Bank going bankrupt, should i switch or wait it out?

[Supergumby5000 5,000+ posts]

Well for those who dont know, Washington Mutual has lost 85% of their stock this week, and this just happens to be my bank, hooray!

Anyways, it is said that they are supposed to be bought out within the week. SSssooo, i took a couple hundred bucks out of the bank to last me a while just incase i lose access to my money while the ownership switches over and whatnot, but now im contemplating just completely switching banks.

What do you all think? should i switch to a different bank or just wait it out? i know my money is insured by the fed's and whatnot, and that WAMU isnt the only bank having problems (i believe a couple of the bigger banks in the US already went bankrupt)

I've been contemplating switching to Bank of America (although i dont like them at all, but they are one of the only banks who are still sitting good).

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[nosaj070 10+ year member]

It really doesn't matter. If you like WaMu and their branches are convenient there is really no reason to pull your money out (unless for some reason you have over 100k with them). Most banks are hurting, BofA I think will not be so strong once the whole Merrill lynch thing is finished as I don't think they are a great fit.

Regardless for personal banking you are safe and just stay with, or change to, whomever you feel comfortable with. Your money isn't going away.

 

[crunktimes.com 5,000+ posts]

I know shit about money but I believe all of your money should be insured by FDIC unless you have over 100k or whatever the threshold is.

 

[tc3k101 5,000+ posts]

just send me ur money ill watch it for u

 

[dsturbd 10+ year member]

Go with Arvest, they have all the hot tellers.

Too bad they don't exist in your state though =(

 

[mcsoul 10+ year member]

I'm not leaving my wamu free checking untill the lights are out.

I'm not worried.

 

[Louisiana_CRX 5,000+ posts]

Don't worry.....you should get at least 10 cents on every dollar you had in there back....

 

[Supergumby5000 5,000+ posts]

I've liked WAMU from the beginning, thats for sure.

I guess all i can hope for is whoever buys them out, keeps some of their policies

 

[delvryboy 5,000+ posts]

Even if they do get purchased, I doubt the consumer will be affected by the transition.

 

[casper97ta 10+ year member]

Don't worry.....you should get at least 10 cents on every dollar you had in there back....

Merry Christmas Mr. Potter

 

[blazeplacid 10+ year member]

if they go bankrupt that doesnt mean they are out of business or will close the branches

the govenment will porbably bail em out

 

[DidUHearThat? 10+ year member]

If the bank fails you'll get your FDIC insurance check in 6 - 8 months. Nothing to worry about, unless you can't wait that long. Also if more than one or two major banks fail, the FDIC will be out of money. Then you'll get squat.

I would move the money ASAP. Why wait till it's too late? Start the run on the bank now!

 

[04silverz 10+ year member]

Even if they do get purchased, I doubt the consumer will be affected by the transition.

yeah i have wachovia who is in some troble too and im not worried. the way i see it filing bankruptcy is jus a way for them to start over. kinda like the airlines.

but i doubt anything will trickle down to you. except maybe branch closures. now if it was a local only bank then i would be worried.

btw isnt BofA in alot of trouble themselves?

 

[IgnoreMe 5,000+ posts]

well that sucks balls. i love me some wamu //content.invisioncic.com/y282845/emoticons/frown.gif.a3531fa0534503350665a1e957861287.gif.

i hate all the other banks. and i just got my credit card from them (whose sole purpose was to allow me to get free credit scores)

 

[Propimp 10+ year member]

If the bank fails you'll get your FDIC insurance check in 6 - 8 months. Nothing to worry about, unless you can't wait that long. Also if more than one or two major banks fail, the FDIC will be out of money. Then you'll get squat.
I would move the money ASAP. Why wait till it's too late? Start the run on the bank now!

good idea... make the bank fail even faster. If every one ran to the bank because they "thought" they were going under that would not be good.