Alarming News

September 26, 2008

Does this mean the end of free checking?

My bank is gone.

Posted by Karol at 02:08 PM |
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And mine! and mine!
well, they didn’t guarantee anything in their letter that I found first thing in the morning staring at me from familiar WaMu page.
And to think some people got seduced by 4% savings’ rate…
Oh, another thing: everyone and his uncle are quoting bloomberg saying the bank got devastated by customers taking 16.8mln out since Sept16 as a reason of sale; no word about WHY exactly these panicked customers did it.
Wouldn’t know myself if didn’t read the Dealbreaker – which I learned about from you, Karol, and thanks for that!

Posted by: Tatyana at September 26, 2008 at 2:15 pm

Your money is still safe/there and your new branch is across a block away

Posted by: The IC at September 26, 2008 at 2:16 pm

Haw haw

Posted by: Citibank at September 26, 2008 at 2:22 pm

I pulled $20k out about two months ago. I still have a checking acct with $500 in it. Anyone paying attention KNEW this was coming. I wonder how I’ll get that $500? I’m glad that I’m not wondering how I’ll get the $20k.

Posted by: Casca at September 26, 2008 at 2:44 pm

Your money is fine. Even if J.P. Morgan Chase weren’t taking responsibility for all deposits… haven’t you people ever heard of the FDIC?
I know that you don’t like regulation but I didn’t realize that you were the equivalent of atheists about existing regulation.

Posted by: Charles at September 26, 2008 at 3:11 pm

I’m not worried about my money, I’m worried about the end of free checking.

Posted by: Karol at September 26, 2008 at 3:30 pm

OK, fine. Does someone want to explain casca’s genius comment, then?

Posted by: Charles at September 26, 2008 at 3:50 pm

Casca’s comment means this: He’s not waiting for the FDIC (which may or may not have enough money to cover the run) to get more funding.
Yes, there are some who’d like to believe government agencies always work as advertised…then there are those who have actually, you know, worked for government agencies.
I’m not saying I’d be putting the money in the mattress (along with a boobytrap for the burglar who tried to break in my house and steal it), but I’d definitely be considering having 1 or 2 paychecks available in traveler’s checks or Western Union should your bank be looking kinda shady.

Posted by: James at September 27, 2008 at 9:15 am

Well said James. My only quibble is with your choice of liquid instruments. If the shit truly hits the fan, you’ll want cash, precious metals, and ammo. Anyone who doesn’t have some of all of the above on hand is imprudent.

Posted by: Casca at September 28, 2008 at 6:07 am

I think the problem with precious metals is if you haven’t already stored some up you’re pretty much screwed at this point. I thought I saw somewhere gold has gone up about 10-15% in the last couple weeks–not totally sure though. I think at the point you’re earning .85 on the dollar–well, if it gets to the point you need it, you’re shooting, stabbing, etc. for your life anyway.
We’ll see what happens on Monday. I think if all the news reports about company’s not making payroll are accurate then, yeah, the fecal matter is going to meet the windmaking device.

Posted by: James at September 28, 2008 at 5:09 pm

Yesterday was the time to let everyone else wring their hands. Today’s the day for smart people to go bargain-hunting!

Posted by: Perry Eidelbus at September 30, 2008 at 10:29 am
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