What is really going on with Washington Mutual?

Question

Are they really closing, going down, etc? I have a lot of accounts with them and do not want to be left with no money one day. Whats the truth or how can I find out?

Answer 1

Ummm...I really hope not. I just opened an account with them. That would be just a rumour though, they would have to make it public if they were closing. After all, it is a federal institution. Either way, they're FDIC, right? So our money is safe.

Answer 2

i have heard rumors only. better be safe than sorry

Answer 3

Their mortgage business is what might be closing or what you're hearing about.  However, there are several other entities to the bank.  Where you do all your banking... that has nothing to do with it.

So you're money is safe.

Answer 4

even if they do go under your money will be fine. it will be bought up by another bank and only the name would change.

Answer 5

Your money is federally insured with the FDIC. In the history of the FDIC not ONE customer has lost ONE penny when the bank had problems. Look at all the Indy Mac bankers... they were inconvenienced perhaps, but no one lost their funds.

WA Mu essentially posted a loss... but they are a multi-trillion dollar bank/company!!! In the grand scheme of things the little loss they posted doesn't even put a dent in their profits or in your little accounts. (no offense)

Don't do anything. It's when people overreact and start pulling their funds that we really get into trouble. Ignore the media. Their job is just to freak us out.

Answer 6

I would not worry about it, they will have their accounts covered by the government. The  government will most likely close their doors for one day and sell the bank to another bank, and then they will be under new name and managment. All will return to normal and no big deal.

They are a crappy bank though, why not go ahead and switch to one of the banks who actually earn respect from customers the hard way. Try Wells Fargo, they have been around since the Gold rush.