Originally Posted By Sport Goofy Another domino falls. The FDIC hands over the WaMu accounts to JPMorgan in a fire sale. This is the first one of these deals that wasn't announced over a weekend -- a political move to force Congress to enact the bailout plan by the end of the week maybe? This bank failure was also more along the classic lines of a "run" on the bank. $16.7B in deposits were withdrawn from WaMu over the course of the past week and a half. I think the roller coaster is only starting to accelerate downhill here. I also think the Paulson bailout has no chance to stop anything at this point. Hold onto your hats and glasses!
Originally Posted By fkurucz Oh well. So much for the hip young WaMu banker who ran circles around the old fat cat bankers in the TV commercials.
Originally Posted By vbdad55 maybe that naked banker commercial will come true as they lose their shirts -
Originally Posted By gottaluvdavillains Okay so how does this effect me?? Not to sound too selfish but I have my mortgage through them and a couple accounts...
Originally Posted By oc_dean CNN is reporting live on this now... and they say the only loosers are the stockholders.
Originally Posted By oc_dean Anybody with checking, savings, and loans with them are safe. Which would include myself :O) Now .. where do I go? I'm no fan of BofA or Wells Fargo. Free checking is nice. A perk Wamu had.
Originally Posted By gottaluvdavillains geez.. I just saw this - I hope DH watched CNN tonight... I hope this doesn't mess up our mortgage...DH has direct deposit to them and I have all my bills done online with them... I think we are going to have to look at one of our credit unions...
Originally Posted By DlandDug Just an anecdotal observation... Last year, our local Hollywood Video was closed. The stand-alone store has been empty all this time, until last week when a small banner was affixed to the street frontage, proclaiming it would soon be a new branch of... WaMu. When I was a kid, new banks gave helium balloons and nifty banks to kids for their grand openings. Wonder what this one will give out...?
Originally Posted By Mr X Perhaps a nice tranche of mortgages? Of course, the balloon would be of more value.
Originally Posted By cmpaley I stopped usin WaMu when my credit union gave me a break on my car loan interest for having a checking account and automatic payments. I don't regret the move. Yes...credit unions are protected by the NCUA which is the credit union equivalent of the FDIC for banks. One of the advantages of credit unions is that the depositors are the members (as a whole) and have a voice in how the institution is run. Credit unions also have better interest rates both ways (savings pay more...which isn't much these days...and loans have lower rates).
Originally Posted By oc_dean For now ... it will be business as usual. No need to racing out tomorrow .. pulling the plug on everything. Nobody has to worry about their checking accounts, savings, mortgages, loans for the moment.
Originally Posted By SingleParkPassholder "Now .. where do I go? I'm no fan of BofA or Wells Fargo. Free checking is nice. A perk Wamu had." Wells Fargo has accounts with free checking.
Originally Posted By mawnck >>Now .. where do I go? I'm no fan of BofA or Wells Fargo. Free checking is nice. A perk Wamu had.<< Orange County's Credit Union <a href="http://www.orangecountyscu.org/index.php?/" target="_blank">http://www.orangecountyscu.org...ex.php?/</a>
Originally Posted By Sport Goofy If you have any sort of military affiliation, USAA is the best bank anywhere in the world. There is absolutely no comparison with other commercial banks in terms of benefits for customers.
Originally Posted By cmpaley Wescom Credit Union is all over Southern California and they have a freee checking account as well. www.wescom.org
Originally Posted By mawnck I'm not a fan of Wescom, having once been a customer of theirs. After 6 months of their relentless keystone cops mistakes with my money, I transferred all my accounts to OCCU. That was several years ago - perhaps they've gotten organized by now.
Originally Posted By Dabob2 Do you guys have Commerce Banks in CA? I opened an account with them not long ago, and am happy so far. Free checking, free change machines, long hours including weekends.
Originally Posted By EighthDwarf As a former employee of WaMu, all I can say is: karma. When corporations give stock incentives to senior management (like Wamu) they are blinded by the desire to inflate stock prices for their own personal gain in the short term. This causes poor long-term decision making (such as writing large numbers of bas loans). Wanna fix the problem? Create laws preventing senior managers from getting significant payouts in stock and/or options. There should be a separation of owners and managers in corporate America so that there are checks and balances. Owners (shareholders)will pay managers to act responsibly and managers will earn their pay by protecting the long-term interests of the owners.
