Should I be pulling my money out of my savings account at Washington Mutual in light of all this bad news?

Question

Should I be pulling my money out of my savings account at Washington Mutual in light of all this bad news?

Answer 1

As long as it is not over 100,000 dollars you are fine. Your money is insured by the FDIC up to that amount.

Answer 2

If you have more than $100k you need to be below that level for sure.  If its less than that you have nothing to worry about.

If you don't feel safe then just transfer your account to somewhere else.

Answer 3

it depend how much money u have in your account???if u have more than $100,000. then u should worry.........cz if u have less than that its secured by FDIC.

Answer 4

If you have anywhere NEAR the $100,000 limit on FDIC insurance, you should be spreading it out in ANY economic conditions.  If not, you have absolutely NOTHING to worry about.

Answer 5

Ever see those movies where a run on a bank (people freaking out and withdrawing all their funds) causes a bank to fold/collapse?  It's most likely going to stabilize as long as people don't flip out...but even if you did withdraw all your money in a horrible economy your money could still be worthless. Have faith and stay calm. what else can you do?

Answer 6

The short answer:

If your money is really in a "savings account", not an investment account, and you have less than $100,000.00 then your money is safe.

If your not sure then call Washington Mutual and ask if your money is FDIC insured. If it is and you have less than $100,00.00 then your money is safe.

If you have more than $100,000.00 then it's more complicated.

Answer 7

Touchy question.

If you have money than $100k, definitely take out the amount over $100k.

If you have less than $100k, the answer is less clear.  I wouldn't panic, but if I had access to an equally priced financially stronger option I would move my money.  WaMu is a possible candidate for insolvency...unlike, say BOA or JPMorgan.  If you need access to you funds all the time, keep in mind that FDIC receivership means you will get your money back not when...you may loose access for a day or two...if that's a problem and you have a better option....