Washington Mutual Closing?

Question

So my mom just called me freaking out saying Washington mutual is having problems and we need get our money out...is this really happening? my mom isnt crazy or anything so im just wondering if it is as bad as it sounds. should i really got get the money or is everything ok?

Answer 1

Washington Mutual is having problems (as are many financial institutions), but your money in their checking and savings accounts and CDs is FDIC insured up to $100,000 ($250,000 for retirement accounts); so you don't have to pull your money out.

Answer 2

first of all don't get all worked up over a rumor. second of all why not call them and ask and get it right from the source.

i have banked with them since 1997 & they are one of the few banks with no hidden fees, good hours and a 100% free checking acount including the checks. this is why they are doing well.

as for the mortgage loan banks give out well that is all going bad.....fannie mae, and one other major lenders are failing.

wahchovia (sp) is the one bank in a lot of struggle in the news right now.

Answer 3

You mother is overreacting unless you have hundreds of thousands of dollars on deposit.

Answer 4

well there so many you could pull your money out and have it tranferd to a new account at new bank

Answer 5

Washington Mutual is not closing, but even it were the FDIC insures balances up to $100,000 so most people should have nothing to worry about.

Answer 6

I would suggest you take your money out.  Wamu stocks are NOT doing well, and they are laying off a ton of people.  Sure, FDIC insures up to 100K per individual, but did you know that the Indymac fiasco already drained FDIC reserves of 10%? I would think compensating all WaMu customers would drain FDIC reserves even more so.