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Old 07-11-2008, 04:21 PM
 
4,711 posts, read 11,179,453 times
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Do you think they'll go under?

Reason I ask is they are offering the best CD rates around here....they must be trying to raise cash with their mountain of Option ARM losses.

I know my bucks would be covered by FDIC, but who wants whatever delays and hassle that would entail.

Wachovia is the 4th largest bank in the country....somebody would take them over, wouldn't they? Just their branch network and account holders should be worth something to another big bank, especially at a fire sle price.
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Old 07-11-2008, 04:59 PM
 
Location: Great State of Texas
86,068 posts, read 74,761,325 times
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All those big banks are ticking time bombs. There's a reason they are offering high rates. Look at the rates IndyMac is offering..way over 4% but I would not put my $$ in there.

Last edited by HappyTexan; 07-11-2008 at 05:50 PM..
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Old 07-11-2008, 05:40 PM
 
Location: Chino, CA
1,458 posts, read 3,006,916 times
Reputation: 553
Yup, just bank with BoA or some other bank like that... that's what they want anyways. Screw the mid/little guys.

Man people, have some gusto! if you like the service, like the people in the banks, have decent rates, then stick with them. As long as your insured and under the 100k mark you should be fine. Man, herd mentality... no wonder the institution "du jour" gets hit whenever there's an analyst saying something or some news article "speculating" that so and so institution is hurting.

-chuck22b
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Old 07-11-2008, 05:50 PM
 
Location: Great State of Texas
86,068 posts, read 74,761,325 times
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I just posted a new thread about IndyMac..shut down - taken over by FDIC.
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Old 07-11-2008, 06:19 PM
 
19,098 posts, read 20,668,871 times
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Just because you are under the 100k mark does NOT mean you are home free because it could be a year before you see that money. You'll get it back but there is no telling when you will get it back cause they will have to liquidate everything and then start paying everyone off which can be a while... maybe even years...
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Old 07-11-2008, 06:25 PM
 
Location: Chino, CA
1,458 posts, read 3,006,916 times
Reputation: 553
Quote:
Originally Posted by evilnewbie View Post
Just because you are under the 100k mark does NOT mean you are home free because it could be a year before you see that money. You'll get it back but there is no telling when you will get it back cause they will have to liquidate everything and then start paying everyone off which can be a while... maybe even years...
Not really, here's the statement from the FDIC:

"The truth is that federal law requires the FDIC to pay the insured deposits "as soon as possible" after an insured bank fails. Historically, the FDIC pays insured deposits within a few days after a bank closes, usually the next business day. In most cases, the FDIC will provide each depositor with a new account at another insured bank. Or, if arrangements cannot be made with another institution, the FDIC will issue a check to each depositor."

And a top 10 misconceptions list:
FDIC: FDIC Consumer News Spring 2006

http://www.bankrate.com/brm/news/DrD...ic_myth_a1.asp


Oh well, one of the banks I bank with, Indymac, just went under... I'm going to miss the nice tellers and the cozy none conforming environment (it was nice to not be customer no xxxx). I'll give you guys a heads up when and how difficult it is to get my money transferred to another bank.

-chuck22b

Last edited by Global Friend; 07-15-2008 at 06:19 AM..
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Old 07-11-2008, 06:27 PM
 
19,098 posts, read 20,668,871 times
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No, I know people that waited for over a year to get their money... the ones that got theirs fastest tend to have less than 10k in the bank account...you can stop with the personal attacks..
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Old 07-11-2008, 06:32 PM
 
Location: Chino, CA
1,458 posts, read 3,006,916 times
Reputation: 553
Quote:
Originally Posted by evilnewbie View Post
No, I know people that waited for over a year to get their money... the ones that got theirs fastest tend to have less than 10k in the bank account...you can stop with the personal attacks..
Sorry, wasn't trying to attack you... your a good guy... I'm just a bit frustrated...

have a great weekend!

-chuck22b
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Old 07-11-2008, 06:47 PM
 
Location: Great State of Texas
86,068 posts, read 74,761,325 times
Reputation: 27602
Here's a list of the failed banks with updates. The updates indicate that all accounts were transferred to another bank and you had access to your money up to $100K.

If you go back far enough though you can see from the update link that this was not always the case.

FDIC: Failed Bank List
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Old 07-12-2008, 06:06 AM
 
741 posts, read 3,302,269 times
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After reading this morning about the government take over of Indy Mac, All of a sudden I have a sinking feeling in my gut about Wachovia. We have all of our profits from our NJ home sale in that bank. We need these for our downpayment on our new construction. Any other Wachovia customers taking their money out? Would you if your money was in there? If so where would you put it. I even entertained the thought of mattress stuffing.
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