[wj4]

How many of you actually closed your WaMu account and went with a different bank or at least open another account with a new bank and now have 2 accounts?

I recently saw an ad for high yield saving rate of 3.75 APY with an opening of a new checking account with WaMu. It's by far the best offer of any bank and probably rival that of online ones as well. You only need to deposit a minimum of $1, which is a lot less than BofA's $5,000 minimum limit. Some people say that it's a sign that rates will slowly climb up since they hit around 1 several yrs ago. And some other see it as a cry from WaMu.

I'm thinking of opening a BofA checking account and use that as my 'primary' account. I'll still leave my WaMu account open as I have fees that are directly linked to that account each month. But I will have most of my money in the BofA. That features where they round up the debit purchases and put it into your savings sounds cool too.

What about you guys, have you switched or will ride out with WaMu? I know it's debateable that if you have under $100k you will be OK. But some questions if the FDIC have the fund to have up such a big company like WaMu. And I believe they can take up to 20 yrs to return the money.

I don't have hundred of thousands of dollars at my disposal or anything, but it's still a nice chunk of change and I want to do what I can to 'protect' it and make it grow.

[MMAJNKE]

I left wamu for bofa and never looked back! also wachovia is decent.

[gonzo]

I left a small private bank for WAMU and meh..
One of my buddies is in big banking. He said WAMU is weak to say the least. BOA was his suggestion. Never used them before.

[wj4]

Originally Posted by second_2_nun

I left wamu for bofa and never looked back! also wachovia is decent.

My friend had Wachovia and hated it. He said the salespeople are dishonest since they're commission based, while bigger banks like BofA and WaMu are not.

[GreenThree]

ING HYSA FTW. Although their rate is not as good as it was 6 months ago due to the Fed prime rate, etc.

[jlstyle]

have had wamu for about 3 years and loved it since.

[b335i]

Why would you go to bofa and PAY to have a checking account? WaMu has been great for me. Just maturing a 5.25% CD

[Bimmer335i]

Just opened a CD for 4.25% for 8-month term with WaMu. Better rate than ING and the rest. Never liked BofA and never will go back.

Bottom line is, ALL banks are out to get your hard-earned $$ so they can make $$ off of your $$. Pick one that's convenience for you, has better rates and customer service (?), and safe (most are FDIC insured). My primary banking is with Navy Federal Credit Union. Good luck.

[asdflkijd]

I use BOA and never looked back its so easy to manage deh money

[!Xoible]

Originally Posted by wj4

My friend had Wachovia and hated it. He said the salespeople are dishonest since they're commission based, while bigger banks like BofA and WaMu are not.

wachovia is a big bank, HUGE indeed. might be bigger than both wamu and boa put together. they're just on east coast.

wachovia is pretty good.

wells fargo is good too

[new2the3]

I recently just opened up the wamu free checking + linked 3.75% APY savings account. As far as im concerned it was the best option to have my checking/savings local. However in either account I will have a lot less then 100k FDIC so I am not too worried.

[561design]

What, no one stores their money under their mattress anymore?

[Dascamel]

Originally Posted by 561design

What, no one stores their money under their mattress anymore?

Next to the shotgun and the survival gear.

I have Wamu, a little concerned when they are selling bonds to raise money at a short term yield of 20%. Yes, the money is insured but if they go belly up still a pain in the ass.

[Robertbog]

WaMu or Wachovia please, I have stock in both ha.

[wj4]

Originally Posted by b335i

Why would you go to bofa and PAY to have a checking account? WaMu has been great for me. Just maturing a 5.25% CD

Pay for a checking account? As of Feb. 2008, all monthly maintenance fees are waived if you open the account online.

[wj4]

Originally Posted by Mystic_blue

WAMU Will be insolvent in less than a year.

BOFA are complete morons...and probably will continue to make stupid business decisions to their peril and their customers.

PNC....great little East coast bank.

One thing I've always wondered about these small banks..how do you make a cash deposit if there is no local branch around you?

[g14classified]

left wamu and went to wells fargo and love it ever since....id id work at wells fargo for 2 yrs so the manager hooked me up with all the extra shit for accnts for free

[Dragonman4]

Originally Posted by wj4

One thing I've always wondered about these small banks..how do you make a cash deposit if there is no local branch around you?

I've wondered that too. Recently a few of my friends have told me to start putting money in an ING account. I'm pretty much a market nub but a 3% yield seems kind of decent with no fees. Anyone have any thoughts?

[wj4]

Originally Posted by Dragonman4

I've wondered that too. Recently a few of my friends have told me to start putting money in an ING account. I'm pretty much a market nub but a 3% yield seems kind of decent with no fees. Anyone have any thoughts?

3% is respectable, not the best, but it's probably one of the better ones. I don't think you can find one with 4% or more w/o the requirement to make a large initial deposit and maintain a certain amount at all time.

I know online saving accounts usually offer higher rate than big banks, ie WaMu, BofA, Wells Fargo, etc. I just really have a hard time convincing myself to transfer a large some of money into an online bank with no physical branch, albeit the ING headquarter is somewhat local, lol.

[gonzo]

Originally Posted by Mystic_blue

WAMU Will be insolvent in less than a year.

BOFA are complete morons...and probably will continue to make stupid business decisions to their peril and their customers.

PNC....great little East coast bank.

I don't know about insolvent but my buddy said be careful. He travels doing work for most of the bigger banks. He commented that "I would not have over 100K in WAMU" He strongly recommended BOA.

[txusa03]

Originally Posted by wj4

One thing I've always wondered about these small banks..how do you make a cash deposit if there is no local branch around you?

Well, this might not be the only method but here is one method on how it works in the electronic age. You should have a local bank (a checking account) that you do automatic depsoit on paychecks and online bill paying. Then when you open up an online Wamu account, you marry the Wamu account with your local bank account. This way you can deposit $ in the local bank in person and use the online web to transfer that $ to the Wamu.

I do this for HSBC as an example.

[BMW!]

i went with HSBC direct, 3.5 APY, no min. Also have a free checking account with Wamu.