Should I be worry about Washington Mutual Bank collapsing ?

Question

I recently got a $1000, 6-month CD at Washington Mutual. It matures in November. Should I get my money out now and be penalized for early withdrawal fees. Or should I wait it out and wait for it to mature ?

And if Washington Mutual does collapse, do I get my $1000 dollars plus any interest earned Or just my $1000 dollars ?

Help !!!!

Answer 1

Your money is insured up to a total of $100,000.00 per individual account; so if your total amount in any account is below 100 long; you are totally insured.

No Sweat.

Answer 2

The FDIC insures all depositers for up to $100,000 - more if you list beneficiaries or joint owners. This is free of charge to the consumer. Your bank pays for this protection. You have nothing to worry about.

Answer 3

the 100k of insurance is in fact true..  There may be some delay in getting the insurance to pay off.  I would not withdraw early unless you are unable to withstand a delay in the collection of the original deposit

Also while the deposit is guaranteed, I am unsure if the interest is guaranteed in a bank failure

Answer 4

Your CD should be insured by FDIC (Federal Deposit Insurance Corp), which insures the first $100,000.  Your $1000 and interest will be covered.

Don't lose any sleep ...

Answer 5

Maybe we all should

Answer 6

I think you should relax.  Just wait for it to mature.  It will be fine.

Answer 7

Wait, you're safe.

Answer 8

The CD is FULLY covered by FDIC insurance.  YOU will not be affected at all.

Answer 9

The Fed is poised to render that $1000 useless no matter what you do with it. Runaway inflation... good times. Might as well be monopoly money. Look to buy some swiss bonds, consider gold or anything else inflation proof.