Not sure. It's FDIC insured, so our money will be "returned" to us by the Feds. (Probably something that happens so entirely on paper that we barely notice. I hope. Although if they send me a chack to take to another bank I guess that's okay too. Long as it's a good check.) And the *really* good news is that we actually have very little of our money there -- we have a credit union and another bank, both also insured, where most of our money is. But I've always loved Washington Mutual, and the news that it's the largest bank ever to fail is truly frightening, because I suspect it won't be the last. I just hope nothing bigger goes.
I'm seriously considering putting some money in the mattress.
It means nothing according to both JP Morgan Chase and WaMu if you have an account there. Everything stays the same for now. Just over time the WaMu brand will be phased out and you get Chase checks and cards.
Your money is better insured in the bank than in your mattress. For WaMu customers, today is the same as yesterday.
That's about what I assumed. I'm just worried about the cascade -- how many more banks will fail, and is there a point at which the FDIC can't "fix" it?
Yes, I've never doubted that, at least not when one, two, or three banks fail. What really worries me is where this all ends.
I'm just glad I never bought WaMu stock. That money would be gone gone gone forever ever ever.
Frankly, I'm very afraid to check my portfolio right now. We don't have investments in financial companies, for the most part, but we do have a few ETFs (think mutual funds with lower overhead) that I'm sure are taking a hit.
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timeasmymeasure
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Date: 2008-09-26 01:37 pm (UTC)no subject
Date: 2008-09-26 01:57 pm (UTC)I'm seriously considering putting some money in the mattress.
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Date: 2008-09-26 02:10 pm (UTC)Your money is better insured in the bank than in your mattress. For WaMu customers, today is the same as yesterday.
no subject
Date: 2008-09-26 02:41 pm (UTC)no subject
Date: 2008-09-26 05:03 pm (UTC)no subject
Date: 2008-09-26 05:10 pm (UTC)I'm just glad I never bought WaMu stock. That money would be gone gone gone forever ever ever.
Frankly, I'm very afraid to check my portfolio right now. We don't have investments in financial companies, for the most part, but we do have a few ETFs (think mutual funds with lower overhead) that I'm sure are taking a hit.