Should I pull my money out of Wachovia bank?

Question

I heard all this stuff today on the news. I only have a few thousand in it, its just a checking account in which most of the funds get paid out every month. Any fiancial experts that could explain what is going on could help. I know it is insured by FDIC up to 100K, but nto sure if this new info means anything else. Thanks.

Answer 1

your money is insured and personally, i wouldn't give in to panic. You could always stop by and discuss your concerns with your bank manager, but they will no doubt reassure you just like i did. That said, maybe opening another account in another institution (if possible) and "splitting" your amounts will give you some peace of mind, so that if wachovia fails you will still have funds in your "new" account to live on until you get your funds from wachovia. There is that fine line between over reacting to bad news and being financially prudent by having two accounts. You have to decide if the possible wachovia is real or just more financial scariness. Good luck.