WaMu ?

iVillage Member
Registered: 03-25-2003
WaMu ?
5
Thu, 07-24-2008 - 3:07pm
We have 5 different bank accounts at WaMu (3 savings and 2 checking) so would it be in our best interest to move those accounts just in case?



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Community Leader
Registered: 01-03-2004
In reply to: wubee
Thu, 07-24-2008 - 5:22pm

Wubee,


Your accounts are insured by FDIC for up to $100K in combined deposits. In other words, as long as your total combined balances of the checking and savings doesn't exceed $100K, you don't have to move money out of that bank.


If your total combined balances exceed $100K, I suggest you move enough money to fall within FDIC protected limits.


Wisdomtooth2020


Banker and Dave Ramsey disciple

iVillage Member
Registered: 03-25-2003
In reply to: wubee
Thu, 07-24-2008 - 5:45pm
Thank you!



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iVillage Member
Registered: 05-09-2005
In reply to: wubee
Thu, 07-24-2008 - 7:47pm

Hi,
This from the FDIC website:
Savings, checking and other deposit accounts, when combined, are generally insured to $100,000 per depositor in each bank or thrift the FDIC insures. Deposits held in different categories of ownership – such as single or joint accounts – may be separately insured. Also, the FDIC generally provides separate coverage for retirement accounts, such as individual retirement accounts (IRAs) and Keoghs, insured up to $250,000. The FDIC's Electronic Deposit Insurance Estimator can help you determine if you have adequate deposit insurance for your accounts.

The FDIC insures deposits only. It does not insure securities, mutual funds or similar types of investments that banks and thrift institutions may offer. (Insured and Uninsured Investments distinguishes between what is and is not protected by FDIC insurance.)

Hope that helps,
Megan

Avatar for mymartes
iVillage Member
Registered: 03-26-2003
In reply to: wubee
Thu, 07-24-2008 - 9:28pm
If it's a joint acct. it's insured for $200K
iVillage Member
Registered: 11-17-2007
In reply to: wubee
Fri, 07-25-2008 - 12:31am

Wamu is ok just got loses right now and trying to sell bonds Unless you got over a 100,000 in an account it is covered by the goverment.