So, who banks with WAMU?

[mike]

I found this article disturbing this morning,

http://www.forbes.com/feeds/ap/2008/07/23/ap5242749.html

This was yesterday, Then this morning, S&P cut there classification to one notch above Junk.

http://uk.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUKN2349502620080723

Wamu was the fifth largest home lender, now the chickens are coming home to roost, the Feds have already put up Fannie and Freddie for there junk loans, IndyMac went under and got bailed out, the Feds will run out of money at some point too. I bank with WAMU, as is with all banks for the most part, all your deposits are insured to $100K, but even if you have less then that, your money may be tied up for a while, if they go belly up.

[oc-audica]

Pretty scary when the banks start going down.

[mike]

It all stems from greedy loan officers, banks, and institutions putting people in risky loans, or loans period. Personally I don't think we've even seen the high water mark yet. The "high water mark" as the experts see it, keeps getting push further and further away as stuff like this emerges.

I had a friend who has told me this morning that 2.5 of the 3.3 billion loss was them putting money aside in reserves...............

There have been rumors of this for months now.

[DTolo]

I am not overly worried... Big business accountants wait for times like this. Anytime a possible "recession" is about or they have the chance to report losses that will seemingly flow with the trend, the business will make the choice to report their losses. Additionally, they will almost always report more than their actual losses will be.

So when the economy "picks" back up so to say, the assets they thought to be lost, will actually not be as large, but their report of regaining those assets aren't near as news worthy as the over inflated report of losses.

Judging by their liquidity vs what their REPORTED losses are, I see no need for worries.

Only thing that pisses me off, is I do bank with them, and they raised my plus package membership by $2 and I don't remember getting a notice. Why wasn't that noted in their efforts of raising capital? lol.

[mike]

They DO have a decent amount of liquidity in reserves, at the moment, problem is, they aren't nearly out of the woods as far as home loans defaulting, loans will still be a major unknown factor (who can/can't make their payments) for the next few years until the dust settles and the current rash of risky/bad loans pans out, they can't keep up with the losses and keep using up their reserves, we'll see. I for one will not buy into the fear, I played a few smart moves, but if everyone gives in to the fear mongers and yanks out their capital, then we'll be in worse trouble.

[DTolo]

I for one will not buy into the fear, I played a few smart moves, but if everyone gives in to the fear mongers and yanks out their capital, then we'll be in worse trouble.

I agree. Well put.

[Batrugger]

Only thing that pisses me off, is I do bank with them, and they raised my plus package membership by $2 and I don't remember getting a notice. Why wasn't that noted in their efforts of raising capital? lol.
Aren't you in the military? USAA is the way to go if you are. No fees and they even reimburse other banks ATM charges :tup:

[DTolo]

Aren't you in the military? USAA is the way to go if you are. No fees and they even reimburse other banks ATM charges :tup:


Yes Sir I am. I have been tellin' myself to switch. All my other accounts are USAA. I just been lazy, cus all my auto pay stuff is set up with WAMU. I just have my bill pay checking with them.

[John5788]

i bank with Wamu, its unfortunate to hear this. ive been meaning to switch to a new bank for a while now, any recommendations?

[mike]

Wachovia seems to be doing strong in stocks, Wells Fargo, even to some extent, BofA. Just research them, they are all publicly traded companies and thus have a large expanse of information available to you.

Also remember, drawing all your money out doesn't help WAMU out any. If you have any accounts over 100K, then move your money around into several accounts at some different banks, it is insured upto 100K, anything over that would be at risk. Worse case I think if they do go belly up at some point in the near future, it will be like IndyMac where the Feds step in, and your account will be in limbo for a day or two.

[PhätTony]

i hate wamu!!!!!!!!!!!!

i had my credit card numbers stolen...not my card. I reported it, then gave me the money back. investigated it, took the money back from me and said it was a valid sale.

IN FUCKING FLORIDA!!!!!!!!!!

FUCK WAMU SON

[M55555]

in the case of indymac, as long as your funds are within FDIC limits, once a bank goes belly up the FDIC does take over immediately and you don't lose access to your funds during the process. so for those with bank accounts with a few hundred or thousand dollars, you have nothing to worry about.

[twistedangel]

I do - only keeping FDIC insured balance with WaMu right now.

Some funds had to get moved around after that announcement.

Didn't withdraw all of it. That would only aggrievate the situation.

[kyyle_m]

this is sad!
im taking my life savings of 25$ and hiding under my pillow at night! next to my star wars figurs lol

[slowjet]

I seriously doubt that WAMU is going down the drain in the banking department. They need us.