Has anyone heard of Washington Mutual going bankrupt ? Is that true ? Do you have accounts with them ?

Question

Are you worried about your money being in there ? Should I close my accounts with Washington Mutual and put in another bank ? If it's FDIC insured does it mean I don't have to worry about my $ in there if it's under $100,000 ?

Answer 1

You certainly made me look twice at your question - things can change fast and I wanted to be sure, but at this point, they're still on their feet.  

Here's an article dated June 8th  that's pretty interesting that's titled "how bad are things at WAMU".

http://mortgage.freedomblogging.com/cate...

Look below the article and there are links that lead you to updates and more articles and information.

They're cutting jobs, their stock is down, and they're scrambling, but they're still alive.

My money is there as is my mortgage and a Home equity loan I used to purchase some property - stakes are high for me as well.  

If you go to this link:  http://newsroom.wamu.com/phoenix.zhtml?c...

It's WAMU's "Statement on the Strength of Its Capital and Liquidity Position in Response to Industry and Market Activities"

They basically say they're fine, but they'll give more info after their July 22nd Earnings call... I'll be logging back into their site then!  (It's at wamu.com, under current news releases).  

Hopefully, their investments and deposits as well as their good loans will balance out their bad decisions and bad loans...

We'll soon see!  

As for your $ being FDIC approved, your money's good up to 100,000.   It doesn't mean there won't be a waiting period and a hassle to get at it, but at least you should get it.

Answer 2

YES, today at work the C.E.O. announced WAMU is going bankrupt. It will be very soon. Anyone with a Savings or Checking Acct. should be ready to move their money. Anything over $100,000. will, at most be given 1/2. Insurance should cover anything under this amount. Problem is there may be a hold on your money until the insurance company finishes  processing their claim. They will not be announcing this until a later date. Most employees are not even aware of this yet.

Answer 3

I haven't heard WM is going bankrupt. But, I do think they are on the borderline. If you are nervous, switch to Wells Fargo, they are one of the strongest banks and safest.

Answer 4

It won't go bankrupt; I have an account there; you don't have to move your money.  Don't worry so much.  If it did go bankrupt, you would be federally insured up to $100k.  You don't have over $100k there do you?

Answer 5

i never heard wa mu going bankrupt. but if u cancel ur account with them they might charge u. they say they dont have hidden fees but my boyfriend had an account with them like 2 months and they kept charging him with all this c**p and just had too much complications. bye the time he canceled he was negative 230$