WaMu really closing down?

Prissy · 09-18-2008, 12:09 PM

I keep on hearing this.. is it true?

StrifeM3 · 09-18-2008, 12:10 PM

Quote:

Originally Posted by Prissy

I keep on hearing this.. is it true?

rumors are running that there on sale right now but i hear alot of people pulling there money out of there account, i hate bank of america but they look like the strongest players right now...

oldaccount · 09-18-2008, 12:19 PM

Why do people pull their money out of banks at times like these? I assume most people just have savings accounts < $100,000, so their money is insured. Is getting your money back a difficult process if your bank goes under? Running on the banks isnt going to help things.

!Xoible · 09-18-2008, 12:22 PM

last night they announced they're considering selling.

scottwww · 09-18-2008, 12:24 PM

I heard that over the last few months depositors withdrew over $5 billion. WAMU is up for sale. A buyer would have to want to have a lot of home loans in their portfolio. I bank with Wells Fargo (my wife works there). They have very little in home loans. I hope they don't decide to go that way just to help out WAMU.

If WAMU failed and you had to get your money from FDIC, what is the procedure? Do you have to fill out paperwork and wait? What are the logistics? I would think that most people who think WAMU will just fail would rather move it now, rather than dealing with FDIC so they can move it later.

!Xoible · 09-18-2008, 12:39 PM

yah im worried processing prevents me from accessing my moneys

Prissy · 09-18-2008, 12:39 PM

I think I should take my $ out from WAMU too even tho I don't have $100000 ^^

F87LUV · 09-18-2008, 12:48 PM

Good thing I have no money

Tondtar · 09-18-2008, 12:49 PM

If they go under, I hope the WaMu mortgage records on my house gets lost in the process

Neema · 09-18-2008, 12:50 PM

^^^ haha....

!Xoible · 09-18-2008, 12:53 PM

i dont have much money there either (thanks to the M3) but it's still my moneys nonetheless

TMNT · 09-18-2008, 01:00 PM

Quote:

Originally Posted by scottwww

If WAMU failed and you had to get your money from FDIC, what is the procedure? Do you have to fill out paperwork and wait? What are the logistics? I would think that most people who think WAMU will just fail would rather move it now, rather than dealing with FDIC so they can move it later.

Federal law requires the FDIC to make payment as soon as possible. Historically, the FDIC pays insurance within a few days after a bank closing either by establishing an account at another insured bank or by providing a check. Deposits purchased through a broker may take longer to be paid because the FDIC may need to obtain the broker's records to determine insurance coverage.

Customers with uninsured deposits receive the insured portion of their account as described above. They will wait longer to receive payment for some or all of their uninsured deposits. The amount of uninsured deposits they may receive, if any, is based on the sale of the failed bank's assets. Depending on the quality and value of these assets, it may take several years to sell the assets. As assets are sold, uninsured depositors receive periodic payment on their uninsured deposit claim.

http://www.fdic.gov/deposit/deposits/insured/faq.html

number335 · 09-18-2008, 02:01 PM

Quote:

Originally Posted by Tondtar

If they go under, I hope the WaMu mortgage records on my house gets lost in the process

I was thinking the same thing...but then I realized they own the title to my house

more news on WAMU
http://biz.yahoo.com/ap/080918/washington_mutual.html

!Xoible · 09-18-2008, 02:06 PM

dont they take a few days to process withdrawals over 5k? or can i get everything out right away?

stooken · 09-18-2008, 02:22 PM

Quote:

Originally Posted by ///Mantis

dont they take a few days to process withdrawals over 5k? or can i get everything out right away?

i think everything.

read somewhere it normally just takes a weekend. people can still access their accounts online and thru the ATM. i guess it's just limited access for a few days then you're good to go. i thought the process would take a lot longer.

even so, it still doesn't appeal to me. i'd rather just move my money elsewhere.

Prissy · 09-18-2008, 02:43 PM

Quote:

Originally Posted by ///Mantis

dont they take a few days to process withdrawals over 5k? or can i get everything out right away?

all i know is $500/per day at ATM

Hawkeye · 09-18-2008, 02:51 PM

I'll stick with my local credit unions

StrifeM3 · 09-18-2008, 03:45 PM

Quote:

Originally Posted by ///Mantis

dont they take a few days to process withdrawals over 5k? or can i get everything out right away?

No you can take it out right away as long as the fdic hasnt taken it over yet....

F87LUV · 09-18-2008, 03:46 PM

what if you have a CC with them and they go under? do they come after you still?

StrifeM3 · 09-18-2008, 03:48 PM

Quote:

Originally Posted by ZGirl07

what if you have a CC with them and they go under? do they come after you still?

for the money you owed yes they will...i believe they will have a service company for the credit card..

F87LUV · 09-18-2008, 03:50 PM

damn!

GMT II · 09-18-2008, 08:32 PM

Quote:

Originally Posted by ZGirl07

damn!

haha sorry Zgirl the debt has worth underneath it and will be sold at a discount to a third party or rolled over to the new owners. So put those shoes down!

09-18-2008, 12:09 PM	#1
Prissy Brigadier General 1071 Rep 4,856 Posts Drives: M340i Join Date: Sep 2008 Location: NY iTrader: (6) Garage List 2015 BMW F30 [5.50] 2020 M340I [0.00] 2017 X3 [0.00] 2008 BMW E92 [9.00] 2010 BMW E92 [10.00]	WaMu really closing down? I keep on hearing this.. is it true?
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09-18-2008, 12:19 PM	#3
oldaccount Colonel 162 Rep 2,456 Posts Drives: Car Join Date: Jun 2006 Location: USA iTrader: (2)	Why do people pull their money out of banks at times like these? I assume most people just have savings accounts < $100,000, so their money is insured. Is getting your money back a difficult process if your bank goes under? Running on the banks isnt going to help things.
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09-18-2008, 12:22 PM	#4
!Xoible Banned 841 Rep 46,029 Posts Drives: .... Join Date: Nov 2006 Location: . iTrader: (4) Garage List 2008 M3 [4.00] 2007 335i [9.00] 2008 528i [8.00] 2006 Infiniti - G35 ... [8.00]	last night they announced they're considering selling.
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09-18-2008, 12:24 PM	#5
scottwww Brigadier General 536 Rep 4,760 Posts Drives: 07 BMW 335i, 15 Infiniti Q60S Join Date: Dec 2006 Location: USA iTrader: (0)	I heard that over the last few months depositors withdrew over $5 billion. WAMU is up for sale. A buyer would have to want to have a lot of home loans in their portfolio. I bank with Wells Fargo (my wife works there). They have very little in home loans. I hope they don't decide to go that way just to help out WAMU. If WAMU failed and you had to get your money from FDIC, what is the procedure? Do you have to fill out paperwork and wait? What are the logistics? I would think that most people who think WAMU will just fail would rather move it now, rather than dealing with FDIC so they can move it later. __________________ 2007 BMW 335i E92, Montego Blue on Cream Beige, MT, ZSP, ZPP, CA, PDC, CWP and Style 188 for winter
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09-18-2008, 12:39 PM	#6
!Xoible Banned 841 Rep 46,029 Posts Drives: .... Join Date: Nov 2006 Location: . iTrader: (4) Garage List 2008 M3 [4.00] 2007 335i [9.00] 2008 528i [8.00] 2006 Infiniti - G35 ... [8.00]	yah im worried processing prevents me from accessing my moneys
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09-18-2008, 12:48 PM	#8
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09-18-2008, 12:49 PM	#9
Tondtar 12 yr old Juvie 1087 Rep 881 Posts Drives: His Mom Crazy Join Date: Apr 2008 Location: El Lay iTrader: (2) Garage List 2008 (RIP in 2011) ... [0.00]	If they go under, I hope the WaMu mortgage records on my house gets lost in the process
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09-18-2008, 12:50 PM	#10
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09-18-2008, 12:53 PM	#11
!Xoible Banned 841 Rep 46,029 Posts Drives: .... Join Date: Nov 2006 Location: . iTrader: (4) Garage List 2008 M3 [4.00] 2007 335i [9.00] 2008 528i [8.00] 2006 Infiniti - G35 ... [8.00]	i dont have much money there either (thanks to the M3) but it's still my moneys nonetheless
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09-18-2008, 02:06 PM	#14
!Xoible Banned 841 Rep 46,029 Posts Drives: .... Join Date: Nov 2006 Location: . iTrader: (4) Garage List 2008 M3 [4.00] 2007 335i [9.00] 2008 528i [8.00] 2006 Infiniti - G35 ... [8.00]	dont they take a few days to process withdrawals over 5k? or can i get everything out right away?
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09-18-2008, 02:51 PM	#17
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09-18-2008, 03:50 PM	#21
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