Money Why You Might Want to Stay at WaMu
posted by September 15 at 11:17 AMon
… despite it all:
1. I am no financial expert. I’m just someone with a checking account at WaMu, struggling to figure out what I should do, and just how bad WaMu’s situation is. They might be in better shape than many are asserting right now.
2. I like WaMu as a customer. Low fees, no minimums and a genuinely friendly staff all are big pluses. I left BoA for Washington Mutual because of this. I’d hate to go back.
3. There are a ton of branches with decent hours and ATMs everywhere. Even in the Midwest and East coast.
4. You will get your money back, as a depositor. Eventually. And provided you have less than $100,000 in any single account. Even if this requires the FDIC to borrow money from the Federal Treasury, and in turn the Fed to borrow via Treasury Bonds.
5. The FDIC is not FEMA, even under W. This should be a very competent Federal agency. And they’ve had practice, with the collapse of IndyMac.
About the only bank I’ve liked better is TCF bank—and that is only in the Midwest.
So, at the very least, a bit of thanks to the generally excellent tellers I’ve had at WaMu over the years. May you not suffer for the idiocy of those, right now accepting golden parachutes, above you.