So WaMu is going belly-up...what of those of us who have money in WaMu?

[Hugabear]

I don't have a whole lot in WaMu, but my wife and I both have a little bit in a checking account. I know that our money is insured by the FDIC, but honestly I don't really have a whole lot of faith in them right now - how long would it take to get our money back, etc. So my question is do we just ride this out? Start looking for another bank to put our money into? What banks are still considered strong at this point? Should we go with a credit union? The only thing about a credit union is that we're hoping to move out of state within a year or so, and would likely have to change credit unions at that point.

[Zynx]

1. Typically what happens is they merge a sick bank into a healthy one.

Some other bank, probably Wells Fargo or JP Morgan, will end up with WaMu. They then get your accounts.

[lapfog_1]

2. Find the nearest ATM and get your daily maximum out tonight.

If it's not a problem tomorrow, don't sweat it, use the few hundred to buy stuff... and wait and see what happens... you are right, FDIC will take a while.

If you have a few thousand in there... chances are you will get it eventually.

[LoKnLoD]

3. WAMU has plenty of cash

http://money.cnn.com/2008/09/15/news/economy/wamu/?postversion=2008091518

I don't think they will go under, unless everyone panics and starts pulling their money.

"But some analysts said the results should restore some confidence in the company. They were heartened by the fact that the company feels it can put less aside for loan losses.

Even in downgrading the stock, S&P said it recognizes that the company has enough liquidity to meet all its fixed obligations through 2010 and is operating with enough capital from a regulatory perspective.

Other analysts agreed.

"Although not out of the woods yet, WM appears to be moving in the right direction on credit and 2008 is likely to be the peak year for provisioning," Fox-Pitt Kelton analysts wrote in a note to clients"

[Hugabear]

4. I hope you're right

I've been pretty pleased with WaMu for the most part. There have been a few times where I've gotten upset at them, but that could probably be true with any financial institution that I would have chosen.

The one part that worries me is this: "unless everyone panics and starts pulling their money". We've already seen how people panic when it comes to gasoline, hoarding gas at the mere sight of a hurricane in the Gulf.

[LoKnLoD]

6. I bank with WAMU like you

I've been very pleased with the as a bank, best I've ever used matter of fact.

[Demobrat]

5. I had a savings account there.

I pulled out weeks ago, just because I don't want the hassle of dealing with the FDIC, waiting to get my money etc. If you're out west Wells Fargo is sound.

[MrModerate]

7. My problem with WaMu is that we live overseas . . .

And WaMu is dumb as dirt when it comes to managing your money from out of the country. They can't figure out how to change my address, and whenever I want to move any more than a few hundred dollars, they inevitably tell me to "come down to a branch and arrange it in person." Doesn't matter that I tell them *every time* that I'm calling from another country, they still make that suggestion. And every few times I use my debit/Master Card, they spontaneously cancel it because "they noticed expenditures in another currency," necessitating another call to the States to get it reinstated.

It's the worst combination of American provincialism and the ham-handed responses to "international money laundring by terrorists."

Maddening.

[Dan]

8. Relax

FDIC