Can I lose all my money in Wamu checking account due to the banking crisis? Which other bank do you recommend?
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I want to wire my savings from a foreign country to my Wamu checking account and am afraid that the money could get lost, if the bank goes bankrupt or gets into trouble due to the banking crisis.
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Kris said:
No. Everything is fine. Continue to bank at WaMu if you like. Eventually Chase will be taking over all area branch locations, online banking, etc…
July 3rd, 2009 at 8:18 pm -
Smartass said:
Everybody here will say "don’t worry, you’re FDIC insured"
THINK AGAIN
http://www.bloomberg.com/apps/news?pid=20601170&refer=home&sid=amZxIbcjZISUWiring to a foreign country may be dangerous if you don’t know what you’re doing. So be careful, you can just cash out and hide it under your mattress, or buy some gold bricks.
July 3rd, 2009 at 8:18 pm -
BigBashBro said:
Everyone is talking about the FDIC and that our money is safe? But the question is . . . can we get our money tomorrow? Who knows how long it will take for the the government to pay each and every depositor his/her money back? What happens if I want to withdraw all my money tomorrow and take it to another bank?
July 3rd, 2009 at 8:18 pm -
Judy said:
Splitting up money in one bank (even different branches), under one name, does not avoid the $100K FDIC limit – the limit is for the total amount in ALL accounts under one name in one bank. If you have over $100K, it would have to be in different banks, or under different names.
July 3rd, 2009 at 8:18 pm -
Religious Student said:
As long as you bank in with an FDIC account then your money is safe (up to 100,000).
If you wire your money, the IRS and other government agencies may flag you for trying to sponsor terrorists or tax evasion. (all depends on the amount of money you wire)
July 3rd, 2009 at 8:18 pm -
7S282 said:
They are FDIC insured so unless you have exceeded the limits of insurance I wouldn’t worry about it. They have an insurance calculator that you can use to double check on it the link is listed below. You can have more than $100,000 in deposits in a bank and still be insured. For example ira’s are FDIC insured up to $250,000. Say if you had an a cd for just a $100,000 and just your name was on it. You would only have a 100k of FDIC insurance on it. But if you had 6 beneficiaries on it you could have that cd be $600k and still have it insured. It all depends on how those accounts are titled. Oh and as far as the guy saying wamu can’t fail… Guess again.. To be perfectly honest I would seriously look at going with a community bank. A lot of these banks that are having these issues got involved with these mortgage backed securities and subprime lending and now are having issues with them. A lot of community banks never got involved with the whole risky subprime/mortgage backs so they are alot more stable than these insititutions that thought they were too big to fail..
July 3rd, 2009 at 8:18 pm -
Icarus said:
If you have less than $100,000 in your account you are not at risk because your account is insured up to $100,000 by the FDIC. If you have more than $100,000 in your account, split up your deposits among several accounts so that you will have no balance in excess of $100,000. Each account is insured by the FDIC for up to $100,000.
July 3rd, 2009 at 8:18 pm -
Varun M said:
If you have anything less than $100,000, you don’t have to worry since you are covered with FDIC policies. But, if you have more than that amount, you should put that money in another account or maybe in a new account.
Go for something like JP Morgan Chase, Wells Fargo, Citizens Bank, or Bank of America.July 3rd, 2009 at 8:18 pm -
mccleary97502 said:
If you are uncomfortable with Wa Mu, then switch to B of A. I read in the paper they are buying up the banks that are failing, so they must be solvent.
July 3rd, 2009 at 8:18 pm -
geturpopcrnready said:
Ok, i work at Wamu and what some of these people have said are true but some of the information is incorrect. Miachel R is partly correct with the FDIC insurance but there is more to 100,000 FDIC insurcance. Your money at Wamu, even in the situation we are in, is ok. They only thing that would happen if one of the banks started bidding on wamu and we got bought out the only thing that would change is the name of the bank. You accounts would not change at all. Wamu itself can NOT fail we have over 182 Billion dollars in deposit and of 50 Billion in liquidity. And FDIC has over 450 Billion dollars ready if something like that did happen. But believe me because we have that large of deposit base and that much in liquidity, there is no way it can fail…we can merge but we can not fail as a bank. Now the whole FDIC thing, yes FDIC insures 100,000 PER OWNERSHIP. Its not all about how much money you have in the bank its all about ownership. For example let say i have an account that is a single owner and it has 200,000 in it. Ok, im over FDIC because a SINGLE OWER has over 100,000 in ONE account. But lets say i add my girlfriend as a CO-Owner. That ONE account that has 200,000 in but now has 2 OWNERS, is now insured by FDIC. Because on that one account FDIC insures me for 100k and my girlfriend 100k. So because we both now own that account they insure all of the 200k. Hope i helped
July 3rd, 2009 at 8:18 pm -
Michael R said:
WaMu is FDIC insured, another words deposits under $100,000 are garenteed by the federal government. So, you shouldn’t have more than $100,000 in one account.
Edit: I fail to see how my answer is wrong or incorrect. Have people visited FDIC.gov? Also, any company can fail.
"Deposits maintained in different categories of legal ownership at the same bank can be separately insured. Therefore, it is possible to have deposits of more than $100,000 at one insured bank and still be fully insured. For more information on deposit insurance coverage, see the FDIC’s brochure “Your Insured Deposits” which can be accessed at http://www.fdic.gov/deposit/deposits/insured " – fdic.gov
True for the most of use we should not have more than $100,000/bank, but it’s possible to have more than one account at a single bank and still be fully insured.
9/26 HAHAHAHA, WaMu went under. What a real moron!
"Wamu itself can NOT fail we have over 182 Billion dollars in deposit and of 50 Billion in liquidity" – geturpopcrnreadyI take it your not to far up in the bank? The day after your stupid claim the company goes under.
July 3rd, 2009 at 8:18 pm
