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WAMU not FDIC insured?
I LOVE banking with Wamu, but I was told that they are not FDIC insured and that they are about to go under because they built their whole business on sub prime loans... does anyone know if this is true and how will this affect me as a customer, should the **** hit the fan?
2 Answers
- blondeLv 41 decade agoFavorite Answer
I'm not sure on the accuracy of that statement, but honestly the fdic fine print sounds good, but in today's world doesn't mean much...a company that "goes under" is granted 99 years under the us government to give you back your funds, most likely you'd be dead before then, but if in fact they aren't, it wouldn't affect your account as a customer, cause inevitably they'd be bought out by a larger company like bofa or chase and you'd just have more banking locations and conveniences...no worries!
Source(s): Personal Banker - Anonymous1 decade ago
I worked for WAMU and you were told wrong!
They are FDIC insured