I work for a large payroll company, and i've got clients calling in asking if there's any way to stop direct deposits going into employee's accounts for tomorrow.

Unfortunatly, the money's already been released to the banks, but the story i'm hearing that employees are being turned away at their local WaMu's and they're not being allowed to withdraw funds.

Does anyone know if the bank can do that?

I'll argue that's a good thing.

The biggest issue is that with everyone pulling funds despite their accounts being FDIC insured is just going to cause the bank to fail.

Self fulling prophecy.

Public perception is the #1 reason I think we are going to continue declining.

Take precautions, don't help the worst case scenario.

I think WaMu will end up weathering this without a takeover. At least, that's what I keep chanting.

Went to my WaMu branch at lunch, there was a line at the ATM, but no run inside. I'm still looking to close my account and find a Credit Union. Problem is, I've had a hard time finding one. I've even been to www.findacreditunion.com and the results are so poorly matched. I'm sure Rochester is NOT within ten miles of midtown Manhattan! Anyone have any other ideas to help?

@wattznext: More specifics on your troubles?

@lukobe: I can't find one through my company. I use findacreditunion.com and 98% of the results it returns are nowhere near me geographically. I've messed with the search criteria (I'm male, white and jewish) but can't improve my results. None of my relatives are teachers, or members of another union or organization that would grant me access.

Tell them the judge you're uncomfortable talking in front of "those people", and give him a knowing wink.

When he asks you what you mean, say "you know what I mean," and nod and smile.

...

If you're lucky, he'll only let you go with a contempt of court charge.

@lukobe: I actually found a great resource online [www.creditunion.coop] On this site, I looked up my State Credit Union League representative. I called and got a real person who was super helpful! I recommend this to anyone looking for a CU.

@Parapraxis: A family friend would get out of jury duty just saying he could tell if people were guilty just by looking at them.

@wattznext: I have a credit union and I'm not too impressed. Until recently, they only had one branch and they weren't open on the weekends. I have also had some issues with their website. On the other hand, I know all the employees personally. So, they will generally wave fees and such.

The run could be invisible: I opened a new checking and savings account online with a different bank. As soon as I get the paperwork in the mail, I'm switching my direct deposits over to the new bank. I won't immediately shutter the WaMu accounts, but I won't add more money there until things are more certain.

I went into a Wamu branch today to take out some cash to make a loan payment. Right there on each tellers desk was tall stack of brochures titled "Get to know the FDIC: How your money is protected." I smiled but refrained from commenting to the teller.
I'm sticking with them, by the way. I've used them for years and it's always been a good experience. As long as the service is good I'll stay. I try not to let the media hype influence me too much.

I have a wamu account and when I get paid I am going to keep depositing my money in there. They are a massive bank and I hope they are able to make it through. They did buy a lot of mortgages on the secondary market and that is where they really messed up.

@Parapraxis: LOL. Was just explaining that that's how my dad got out of it way back when and hasn't been called since.

Same here. I was very close to closing my account after hearing all this market mess. But WaMu's been good to me and I haven't had any issues with them and they are always more friendly than my other banks. I'm gonna stick with them and hope they make it through too.

I've been with wamu for a long time ... specifically to avoid the people who are looking to buy it.
I'll change my accounts over to a local credit union once a sale goes through and it's not WAMU any more.

I went to my local branch to deposit a check today and it seemed to be business as usual. I talked a bit to the teller and he has had a mix of people either pulling everything out, some just asking questions and others not concerned at all. I did get the feeling that he was a little tired to talking about it though... I don't blame him.

I'm going to leave things alone for the time being. I have a loan with a local credit union and the obligatory checking account that is needed to be a member. If there is a problem it's not too big of a deal to move things over.

I just opened a 5% APY 13-mo CD on my way home from work. (There's also a 4.25% 8-mo.)

Looks like they're pulling an etrade.
And unlike techstar25, I actually talked to the FA about it...for over an hour. Good guy.