WaMu in Trouble

[*Casey*]

So this has been all over the news...

 

that Washington Mutual (the bank I use) is in major financial trouble and their stock is plummeting. It's not like I have a ton of money or anything, but it's all I got. It's insured by the government, but if they go under, it could take years for the government to pay me back. I'm nervous... should I take my money out and put it in another bank? Suggestions of other banks? Anyone else worried about this?

[jamisoncollette]

Could there be a buyout? If everyone takes their money out, the bank will go under quickly, like the bank runs of the 20s. However, I porbably would transfer my money to a bank with better standing. You don't need additional stress at this time.

[Agape Gems]

If you are going to move your money I would suggest a bigger bank like Wachovia or Bank of America b/c they have way more assets and are less effected by all the issues in the mortgage industry right now.

[Yari]

I would take my money out and go to another bank for sure. It is not worth the stress.

[MikkiStreak]

I use WAMU too, and have a crapload of CD's there. I heard the rumors of this too... I'm concerned because there's no way we could wait for FDIC payments on the CD's (it's for my daughter's college fund and she graduates this spring)... but at the same time, I wouldn't be surprised if they get bought out (espcially by BOA because they have been going thru a lot of mergers and buying out other banks over the last year or two...)

[Amy&Andy]

Hmmmm, I'm WAMU too. I'll have to consult my financial advisor (AKA hubby) to see what to do. He's with US bank, so we may just combine accounts to be safe

[Amy&Andy]

WaMu's stock recoups losses - Sep. 11, 2008

 

Looks like they recouped some of their losses yesterday and today. Not too bad of a situation now.

[ACDCDCAC]

i just worry that so many people will take their money elsewhere and like JC said above, it could be really bad news it would have shockwave effects all across the board, other banks would follow suit, and other people would freak out and do the same. with the way the economy is is just scares me to think of a bank going out of business!

 

hopefully like maria suggested there will be some sort of merger.

[A10CalGal]

Hmmm...I personally wouldn't get too excited. I bank with WAMU and I really like the service I get with them. I know they just replaced the CEO a few weeks ago & it was a big deal in the news. I was actually thinking it would be a good time to buy some WaMu stock since it's so low!!

[kerryjbrown]

I am in mortgage and my FI is President of our Mtg. Lender. BOth Wamu and Lehman are in big trouble. The good news is, if it is 100k or less you are insured and will not loss anything. If it is over 100k, get it out (at least the amount over 100k) as that is not insured and if/when it goes down (they are selling branches and assets so it is most likely coming) that money will not be protected. Good Luck