WAMU?

[Sneeze]

How many of you have this bank and withdrawn or transfered your money to another bank?

[new2the3]

I have under 10k in a cd with wamu. dont plan on doing anything with the money. its fdic and i dont need the money anytime soon hence the cd. if you dont need acess to your wamu funds for a few weeks then you might as well just leave it as is.

[txusa03]

dont panic dude, you are fdic below 100K

[Dmitriy@AUTOcouture]

You guys do know that the FDIC reserves the right to pay you back within 99 years, right? I suggest you take that money soon.

[pdpmojo]

Originally Posted by shpuntik

You guys do know that the FDIC reserves the right to pay you back within 99 years, right? I suggest you take that money soon.

If a bank fails, what is the timeframe for payout of the funds that are insured if the bank cannot be acquired by another financial institution?
Federal law requires the FDIC to make payments of insured deposits "as soon as possible" upon the failure of an insured institution. While every bank failure is unique, there are standard policies and procedures that the FDIC follows in making deposit insurance payments. It is the FDIC's goal to make deposit insurance payments within one business day of the failure of the insured institution. Typically, a bank that has failed will be closed on a Friday. The FDIC will then work the weekend to complete deposit insurance determinations for most deposits and be prepared on Monday to either transfer the insured portion of a deposit to another FDIC insured institution or provide deposit insurance payment checks. (Note: Some deposits that require supplemental documentation from the depositors, such as accounts linked to a living trust agreement or funds placed by a deposit broker, may take a little longer. The timing of the completion of the deposit insurance determination is based solely on the depositor providing the documentation needed by the FDIC to determine insurance coverage.)

Its assholes like you that send people running to the banks pulling out deposits, stripping banks of all liquidity and further crippling the financial system.

Thanks

[Tim2189]

the more people that run into the bank and take their money out, the better chance of that bank going bancrupt...i still to citibank which isnt in the hole just yet
Ive also heard that banks in the shithole such as wamu and chase will be merging with other banks to save their asses so dont be surprised to see less banks around

[InS0mNiAc]

Originally Posted by nyc328ci

the more people that run into the bank and take their money out, the better chance of that bank going bancrupt...i still to citibank which isnt in the hole just yet
Ive also heard that banks in the shithole such as wamu and chase will be merging with other banks to save their asses so dont be surprised to see less banks around

Old Timers around my work are starting to say that it's going to be like the '50s soon with only 2 banks, a federal bank and a savings & loan....scary.....

[nissan]

I wouldn't worry too much about these large banks going under. They most likely will be bought out by other institutions looking to improve their balance sheet situations.

[scottwww]

Originally Posted by new2the3

I have under 10k in a cd with wamu. dont plan on doing anything with the money. its fdic and i dont need the money anytime soon hence the cd. if you dont need acess to your wamu funds for a few weeks then you might as well just leave it as is.

Isn't WAMU covered by FSLIC?

[akack79]

Transferred the majority out of WAMU this past week so I won't have to wait on the FDIC reimbursing if WAMU does go under.

[Tim2189]

Originally Posted by akack79

Transferred the majority out of WAMU this past week so I won't have to wait on the FDIC reimbursing if WAMU does go under.

smart thinking

i never liked WAMU because of their low rate on CD accounts, and i came a day late of the deadline and the deadbeats didnt wanna even look at the account, so i said screw it paid the fees and took my money out the CD account just for principle

[ChaneRZ]

i just have wamu for checking.

[Spec 1]

Took everything out of WAMU about two months ago. Closed out all accounts and moved them to State Farm Bank - now one of the strongest 10 banks out there.

[scottwww]

Originally Posted by Spec 1

Took everything out of WAMU about two months ago. Closed out all accounts and moved them to State Farm Bank - now one of the strongest 10 banks out there.

What are the other 10 strongest banks?

[txusa03]

Originally Posted by scottwww

What are the other 10 strongest banks?

and what constitute a strong bank

[evoi19]

Originally Posted by Spec 1

Took everything out of WAMU about two months ago. Closed out all accounts and moved them to State Farm Bank - now one of the strongest 10 banks out there.

Originally Posted by scottwww

What are the other 10 strongest banks?

Originally Posted by txusa03

and what constitute a strong bank

Should've went with Wells Fargo if you have it in your area. Here's a .pdf that shows the safest banks in the world. As of right now, we're (wells fargo) doing pretty good. Our stock is at it's highest in recent years and talks of acquiring a bank has sparked. Such acquisitions could be WAMU. LOL

FYI, I work with WF within their Advertising/Marketing group. We're actually still hiring compared to other banks out there.

[scottwww]

Originally Posted by evo119

Should've went with Wells Fargo if you have it in your area. Here's a .pdf that shows the safest banks in the world. As of right now, we're (wells fargo) doing pretty good. Our stock is at it's highest in recent years and talks of acquiring a bank has sparked. Such acquisitions could be WAMU. LOL

FYI, I work with WF within their Advertising/Marketing group. We're actually still hiring compared to other banks out there.

My wife is in credit management at Wells Fargo. I hope they don't buy WAMU.

[stooken]

already took my money out. i know i'll get my money back being that it's insured but i just don't want to deal with the hassle when there are other banks right down the street (WFB & BOFA)