I went to the bank today, WM to cash a check. While I was in line, I saw 3 people at the tellers taking out thousands in cash. I asked the teller if they were having a run on the bank, she said it was really bad yesterday, it is dwindling a bit today, but still going strong. Is WM the next to go? I didn't take out my money because I keep most of my resources in my trading accounts, but I don't understand the need with FDIC insurance. Seeing the guy in front of me take out 3 grand was a little ridiculous. The worst case scenario, you have to wait a day or two while the FDIC takes over. Otherwise, it was a little shocking that in this day and age, people have lost their faith in the banking system in the US. Comments?
this is so silly. the odds of getting robbed on the way home is higher than losing the money if you just left it at wm. if you were really worried, you'd transfer it to another bank.
If dude is taking out his all his money with 3K- consider the fact he probably doesn't even know about or understand FDIC. Dumbing down of America. Have you spoken to the general public recently? No wonder we are in this mess
LOL, the irony. It's the dumbdowned Americans who actually trust the FDIC. Go ahead, leave your money in the bank as it fails and have fun dealing with FDIC.
Alrighty "blunt". Go ahead and pull that whopping 3K out of your account- you won't ever get it back. Hurry sparky- get to your bank ASAP.
I'm going to agree with Hydro on this one. Why are you going to blindly trust an entity that is controlled by a govt that has excelled in so many regards recently? If someone asked you to drive across town but there was a 90% probability of getting t-boned by a bus, would you simply say... "No problem Joe! I've got insurance!" Same way I would tell little Joe to beat it, I would tell Wamu and the FDIC to beat it. The absolute worst that can happen is that you pay a $20 wire transfer fee to take your money elsewhere. C'mon now...
Really? You got a source for that? Besides the FDIC rhetoric of "as soon as possible" and a claim that normally they do it in a few days, since they have soooo many cases to back it up, let alone a real run on multiple banks. Maybe you should try to read the full documents. Or bring up even one case where government insurance on finances has been successful under a real test.
Another data point: Was in my local WM on Saturday. I've never seen more than one or two other people there before. This time there were over 10 people in line. i don't know if they were all doing withdrawals. Interesting conversation with the manager. I got the forms I needed (why doesn't WM put everything on the web?), and teller called over the manager. Manager comes over and goes into a sales pitch for a credit card. I cut him off in the middle telling him I don't need a credit card. He says everyone needs a credit card. I tell him I don't need a WM credit card, and he turns around and walks away, without saying anything else. If WM was my primary bank, I'd move my account. As it is, I'm thinking about moving the $5K I keep with them.
If my only bank account was with WM I'd either move it or open a new account elsewhere. Yes, I'd have FDIC insurance. Losing my money isn't what I'm worried about. I'm more worried about having my finances disrupted because my bank shuts down 3 days before my credit card bill is due.