Wamu is next pull your money out!!!!!! (safest, tax, financial)

[HappyTexan]

IndyMac continued to do business after the FDIC took them over. Most of the people waiting in line didn't understand FDIC insurance I'll bet.

[gvillager]

Originally Posted by HappyTexan

IndyMac continued to do business after the FDIC took them over. Most of the people waiting in line didn't understand FDIC insurance I'll bet.

Exactly, thats what I'm trying to say. If your under the insurance limits the transition is smooth. Bank shuts down on Friday, you have access to your money via ATM over the weekend, on Monday your account is transfered to the new bank (or under control of the FDIC). At the most you'll need new checks or ATM cards.

[Mugsy]

Originally Posted by iGlenn

Exactly, thats what I'm trying to say. If your under the insurance limits the transition is smooth. Bank shuts down on Friday, you have access to your money via ATM over the weekend, on Monday your account is transfered to the new bank (or under control of the FDIC). At the most you'll need new checks or ATM cards.

Yes I have seen this too. I really do not want to move all our accounts from WAMU either. We are established there...

Since we have other money in separate MMAs I think we will sit tight.

[jetway777]

From what I understand ,

If you have under 100 grand
this whole thing is no big deal !
WAMU will close and reopen under FDIC control
Same as Indymac Did !
and the Indymac checks where still cashable after the
closing and reopening ( I know because I cashed one
after Indymac reopened it cleared into my bank account with no problem)
So if your using WAMU as say just a checking
account purpose only I see no need to worry !

JUST TO BE SAFE - You may want to pull a little cash
Just to last a few days until WAMU bank reopens !


Alot of Banks are going to fail This is just the tip of the iceberg !
So moving your money out doesnt mean its gonna be safe !
When the whole nations banking system is collapsing !
FDIC will go Bankrupt too !!! So the banks that fail
at this early stage of the collapse will be FDIC covered !
Maybe a few months or less from now other banks may not !

[HappyTexan]

Originally Posted by jetway777

From what I understand ,

If you have under 100 grand
this whole thing is no big deal !
WAMU will close and reopen under FDIC control
Same as Indymac Did !
and the Indymac checks where still cashable after the
closing and reopening ( I know because I cashed one
after Indymac reopened it cleared into my bank account with no problem)
So if your using WAMU as say just a checking
account purpose only I see no need to worry !

JUST TO BE SAFE - You may want to pull a little cash
Just to last a few days until WAMU bank reopens !


Alot of Banks are going to fail This is just the tip of the iceberg !
So moving your money out doesnt mean its gonna be safe !
When the whole nations banking system is collapsing !
FDIC will go Bankrupt too !!! So the banks that fail
at this early stage of the collapse will be FDIC covered !
Maybe a few months or less from now other banks may not !

In that dire scenario..the money will become worthless.

[joee]

Kind of relates to the south when the weatherman says snow even if it's just flurries, I can see some who may want to pull it out and move it, but to go on an out and out panic I see no real need to, problems could arise if you write out a check in the banks name then the company owed comes back and says nope we aren't honoring that check causing bill payments to become late, things to that effect, would it happen who knows, things are getting a bit on the worrisome side but I don’t really see a need for panic to set in.

[MaikeerinWA]

It looks like the government may help engineer a buyout of WaMu. Which would be a good thing, since the already depleted FDIC could theoretically be on the hook for $20 billion or so in the event of a WaMu failure.

But is your money at risk, while deposited at WaMu? No.

[evilnewbie]

Whoever buys WaMu is an idiot... but I am curious as to who it might be... even BoA said no to the buyout.. WaMu's debt doesn't go away in a buyout and WaMu doesn't offer anything good to buy anyways... so the buyout would be for idiots... I let them fail and buy up the best parts for pennies on the dollar and not be straddled with WaMu's debts... like with what Barclay did with Lehman...

[Carolina Rambler]

Originally Posted by scuba steve

Calm down. You'll be fine if you're under the FDIC limits. If everyone goes and pulls their money out the company will go under for sure. Now is not the time for irrational behavior.

Yea right:

Federal bank insurance fund dwindling - Yahoo! News (http://news.yahoo.com/s/ap/20080916/ap_on_bi_ge/bank_deposits_safety - broken link)

[k374]

Originally Posted by HappyTexan

IndyMac continued to do business after the FDIC took them over. Most of the people waiting in line didn't understand FDIC insurance I'll bet.

People's behavior changes when it comes to their money...I am sure you will be the first to be standing in line if it's your money on the line That's just human psychology, we've busted our ass to earn it and it's just natural to be a bit cynical about promises especially with our government pretty much doing as they please right now... today they say FDIC will cover it without issues, tommorow they may say there is litigation with the company so FDIC will pay after litigation resolves which may be a year from now. The bottom line is that the government has estabilished that they CANNOT be trusted since they break existing rules and make new rules as they go... and to be realistic we do not understand all the loopholes that can be exploited under the current laws.