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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...
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!
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?
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 11:34 AM..
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...
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...
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.
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?
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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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!
WAMU is going under
