly where money is involved, they probably will.
Quote:
Originally Posted by analyticalkeys
It might be insured, but do you really want to go through the madness of everyone trying to withdraw their money at the same time when WaMu goes belly up?
The New York Times, citing unidentified people familiar with the matter, said an auction of the bank was already under way, and The Wall Street Journal reported Wells Fargo & Co. and Citigroup Inc. expressed interest in a takeover.
WaMu, Wells Fargo and Citigroup all declined to comment.
Forgive the naive question but: what happens to Wamu mortgages if Wamu goes under? Are they simply sold?
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Those incidents prompted me to pull all my money from WaMu and open accounts with a local credit union. Best thing I ever did. I will never go back to banking with a large commercial bank again!
