WAMU????

Original post by autumnbride10

Sep 16, 2008 01:51 PM

Are they closing? What the heck am I hearing? Anybody know anything about this?

MrsHtobe Posted: Sep 16, 2008 03:21 PM

Re: WAMU????

Posted by ant n tilde

As long as you have less than $100K in any bank you are insured and you have nothing to worry about. It is more complicated than that but that is the simple version.

If you pull your money out and I pull my money out, that causes a run on the bank and THEN the bank WILL go under.

You should never have all of your money in one bank in case it DOES go under and they freeze your account and your money is held up for a few days.

I learned all of this from LIF LOL but it is common sense not to put all of your eggs in one basket.

fdic.gov has all of the details on what happens if a bank fails.

BUT - its still just rumors about WAMU, yes they are struggling, but no one really knows what is going to happen yet. WAMU's credit rating got downgraded. . . it has to do more with the market conditions and their exposure than it has to do with any change in WAMU's financial condition. . .and banks get bought out all the time, it will have more of an impact on the employees that work there than on any customers Sooo, no need to get worked up over anything :)

autumnbride10 Posted: Sep 16, 2008 03:23 PM

Re: WAMU????

Thanks for all the info ladies!

Future Mulligan Posted: Sep 16, 2008 03:31 PM

Re: WAMU????

you should be fine - JP Morgan is going to buy them and your account will probably just turn into a JP Morgan account....at least that is what i think is going to happen

MrsHtobe Posted: Sep 16, 2008 03:39 PM

Re: WAMU????

Posted by Future Mulligan

you should be fine - JP Morgan is going to buy them and your account will probably just turn into a JP Morgan account....at least that is what i think is going to happen

maybe - but JPMorgan and WAMU are both denying that is going to happen. . .it could just be a rumor!

emomma17 Posted: Sep 16, 2008 05:19 PM

Re: WAMU????

I don't think so but I just closed my account there!!! I hate them, lol no offense! They were the worst to work with and their hours blow! ok with that said...we still have a WAMU credit card and I love that :)

bluekat16 Posted: Sep 17, 2008 01:58 PM

Re: WAMU????

Here's an article about the different banks that are rumored to want to buy WAMU.

Article

vicky1125 Posted: Sep 17, 2008 02:32 PM

Re: WAMU????

they're trying to sell WaMu cause the Federal Reserve doesn't have the money to cover the deposits if the bank fails.

melissatam2008 Posted: Sep 17, 2008 07:15 PM

Re: WAMU????

Posted by autumnbride10

I 'hear' people talking saying they are the next to go down after what happened yesterday..

what happened yesterday??

Snowflake08 Posted: Sep 17, 2008 07:41 PM

Re: WAMU????

Posted by autumnbride10

I have my account with them. I hope it's not true. I was talking to my dad last night, and he said that even if something happens, it won't affect the 'people'...not sure what he meant by that...

meaning that another bank or financial company will buy them out so for regular people with regular savings and/or checking; you wont be effected