0 votes

I bank with Washington Mutual

"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 : ))**




Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

The banking cartels are the

The banking cartels are the problem. I took my money out of banks some time back. Don't know why so many people here are keeping your money in a bank. Everyone needs to take their money out of banks, the sooner the better.

"You are a den of vipers. I intend to rout you out and by the Eternal God I will rout you out. If the people only understood the rank injustice of our money and banking system, there would be a revolution before morning." --Andrew Jackson,
1828

“It does not require a majority to prevail, but rather an irate, tireless minority keen to set brush fires in people's minds”
-Sam Adams

if a bank fails, do you have to repay the credit card debt?

I'm curious and obviously do not know much about banking and economics, but if a person has a credit card from a bank that fails, do they still have to pay it off after the bank failure? Investments are "guaranteed", what about debts?

LivingTheDream

it kinda depends

if a bank buys your bank- they buy your contract as well- usually at the same terms. Someone posted earlier that they dont have a decent file on you when they do which may work in your favor. Some debt is then lost in the move so to speak. Mistakes will be made and people do get away with not repaying their debt- but be careful as it may end up that youre under the radar for a long time and suddenly they get to your name at a time when youve adjusted your budget and it dosnt include them lol. At 38% interest in some cases, i have a really hard time these poor banks are as broke as they say they are. If you do the math- the people that ARE making their payments should be more than covering the banks loss of those who dont.

Live Free or Diebold

Thanks for replying!

LivingTheDream

LivingTheDream

Not for long...

And good luck getting your money out of WAmu when they go under -- they are a lot bigger than indymac and bigger a-holes too.

============================

Glen Beck -- An Exposed Enemy:
http://www.dailypaul.com/node/90198
Glenn Beck Supports NAFTA and taking your job:
http://www.dailypaul.com/node/86643

Sorry to hear that

-end of post-
:-)

This opinion is for entertainment purposes. It does not represent the opinions of this website, sources cited, nor my actual beliefs. I do not consent for this post to be duplicated or replicated on any internet/digital/print/other form of media. C4L4EVR

Put money in hard assets.

Your assets will be frozen until you enter a claim for your money with FDIC. It would be wise to withdrawl part of your money now to ride you through the period until you recieve your money. As we have seen today, banks are going to be allowed to fall. If they didn't save Lehman, then certainly WAMU will not be bailed out.
grant

Take your cash. Leave your debt with them i.e. mortgage

WAMU is dirty. I have a small mortgage with them on a house.

I am ready to bang them if they go belly up.

They don't keep original documentation when they sell off mortgage notes. So they are a slam dunk in court. "No evidence of debt".

They just service the note.

Scams can work BOTH ways.

"Committed To The Eradication Of Poverty Among Patriots"

"Those Who Strive For Excellence Refuse To Fear Mediocrity; They Eradicate It."

Zero Tolerance For Flamers

For the record ...

Not sure if this was stated yet.

WaMu is not under FDIC jurisdiction.

I do not have the alphabet soups in name in front of me, but make sure you research this.

I think there is roughly the same insurance as FDIC, but do your research.

This is a savings and loan not a bank.

WAHOR!!
http://www.dailypaul.com/node/48994

For the record: correction

Remember the FSLIC? That was the FDIC-like institution that used to insure savings and loans.

Back when the S&Ls failed, the FSLIC itself pretty much went bankrupt and was put out of its misery. The task of insuring savings and loans was transferred over to the FDIC.

Take a look here.

I Bank With WAMU Also...

And have just read the elliotwave report from the banner at the top of DP. Let me now say I will be switching my bank to one of the banks the report suggests. I keep seeing the WAMU name appear too often in the news lately to feel comfortable.

The banks that the elliotwave report has are banks with huge assets and very liitle risk because they didn't engage in anything but old fashioned banking. No shady loans and mortgages. Just money being saved and intrest being earned. I would suggest at least reading the free report.

Peace.Love.Unity.Respect.

Peace.Love.Unity.Respect.

Here's What Really Happens

Despite the "sky is falling, you won't be able to get your money" stuff that some people have posted:

If the Feds assume control of the bank, you will be able to conduct business as normal. There will be a short period of changeover (e.g. over a weekend) where you won't be able to get your money.

I had money at IndyMac (failed a couple of months ago)- I was unable to access my money for about 3 days. After that, it was no problem.

www.ronpaul2008.com

Here's What Really Happens

Despite the "sky is falling, you won't be able to get your money" stuff that some people have posted:

If the Feds assume control of the bank, you will be able to conduct business as normal. There will be a short period of changeover (e.g. over a weekend) where you won't be able to get your money.

I had money at IndyMac (failed a couple of months ago)- I was unable to access my money for about 3 days. After that, it was no problem.

www.ronpaul2008.com

If the feds are seizing your

If the feds are seizing your bank and you dont have access to your funds in a few days...

Well doesnt the fact that the bank has been seized mean that the bank is technically insolvent at that point? Is the cash you are withdrawaling from that point really the same cash youve been putting into it or is it coming from FDIC insured money. Did you have monies over 100,000$ in your indymac account?

these arent trivial questions, people with wamu accounts really should be questioning their accounts particularly ones that have more than the FDIC insurance limit within their accounts.

To the original poster, i would think that if the bank is conducting business as usual it might not be a bad idea to shop around for more financially sound institutions to deposit your money with. once you establish a new bank account you can go during normal business hours to your wamu branch and ask to close out your account. theyll go through the process with you and write you a cashiers check for the balance of the sum. go ahead and deposit that into your new account elsewhere. it should take about 30 minutes to do, perhaps less.

"Is the cash you are

"Is the cash you are withdrawaling from that point really the same cash youve been putting into it or is it coming from FDIC insured money."

Who cares? It transfers and spends the same, regardless of the source.

"Did you have monies over 100,000$ in your indymac account?"

No, because I'm not an idiot. Only a fool would keep more than $100k in one bank. Spread it around.

For those foolish enough to have over $100k in one bank, you will likely lose a good part of your money over the $100k limit, and it will take a while to get whatever settlement money is available.

If you have over $100k in WAMU, get it the heck out (get it below $100k)- this has nothing to do with the current situation, thats advice I'd give to anyone at any time.

www.ronpaul2008.com

[QUOTE]I bank with

[QUOTE]I bank with Washington Mutual[/QUOTE]

Not for much longer :-)

1,000 bank closures?

I'm no expert, but this guy is -

http://www.cnbc.com/id/26710362

Support Liberty Media! http://benswann.com/ - http://www.bluerepublican.org/ - http://krisannehall.com/ - http://lionsofliberty.com/

We won't turn things around until we 1st change the media - donate to a liberty media creator today!

Even if the FDIC covers the bank...

you're probably 30 - 60 days away from your money.

I don't know what happens if another bank buys them out.

I may not know the truth, but I know when I'm being lied to...

I may not know the truth, but I know when I'm being lied to...

Republicae's picture

Don't bet on that either,

Don't bet on that either, there were people who waited for 10 years to get their money during the S&L collapse.

“Men do not willingly read unpalatable truths of themselves. The people like those best who fool them most by pandering to their vices and flattering their foibles”—Admiral Raphael Semmes.

http://militantjeffersonian.com

"We are not a nation, but a union, a confederacy of equal and sovereign States" John C. Calhoun

Republicae's picture

GET OUT! “Men do not

GET OUT!

“Men do not willingly read unpalatable truths of themselves. The people like those best who fool them most by pandering to their vices and flattering their foibles”—Admiral Raphael Semmes.

http://militantjeffersonian.com

"We are not a nation, but a union, a confederacy of equal and sovereign States" John C. Calhoun

FDIC has no money.

They turn all their receipts in to the treasury. There is no money - repeat, there is no money.

If you have money in the bank, I would take it out and make a deposit only when I needed funds to cover a check. I now pay all my bills once a month and only keep enough in the bank to cover my checks.

Do you think the employees at Lehman or Merrill knew on Friday what Monday would bring? Will you know when a bank run is coming ahead of time?

Also, I just contacted my 401k company and I was told that they needed 30 days for them to act on a distribution and the earliest I could have my money is the end of November.....make sure this is not the case for you.

We are lucky in that we know what is coming so act accordingly.

get your money out of wamu

get your money out of wamu as fast as possible and get a large portion of it into gold and silver

All paper money eventually returns to its real intrinsic value, zero. - Voltaire

FDIC is similar to a car crash

Get you cash out NOW, before it goes under. Some words come to mind when a bank is taken over by the feds: inconvenient, illiquid funds (can't get your cash when YOU want), bounced checks, time spent in line, and it goes on and on. The car crash analogy - yeah, you have insurance, but it is not what you want to have happen.

Find a good, more solid LOCAL bank - start here: http://www.bankrate.com/

Im no financial strategist

Am I way off base fearing that in attempts to avoid going under they may freeze our assets? The MSM did WAMU no favors by announcing this- which also makes me wonder why they would release this story. Is anything by chance? What is to stop them from stepping in and freezing/limiting withdrawls to prevent a sudden collapse? Surely there are more than a few people pulling their cash as we speak. Who wants to be sitting penniless saying "Well...at least I didnt panic"? I have a PayPal acct- is my money any safer if I transfer from my WAMU acct to PayPal until I can open an account with a credit union or some other option?

Live Free or Diebold

Paypal

I do not know where Paypal keeps its cash, but I haven't heard of Paypal being a participant in this mess. They are owned by ebay. I'd move it NOW.

Ive done a little bit of both

I got home after opening a new acct at a local credit union to find the biggest drop in the market since 9/11- think imma do my christmas shopping on ebay this year haha
Live Free or Diebold

heloc

So what about a HELOC? I have one with wamu that I owe money on. If wamu goes under what will happen to it?