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Should I continue to bank at Wamu?

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Mystery man3

Thread Starter
Junior Member
Joined
Jul 26, 2005
Professional Status
Certified Residential Appraiser
Seen a 100 people waiting in line at the Indymac branch by me yesterday. Not wanting to be one of those people at Wamy.

I know my deposits are insured.

Does a bank still run normally and allow deposits and withdrawals after the regulators take them over?

Anything I should be concerned about.


Just wondering as an ounce of prevention is worth a pound of cure.
 

Richard Johnston

Junior Member
Joined
Jul 19, 2003
Professional Status
Certified Residential Appraiser
State
Florida
I personally would not support a bank that slapped independent appraisers in the face. They used to hire independent fee appraisers, but unfortunately went to the dark side. I think that we should all support QUALITY companies. As for becoming another Indymac....it's a real possibility.....others can chime in on this....and what it means to you....
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
You have demand deposits like a checking account with less than $100k, no problem.

If you have CDs, you will have to wait for maturity. If the CDs are over $100k, you may not get all the money back.

Therefore, if you have over the insured maximum, cash CDs and pay the penalty and / or write a check to bring down the amount in the checking account.
 

Tim The Enchanter

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
Switch to Wachovia. :icon_mrgreen:

Just watch out for that $100k ins limit. :)
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
Have not heard anything negative about Chase........Yet.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
We have a lot of small independent banks around - regional at best.

I trust them because the loan officers are also stock holders...They don't make bad loans with relish. In fact, I bank at a bank which has 3 branches, 2 of which don't even have a mortgage lender. Their sole mortgage lender is twiddling her thumbs. The regular LO's are lending the "old man's" money and they are not about to take a risk and certainly don't want an inflated appraisal to mislead them. They've been around for over 50 years without a serious change in management (the founder died only last year and served as board pres until he died at age 94.)
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
They use eAppraiseIt.
That is enough for me to change banks. Which I might do soon. Keep cash surrounded by blood thirsty dogs and move into a van under a bridge.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
I have funds at a local independent bank, a big bank, and a CU. Low costs, good response at the independent bank and the CU. Big bank gives me national access when traveling. Never put your eggs in one basket.
 

LA Woman

Member
Joined
Jul 18, 2007
Professional Status
Certified Residential Appraiser
State
California
Speaking of WAMU, I just had a borrower cancel their appraisal appointment with me, (loan going thru wamu) because they have read about WAMU being in trouble and they decided to take their business elsewhere, "Just In Case".
 
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