Should I take my money out of WaMu?

[konechiwa 10+ year member]

If you don't feel comfortable leaving your money there, take it out ...
Pretty simple ...

But I don't want to have it simply laying around. I'd much rather have it in a bank.

I feel comfortable with them, I was just wondering if someone like flip (who knows financing, money etc) would be able to explain.

I mean, I see stuff on the news saying "WaMu stock drops 30% in one day" and "Is WaMu in trouble?" and they i hear them saying, "nah we got billions in stuff don't worry".

Who should I believe?

 

[ctt0002 10+ year member]

Isn't wamu an independent bank? But still they should be FDIC so i think you're good.

 

[Banana Balls 5,000+ posts]

Who should I believe?

Me. If I move my money I'll tell you.

 

[528hz 10+ year member]

uhm yah I'll just pay pizza hut with silver nuggets.
Great idea.

If everyone was so smart they would be accepting them...

 

[anoiel 10+ year member]

even if the bank fails the fdic would get you your money if you have less than 100k so you have nothing to worry about

 

[BoomBoomBoy 10+ year member]

I Bank at WAMU and as far as I'm aware they're doing fine. Do you have a link regarding their current financial troubles. I Googled and couldn't find anything.

 

[Jmac 10+ year member]

But I don't want to have it simply laying around. I'd much rather have it in a bank.
I feel comfortable with them, I was just wondering if someone like flip (who knows financing, money etc) would be able to explain.

I mean, I see stuff on the news saying "WaMu stock drops 30% in one day" and "Is WaMu in trouble?" and they i hear them saying, "nah we got billions in stuff don't worry".

Who should I believe?

[bart is behind the queues of customers and puts on three adult voices]Bart: Waddaya mean the bank is out of money?

Bart: Insolvent?!

Bart: You only have enough cash for the next three customers?!

[The queues go mad demanding their money]

Bank manager: Ju...ju...ju...just a second here! No no I don't have your money, it's in Bill's house, and... and Fred's house!

[Moe turns to a customer he thinks is Fred]

Moe: Hey what the hell you doin' with my money in your house, Fred?!

[Moe punches 'Fred' and everyone starts punching each other]

 

[95ZJ 10+ year member]

Viva la Bank of America!

 

[mcsoul 10+ year member]

If you pull your money out, how do you expect them to

have a decent severance package for the CEO? Have a

heart man.

 

[hemi=22s 10+ year member]

i luv wamu had an account with them for 8 yrs they give me money for using my debit card lolz

 

[Banana Balls 5,000+ posts]

[bart is behind the queues of customers and puts on three adult voices]Bart: Waddaya mean the bank is out of money?

Bart: Insolvent?!

Bart: You only have enough cash for the next three customers?!

[The queues go mad demanding their money]

Bank manager: Ju...ju...ju...just a second here! No no I don't have your money, it's in Bill's house, and... and Fred's house!

[Moe turns to a customer he thinks is Fred]

Moe: Hey what the hell you doin' with my money in your house, Fred?!

[Moe punches 'Fred' and everyone starts punching each other]

That is the first thing I thought of when reading this thread but figured that it was WAY over the heads of the population majority in here.

 

[Mr. Opportunist 10+ year member]

I hope they go under, I owe them like 10k...

 

[James Bang 5,000+ posts]

no

stop being paranoid

 

[Eugenics 5,000+ posts]

Is wamu the only bank worthy of your money or something?

 

[konechiwa 10+ year member]

I Bank at WAMU and as far as I'm aware they're doing fine. Do you have a link regarding their current financial troubles. I Googled and couldn't find anything.

http://biz.yahoo.com/ap/080722/earns_washington_mutual.html?.v=8

Washington Mutual reports 2Q loss of $3.3 billion

http://www.reuters.com/article/marketsNews/idINN2233410220080722?rpc=44

Moody's investors service puts WaMu debt into Junk Territory

Between July 11th and July 14th Wamu stock dropped from 4.95 to 3.23. It has since risen back up to the same level however.

http://www.forbes.com/2008/07/22/wamu-yahoo-wachovia-markets-cx_er_transvideooutlook.html?partner=yahootix

"Wamu in flux after loss"

moody's investors say "although WaMu's financial flexibility has declined, its liquidity is not sufficient."

BTW- WaMu is supposedly doing the same as Wachovia: "WaMu's report follows a similar move by Wachovia (nyse: WB - news - people ). After posting a $9 billion loss, the firm's chief executive, Robert Steel, said the company is adequately capitalized."

so whoever said Wachovia is going down....well there you go.