Latest News on WaMu
Sep 26, 2008 - 9:27 AM by Ken Tumin
Update 9/26/08: WaMu closed. JPMorgan Chase acquires WaMu's banking operations. Please refer to this post for more details.
The fate of WaMu continues to make news. Here are some of the latest news articles
In at least some states, WaMu was still offering its 5% 13-month CD this week at its branches. This may be the last day (see post). One reader reported success in negotiating a 5% 8-month CD at a WaMu branch. So when the rate does fall, there's always a chance the manager can make an exception for you.
Update: For those worried about WaMu and the FDIC, please refer to this post.
The fate of WaMu continues to make news. Here are some of the latest news articles
- Financial Times: WaMu faces price to keep deposits
- Reuters: Citigroup considering bid for WaMu: report
- Seattle Times: Could WaMu survive by selling off key pieces?
In at least some states, WaMu was still offering its 5% 13-month CD this week at its branches. This may be the last day (see post). One reader reported success in negotiating a 5% 8-month CD at a WaMu branch. So when the rate does fall, there's always a chance the manager can make an exception for you.
Update: For those worried about WaMu and the FDIC, please refer to this post.
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Anonymous - #1, Friday, September 19, 2008 - 11:21 AM
WaMU is a deadmans bank. Wouldn't touch with a 10 foot pole.
HSBC has been really good along with Countrywide for now. Both banks are stable.
WaMU's troubles were known for a long long time already.
Unless a Citicorp deal with WaMU is confirmed, I would avoid WaMU like the plague because of risk to FDIC insured funds.
Anonymous - #2, Friday, September 19, 2008 - 11:58 AM
FDIC is insurance and the government will never let this deposit insurance go under. Have faith in your gov't. NO RISK INVOLVED!!!
If this insurance goes under then your dollars aren't worth anything anyway and we are all screwed..
Anonymous - #3, Friday, September 19, 2008 - 12:04 PM
I hope that you enjoy the satisfaction of being overly cautious as much as I will enjoy the 5% APY rate that I will be enjoying over the next 13 months.
Not sure what "risk to FDIC insured funds" you might be referring to, given that deposits within FDIC limits are protected. That's what "insured" means. To quote the FDIC:
FDIC deposit insurance covers the balance of each depositor's account, dollar-for-dollar, up to the insurance limit, including principal and any accrued interest through the date of the insured bank's closing.
Teddyr (anonymous) - #4, Friday, September 19, 2008 - 2:17 PM
The demise of WAMU would have an enormous impact, somewhat akin to AIG. I think it's far more likely that WAMU will be sold at bargain prices in whole or in parts.
Anonymous - #5, Friday, September 19, 2008 - 2:46 PM
Have no fear, Paulson and the boys have a plan to save the world and insure prosperity for all his Wall street buddies.
Something tells me it is going to be mighty painful for the rest of us to sit down in the upcoming years.
Anonymous - #6, Friday, September 19, 2008 - 4:29 PM
No problem at all getting a 13-month 5% APY CD at my local WaMu branch today ... assistant manager approved it immediately.
I do have other CD's at Wamu ... that may be why it was so easy for me.
I'm under FDIC limits and I don't care what happens to the bank.
LJ (anonymous) - #7, Tuesday, September 23, 2008 - 7:16 AM
New WaMu rates 5% for 12 & 13 months & 4.25 % for 8 months online.
Anonymous - #8, Wednesday, September 24, 2008 - 8:03 PM
WAMU is too big to fail, it is the largest thrift bank in America.
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