I bank with Washington MutualSubmitted by Jinc on Mon, 09/15/2008 - 15:34
"Now, there is concern about the future of Washington Mutual, which holds many mortgages that are expected to fail. The largest savings and loan has seen a doubling of defaults and has many outstanding adjustable-rate mortgages that are due to reset to a higher, harder-to-pay rate shortly.
In July, the bank reported a $3.3 billion loss for the second quarter. Since April, the bank's share price has plummeted about 75 percent from $13.15 to around $2 today.
If Washington Mutual goes under, most customers would be protected by the FDIC insurance. But such a failure could wipe out the remaining balance in the bank-funded FDIC insurance pot. If that were to happen, the FDIC would turn to the U.S. Treasury for more cash to protect depositors. Individuals with money in troubled banks would, for the most part, be safe but taxpayers could end up footing the bill to protect those deposits..." - ABC News
**Update: After reading your posts I decided the best thing for me personally would be to go down to the Credit Union in town I used to use years ago. The minimum cost to open a savings account is $5.00, paid a one time fee of $5.00(that gives me a vote) opened a checking account and ordered an ATM card and checks ($16.75-will arrive in 5-7 days) I withdrew from WaMu. The whole thing took 20 minutes and the representative said she'd been receiving calls all day from WaMu customers. FDIC insured or not- I just didnt feel safe there anymore- as one poster compared it to auto insurance- yeah anything under 100K is safe- but who wants to sweat for 60-90 days while your claim is being dealt with etc?- thank you to all who posted : ))**