Washington Mutual - CNN

[NowImDownInIt]

Ugh. This sucks. I actually like my WaMu checking. And I HATE BOA and Chase...

[DisneyGirl]

Ugh. This sucks. I actually like my WaMu checking. And I HATE BOA and Chase...

I'm with you there. I like WaMu and if they get bought out, I'll be bummed for sure. We left BOA for WaMu 4 years ago.

[NowImDownInIt]

LOL. I left BOA for Chase and just recently Chase for WaMu.

[No Gravy]

That brings up the question - what if you have creditors, credit card debt, with Chase, Citi, or BA, and a WAMU checking/savings account? Will your WAMU accounts be safe from your creditors if they are also now your bank?

In my case all my CC debts have been sold to 3rd party collectors, JDB's, and the original banks have no more interest in them so I am safe. WAMU also did nothing when they acquired Providian credit and I had a Providian debt, before it was sold off. But I wouldn't assume Chase, Citi, or BA would have the same policy.

I'm wondering that myself, since I'm in default on a Chase CC, and I probably won't be filing for another 2 months.

[JRScott]

The Second Great Depression is coming regardless of whether it is Obama or McCain. It is inevitable because America has spent more than it has earned for the last 30 years, and even before that it was pretty bad. Debt held by private citizens last month surpassed as a % of the GDP the previous benchmark which was set in 1929.

The President can't change things. What is more important is your Congressional elections in your states. Who your Senators and Representatives are will have more impact on whether we slide into a full Depression or not rather than who is President. If your state has sent the same person to congress for the last decade or more, then you need to seriously consider a change, because it is readily apparent they have not looked after the interest of the United States well. Don't forget to look at third party congressional candidates either, in fact they could be our best chance.

[No Gravy]

The Second Great Depression is coming regardless of whether it is Obama or McCain.

I agree with you.

I found this list really interesting, and somewhat/oddly comforting.

It's just a cycle...kind of like the Oakland Raiders and a rebuilding year. Several rebuilding years, back-to-back.

[lillaimof2kids]

Unless you have more than $100,000 in individual accounts, $200,000 in a joint account, or $250,000 in a retirement account with WAMU, there is no way you will lose any money no matter what happens to WAMU. Closing your account if you have less than the above amounts makes no sense. The worst thing that could happen is your ATM cash withdrawls might be limited to $200 for the weekend if they announced on a Friday night. But by Monday the FDIC would be in charge and your account service would continue on as usual. Bank runs by small account holders are based on misinformation and fear.

This info. came from the President of Hunting National Bank in my town the other day...
Yes, your money is cover by the FDIC. One thing most people don't realize is that it could take up to 99 yrs. for you to get your money back.

I know a guy who had $10,000 in the bank when it closed. He received $1000 per year for 10 years!

Just a little info. for you all to check into.

[JRScott]

I agree with you.

I found this list really interesting, and somewhat/oddly comforting.

It's just a cycle...kind of like the Oakland Raiders and a rebuilding year. Several rebuilding years, back-to-back.

Good link No Gravy.

Seems we are a bit overdue for major bank failures.

The 1870s and 1880s were probably worse than the 1930s.....wonder which we are headed for.

[WhatMoney]

I know a guy who had $10,000 in the bank when it closed. He received $1000 per year for 10 years!

If it was an FDIC insured account, I don't believe it. Sounds like an urban rumor. Provide exact details - I'm sure the FDIC and major new services would love to investigate this.

[No Gravy]

Good link No Gravy.

Seems we are a bit overdue for major bank failures.

The 1870s and 1880s were probably worse than the 1930s.....wonder which we are headed for.

Yeah, that list helped me put things (at least in my own mind) into perspective. For the last year I've been feeling like Chicken Little announcing Armageddon is coming

Now I see that it's part of a cycle. I found comfort in that.

I agree, I think we've been overdue for this. Maybe that's why this one (down-turn/recession/depression...whatever they end up calling it) seems so bad, is because there's been so many years since the last really bad economic times. Or maybe it's like childbirth, I just don't want to remember how bad it was