Ok so JPMorgan/Chase bought WAMU on Sept 25, 2008. The following day news reports of WAMU customers withdrawing their money from WAMU out of fear that they’ll lose mone
y. I just heard a while ago that about $17 billion were withdrawn from WAMU in the last 2 weeks. I’m one of those who withdrew my money. But I thought now that JpMorgan bought Wamu, everything would be fine already. I read the FAQs of Chase on WAMU and it seemed very straightforward…basically my money is safe. And it’ll still be a long time before they change the system – like the benefits of being a WAMU customer such as free checks for life, 4% APY, waived overdrafts, etc. So do I transfer my money back again to WAMU? I’m still worried especially when news repeatedly say that WAMU is the biggest banking failure ever. How will that give me confidence to stay put in WAMU, right?
I voiced my concerns to the WAMU teller earlier when I made a deposit. She said that everything’s fine that they’re not going anywhere. WAMU stays the same except it’s been bought by JP Morgan. IF ever there would be say a bankruptcy in the future (which is unlikely she said because JPMORGAN is a big banking institution), my money is FDIC insured and there would be no problem or delay in transaction if I want to withdraw my money.
So going back to the question: do I transfer my money back to WAMU? I’m only earning a pittance of interest in Bank of America (they only have .25% APY) and I really would like to avail of WAMU’s 4% APY. Hmmm…..At this point I would like to let the dust settle first before I make a move. But I guess it wouldn’t hurt me to transfer part of my money back to WAMU. I think there wouldn’t be any problems anyway…hopefully…JPMorgan is pretty solid. The last time I looked its stocks are still up. Furthermore, I’ll be withdrawing my money again in 2 months for my vacation so why not enjoy the 4% APY, right?
Related posts:
- JPMORGAN/CHASE BOUGHT WAMU
- The Bank Switch
- Way to save with Wachovia's Way-to-save program
- My bank will survive?????
- My bank is going bankrupt!!!!
- Tags: APY, Bank of America, Chase, JPMorgan, WAMU
Scared Poet
September 27th, 2008 at 5:34 am
Frankly, ALL of the big banks scare me. If you read the in-depth news analyses of the WaMu failure/buyout, the FDIC engineered the takeover they way they did because the FDIC alone COULD NOT easily handle the crushing blow of having to pay out deposits for a failed bank of WaMu’s size. So, what realistic glimmer of confidence would we have that they FDIC could step in if Chase or Bank of America were to fail?
If you’re really concerned about the safety of your deposits, I would recommend finding a nice credit union or smaller community bank, and putting your money there. The big banks are the ones that seem to be teetering on the brink the most.
And stay the heck away from Wachovia! They appear to be the next victim.
katkat82
September 27th, 2008 at 10:34 pm
Yes, wachovia is next. you have a good advice there! thanks!
phaelun
November 17th, 2008 at 7:36 am
so did you transfer your money back to WAMU?