Don't Start Yanking Your WaMu Accounts

The scary headlines about WaMu’s stock slide have a few readers worrying if now is the time to pull their deposits. I’m a WaMu customer myself and I say no. For now, though I could be wrong, this just looks like more hot panic sweeping the market. First off, you’re FDIC-insured up to the first $100,000. You will get your money. Secondly…

In the event of WaMu failing, the FDIC will swoop in and your deposits will be assumed by a new bank. You would still have access to your deposits as normal via ATM, check, and debit cards. There might be a brief delay while they re-establish telephone and internet access.

The worst thing for WaMu would be if a run on the bank started, vaporizing their liquidity. Then people worried about the worst happening would be in fact causing it.

(Photo: thekateblack)