# Wamu



## Lyle (Oct 3, 2008)

I heard that Wamu checking went bankrupt. Was anyone from this board a member of that bank? What happened with your money and what bank are you going to switch to?


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## Binary Encryption (Oct 10, 2008)

*Here ya go,*

Source, Associated Press: http://www.chron.com/disp/story.mpl/headline/biz/6038087.html

Yes stick a fork in them their done. Any money in any bank that is FDIC insured is safe and there is no chance of loss of funds due to bankruptcy/theft. Well not unless the .gov goes MIA overnight. Wamu was FDIC insured.

For info on FDIC: http://www.fdic.gov/consumers/consumer/information/fdiciorn.html


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## Narsil (Oct 10, 2008)

You should read the fine print about the wonderful world of FDIC insured accounts. In particular, you should note the minimum required payment schedule. Most people assume that if they have $25,000 in an insured account in a bank that fails, the FDIC writes them a check for $25,000. Apparently not; I heard recently (although I haven't verified it yet) that while they are required to give you all your money, they don't have to give you a lump sum. They can pay it out to you in monthly checks, at some ridiculously low amount. I believe the number I heard was $30 per month.

Again, I haven't been able to verify this.


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## groundhogsniper23 (Oct 10, 2008)

that fdic ins. is the biggest joke i have ever heard. if you have up to $100,000 i think is the correct amount but anyway, it is only insured for $17 for every $100 you have in there. i'm pretty sure on the numbers, if i am wrong i'll find out and write again with the correct info


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## Binary Encryption (Oct 10, 2008)

groundhogsniper23 said:


> that fdic ins. is the biggest joke i have ever heard. if you have up to $100,000 i think is the correct amount but anyway, it is only insured for $17 for every $100 you have in there. i'm pretty sure on the numbers, if i am wrong i'll find out and write again with the correct info


As of October 3, 2008 President George W. Bush temporarily raises the basic limit on federal deposit insurance coverage from $100,000 to $250,000 per depositor. Also it is NOT $17 per $100, it is dollar for dollar including principal and any accrued interest. I posted links for any questions in my pre-post.


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## notorious (Oct 13, 2008)

I think wells fargo just bought them... the least busy bank I can go to... which is nice cause their ATM's are everywhere


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## coinguy (Oct 13, 2008)

Lyle said:


> I heard that Wamu checking went bankrupt. Was anyone from this board a member of that bank? What happened with your money and what bank are you going to switch to?


I have a WAMU account and also had one at Netbank, which went TU about a year ago. With Netbank, they closed the website for the weekend, credit and debit cards still worked, and were open as usual on Monday. Over a couple of months, I either had to move to ING, who took them over or get another account someplace else. It was easy to move to ING, which I did, but I also opened an account with WAMU just in case one or the other had a problem. I NEVER keep much in either account 'just in case.' With WAMU, the only thing that has changed is now the website has a 'welcome to JP Morgan Chase' banner on one side. Everything else is the same.

G


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## groundhogsniper23 (Oct 10, 2008)

i still don't trust banks and i keep as little in them as poss. the fdic is still a big joke. there is no sure thing when it comes to banks they r all gonna fail.


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## teachv (Oct 15, 2008)

"They can pay it out to you in monthly checks, at some ridiculously low amount. I believe the number I heard was $30 per month.

Again, I haven't been able to verify this."

Snopes de-bunked this on their website. You do get your money, fairly quickly.


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## coinguy (Oct 13, 2008)

groundhogsniper23 said:


> i still don't trust banks and i keep as little in them as poss. the fdic is still a big joke. there is no sure thing when it comes to banks they r all gonna fail.


Agreed. I just use them for the convenience. It also save me money, as I don't have to use stamps for bills, and with automatic bill paying, if a payment gets to them late, they work it out with the payee.

I have no more than a couple of weeks in my accounts, spread around, at any given time.

G


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## TechAdmin (Oct 1, 2008)

I wonder how fast after the bank fails you get your insured money.


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## gds (Oct 10, 2008)

Automatic bill pay, ( socialism is encroaching!) PLEASE tell me your joking. 
Do you recall signing that one document that you really didn't understand, Ya know the one that says, (in a nutshell), WE can take from your account whatever we want, and if it's more then what you have you get to pay the overdraft fee?? 
Sounds like a little to much faith in private business/government to do the right thing.
I'll stick with ME deciding when to pay my bills, that way if for whatever reason I need those few dollars I choose to put in the bank I can get it.


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## coinguy (Oct 13, 2008)

gds said:


> Automatic bill pay, ( socialism is encroaching!) PLEASE tell me your joking.
> Do you recall signing that one document that you really didn't understand, Ya know the one that says, (in a nutshell), WE can take from your account whatever we want, and if it's more then what you have you get to pay the overdraft fee??
> Sounds like a little to much faith in private business/government to do the right thing.
> I'll stick with ME deciding when to pay my bills, that way if for whatever reason I need those few dollars I choose to put in the bank I can get it.


Ummm.....no, not joking at all. I decide when to pay the bills this way. No, I NEVER have authorized anyone to just take out of the accounts. I program it in when I want them to be paid and if I don't have the bux, the payment just doesn't happen. I can cancel payments with a few key clicks, or change the date or amount the same way. But this way, I don't have late fees for forgetting to mail a check out or if it gets lost or slowed in the mail. Sure, I get 'requests' from bills to set them up so they automatically take it out. I don't do that at all. I totally direct this bill paying set-up.

So just how is it 'socialism' when I make the decisions whether or not to pay, when to pay and who to pay? No overdraft fees. And I can get the bux out when ever I want as well, not that I leave much in there.

Socialism is when the gov't buys into a bank by buying stock in it. Now we all know that OUR gov't would NEVER do that, right?? 

G


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