So, my fears came true, and it wasn’t so painful.
My family banks at WaMu because I’ve always thought they were great with the free checking, high yield savings, free checks, etc. I started to get worried these past two weeks as things at WaMu got worse and worse. It was my intention for us all to withdraw our money from WaMu in order to avoid the long lines seen from the IndyMac ordeal when WaMu got taken over by the FDIC. However, I also didn’t want to jump the gun and knowing that it is the panicked withdrawing of money that tips bank over the brink, I also didn’t feel good about withdrawing all of our money like that.
Anyhow, just as my sister and I made the decision yesterday to go to the bank Friday afternoon and withdraw our money we turned on NPR to find out that WaMu had indeed just been taken over by the Feds, but then promptly bought by JPMorgan Chase and it would be business as usual in the morning. I checked our accounts this morning and everything is indeed business as usual. No change in my accounts. Debits/Deposits are posting, my debit card works just fine.
Congratulations to JP Morgan. If a bank has to go down, this is exactly the way it should go. I will certainly continue with them, just as long as they maintain the qualities that made WaMu such a great place to bank at.