Where to Bank??? ASAP

Where to Bank??? ASAP (Full Version)

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SavageFaerie -> Where to Bank??? ASAP (9/18/2008 6:54:48 PM)
First off I will say I practically know nothing about financial knowledge, meaning the current state of affairs. I am with WAMU and have been told that as of tomorrow you can use your ATM but starting Monday you have to go to the bank to withdraw. I get a diability check deposited on the 3rd so I am scrambling to move banks and the direct deposit, already talked too SSI I know alot of you are up on the news and probaly know more than I do about more secure basic banking. I have been told Chase Banks an HBNC are stable. Tho I dont get much each month, HBNC isnt apparently fdic insuranced as its not an American bank. Chase is. I just want to see if someone is more in the know about other bank and stabiliy....I know nothing is safe probably as this point. But WaMu is pretty much going down. If WAMU folds is totally access cut off? If SSI doesnt get the bank transfer for the new bank in time it will go into WAMU on the 3rd. I dont know how these things work. I cant wait along time for that money, I live hand to mouth. Can anyone provide some quick advise, as of 9am Im heading to a bank in nyc and get a account opened and moved. Dammit I should have done it earlier this week when it was mentioned that WAMU was in trouble. Any help would appreciated and if you could keep it simply explained I would appreciate it. Edited to add: I also never know where Im going to be living to national avalibility for branches is helpful.

mistoferin -> RE: Where to Bank??? ASAP (9/18/2008 7:07:19 PM)
Find a credit union.

OneMoreWaste -> RE: Where to Bank??? ASAP (9/18/2008 7:15:40 PM)
Bank of America should be safe. They're another one that's too big and too well-connected for the .gov to not bail out. No matter how irresponsible their directors are, the taxpayers will cover their losses. The best by far is the Mattress Fund, if you can get a physical check sent to you, but I'm not familiar with how SSI runs things.

SavageFaerie -> RE: Where to Bank??? ASAP (9/18/2008 7:16:00 PM)
Im under the impression that credit unions are mostly local, and I dont have a stable residence. Have moved 3 times in 4 years. I dont offen need actually access to the bank but sometimes its necessary. If I open an account with a credit union and move yet again. I wouldnt be able to actually go there personally.

GreedyTop -> RE: Where to Bank??? ASAP (9/18/2008 7:16:42 PM)
wait.. Have to go IN to withdraw from WAMU?? what about after hour deposits?? shit.. runs to check the website

SavageFaerie -> RE: Where to Bank??? ASAP (9/18/2008 7:19:34 PM)
quote: ORIGINAL: OneMoreWaste Bank of America should be safe. They're another one that's too big and too well-connected for the .gov to not bail out. No matter how irresponsible their directors are, the taxpayers will cover their losses. The best by far is the Mattress Fund, if you can get a physical check sent to you, but I'm not familiar with how SSI runs things. I was under the impression that BoA is also loooking for a buyer, wouldnt that indicate they are in trouble? I did research but my eyes started crossing.

GreedyTop -> RE: Where to Bank??? ASAP (9/18/2008 7:20:36 PM)
nothing on the website about it....not that I could find, anyway

corysub -> RE: Where to Bank??? ASAP (9/18/2008 7:20:44 PM)
JPMorgan Chase, Bank of America, are fine...and some of your local state banks that are not involved in the crazy CDO and derivative products that got banks and companies like AIG in great difficulty. If you really want to sleep at night and give up about 50% of the interest rate, you should be buying the kind of stuff that banks are buying like U.S. Treasury Notes. The yield is low, but you will get your money back, even if they have to print it. You can buy them from your bank or directly from the Federal Reserve bank. Stagger your money over serveral years maturity and as each come due just roll it over..or go back into the banks if the environment has improved. Your accounts at WAMU should be insured by FDIC up to $100,000.

Venatrix -> RE: Where to Bank??? ASAP (9/18/2008 7:20:59 PM)
WaMu is not my main bank, but I have kept a few hundred in there just for easy access. Someone I know who makes his living doing risk-management counselling to the financial industry told me to take my money out and put it in Citibank or Bank of America, as they are the two strongest banks in the US right now. The question isn't so much whether you'll get you're money back if WaMu goes bust, but how long it might take. If you have $100,000 or less in there, it's covered by the FDIC. I'm told the problem is that there might not be enough money in the FDIC kitty, and they will have to go to Congress to authorise more. It probably wouldn't take all that long, but if you need your money straight away, that's probably not a lot of consolation. The FDIC fund has been topped up in the past couple of days, but again, whether it's enough for a WaMu meltdown remains to be seen.

GreedyTop -> RE: Where to Bank??? ASAP (9/18/2008 7:22:50 PM)
will any of this have much impact on someone like me whose account rarely exceeds $300.00?

SavageFaerie -> RE: Where to Bank??? ASAP (9/18/2008 7:23:20 PM)
quote: ORIGINAL: GreedyTop wait.. Have to go IN to withdraw from WAMU?? what about after hour deposits?? shit.. runs to check the website I think point I would'nt depositanything, I would change, no one is coming forth to bail them out. The websiste of course isnt saying it. I have a friend that keeps up with financial news and going by what he reported. I have no reason to discredit them, and they are now on the top of the financial closing list.

Missokyst -> RE: Where to Bank??? ASAP (9/18/2008 7:24:12 PM)
Hmm... I have a WAMU credit card, but no savings or checking there. Am I going to find out that I have to pay my entire balance soon? I use Wells Fargo for all my regular bank transactions.

KatyLied -> RE: Where to Bank??? ASAP (9/18/2008 7:31:04 PM)
There are bank ratings. The problem is I do not know how current they would be with everything that is going on at the present time. I would guess that the bank's stability has a lot to do with the nature of the loans they've been making, and the size of the average deposits? Those are a few things you probably should check out. Or have someone who is knowledgeable check it out.

SavageFaerie -> RE: Where to Bank??? ASAP (9/18/2008 7:35:08 PM)
I did look for ratings but as you mentioned they arent current to the crisis, or at least that I was able to find.

KatyLied -> RE: Where to Bank??? ASAP (9/18/2008 7:36:15 PM)
Okay, that won't be helpful

Venatrix -> RE: Where to Bank??? ASAP (9/18/2008 7:37:04 PM)
quote: ORIGINAL: SavageFaerie I did look for ratings but as you mentioned they arent current to the crisis, or at least that I was able to find. They were downgraded by Standard and Poors to junk status on Monday as a result of all the bad mortgage debt they hold.

TieNTeas -> RE: Where to Bank??? ASAP (9/18/2008 7:43:27 PM)
Typically there is very little interruption of normal service when a bank is taken over. Unless you have over $100,000 on deposit or need substantial cash immediately, there's probably little reason to switch banks. Here's the FDIC's site on the recent IndyMac takeover as an example: http://www.fdic.gov/bank/individual/failed/IndyMac.html

OneMoreWaste -> RE: Where to Bank??? ASAP (9/18/2008 7:49:35 PM)
quote: ORIGINAL: KatyLied I would guess that the bank's stability has a lot to do with the nature of the loans they've been making, and the size of the average deposits? Not really. There's a lot more involved with the bank failures, a fair amount of which would make zero sense to the average person who doesn't spend his/her time making nine-figure wagers with other people's money.

SavageFaerie -> RE: Where to Bank??? ASAP (9/18/2008 7:55:37 PM)
They are not being taken over. No one is taking the bait, if I felt at this point there was a hero buyer I wouldnt bail. Im of the impression it is closing and will be handed over to fdic. I know fdic states it acts quickly but I for one cant afford on a wait. I get a measly amount of ssdi and any interruption of that check spells disaster for me. My measly 950 a month doesnt even last me the whole month. Im not worried about losing tons of money, I worried about being able to access and move to one more stable bank. WaMu at this point I cant take a chance in. Im not willing to ride it and wait till what if's for even a couple of days. Im opening a new account tomorrow as soon as the banks open.

bestbabync -> RE: Where to Bank??? ASAP (9/18/2008 7:56:49 PM)
quote: ORIGINAL: SavageFaerie quote: ORIGINAL: OneMoreWaste Bank of America should be safe. They're another one that's too big and too well-connected for the .gov to not bail out. No matter how irresponsible their directors are, the taxpayers will cover their losses. The best by far is the Mattress Fund, if you can get a physical check sent to you, but I'm not familiar with how SSI runs things. I was under the impression that BoA is also loooking for a buyer, wouldnt that indicate they are in trouble? I did research but my eyes started crossing. hi Savage, sorry you are in distress. from what i have read, BOA bought Merrill Lynch this week. BOA also purchased Countrywide a few months ago. like many have stated in other post before me, FDIC insures balances under $100,000.00 good luck to you!...good luck to us all!

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