Washington Mutual Rumors

A couple of days ago I heard rommors that this particular bank was going to declare itself in bankrupcy. I don't know if it is true or not. But it got me thinking since I've had my checking account there for over 5 years now.

I know WaMu is insured and that you're money is safe if you have less than $100, 000 in one single account. But lets just assume that WaMu actually declares itself in bankrupcy, does that mean that everyone needs to take their money out and get another account somewhere else? Or can you just let your money sit in there and keep on living as if nothing had happened. You know, paying with your WaMu debit card, pay your bills automatically with the same account, etc, etc.

Thanks.

From what i heard a bigger company was going to take it over, buy it out sort of, so they can continue doing business, so i dont think we have nothing to worry about

In the event of a bank failure (which won't happen, banks of this size don't "fail" in the sense that you're thinking) accounts are transferred either to a new private/public owner of the corporation of a federal ad hoc manager, mostly without any significant interruption of service to customers.

Washington Mutual has been up for sale since last week so most likely the first scenario will play out.

My dad already withdrew his funds from there just in case.

dont worry it aint the great depression... I got 10,000 in a cd by wamu but I am not sweating, the 100,000 dollar guarantee is more than enough.

how do u even open an account in WaMu? with a tax id?? im trying to open an account, but im skurredd loll, im in Jersey if that helps much.

I opened one with my ITIN and my passport :]

i didnt even need an itin, just my passport, student id

Thats what the FDIC is for. Even if they do go bankrupt they will get bailed out (or I should say bought out), and if it weren't for the news, you wouldn't notice anything.

Update: Wamu is now owned by JPMorgan Chase. Hopefully their customer service will get better now...

http://www.latimes.com/business/la-f...,7648045.story