http://www.google.com/search?q=fdic+ins ... lz=1I7DKUS FDIC: Federal Deposit Insurance CorporationFederal deposit insurance protects the first $100000 of deposits that are payable in the United States. There you go... but no need to worry im sure u dont have THAT amount in your account anyway
Was glad to see the Fed resisted the urge to lower rates again this week. Better to take our lumps and move on than prolong the inevitable.
I'm pretty confident WaMu will be sold. Their primary shareholder agreed to a concession that would allow a sale to go through. It will mean lots of jobs lost, but the bank won't go under. I used to work in the subsidiary of WaMu that packaged mortgages up as securities until I was laid off....so I'm the devil, but reformed.
I remember a Sniglet, "FDICkery," pertaining to shenanigans regarding one's bank account. (Come on, don't pretend like you didn't like Sniglets.)
oh god its just slang give it a rest hahaha its like LOL why type laugh out loud when you can just type lol
Don't panic. They were bought out by Chase/J.P. Morgan which means everything is 100% fine. WaMU will still operate as WaMU and slowly branches will be assimilated into Chase branches and if you have a WaMU account expect a new ATM/Debit Card in the mail. All fine. I've not been panicked about WaMU for one main reason: Unlike investment banks they had tons of cash behind them. While they were tainted by the mortgage bullshit—and anyone who profited off of that should be drawn and quartered—the bulk of their business was cash on hand and customer deposits. What cause the fed to take them over was "consumer confidence" in the bank based on stock price. The whole damned panicky atmosphere made people make "runs" on the bank and pull out their deposits... Which then led to WaMU being in trouble because their base were deposit... Repeat over and over... And that's a classic run. And it's a tad sad because of all of the companies in this mess, WaMU was a lot cleaner than the scum-bags at other banks. They were good guys who made a mistake and grew too fast based on crappy mortgage securities. WaMU was blowing off advances from Chase as a buyout insisting they wanted to stay independent. And in this case the fed had confidence they could until their customers didn't believe them... And the fed basically jumped in and said "Look WaMU, you are hosed... Chase wants you. Get married to them and deal with it." In many ways it was a self-fulfilling prophecy because the panic caused WaMU to lose the real funds their business were based on. In contrast the investment banks screwed themselves over when they sold junk to homebuyers and then packaged that junk and sold it to others. Those guys should rot in hell for what they did. The disturbing thing for me is I was looking at banks in my neighborhood and wondering where to move my accounts to if this shit hit the fan... And I hate HSBC, so Chase was the next best option... And ironically, now they are my bank without me making any effort. Oh and as far as FDIC goes, it's basically $100,000 per account holder at a bank. So let's say you have $200,000 and you are married and have a joint account. You have $100,00 coverage on your name. And your spouse has $100,000 on their name. And if you're not married just open other accounts at other banks and make sure none of the accounts go over $100,000. I think the max you're covered if you do that is 4 accounts at 4 banks at $400,000. But don't quote me on that stuff. What is scary to me is how the market has still not bounced back as a whole despite government actions and assurances. I don't think we'll enter a depression, but I do think if you have a job now be happy and stay at it... I think it will be 3-4 years before things bounce back.
The only people who are really screwed are people who actually own shares (raises hand...though not too many any more...sold most off earlier) of WaMu stock. Currently at .16 a share....yikes.
Indeed! I am soooo glad I got cold feet awhile back when my brother-in-law was recommending I buy this. I haven't talked to him in awhile, so I wonder how badly he took a beating or if he had already sold some off.
Did other folks who have WaMU accounts notice these changes to their site in the past day? Looks like the first victims of the buyout were adorable Asian children. Also, I made this simple memorial to WaMU.
