Looks like WaMu went down the shitter too, becoming the biggest bank in US history to go down in the mortgage crisis. Thankfully, the feds siezed their assets (whatever that means) and sold them to JPMorgan Chase, in exchange for peanuts.
Now, I know that people in these institutions are supposed to be the smartest in what they do, but I really have no idea how these things work. I give them money (savings accounts) and then make the smart choice and give me 3.75% interest while making much more in profit for themselves. Along the way, someone realized that something was not right and started pulling out their money and now, we have a crisis.
I really could care less but unfortunately, all my hard earned dollars are with WaMu. I logged in to my online account this afternoon and was greeted with this message -
Translation : We(JPMorgan Chase) are sorry that WaMu screwed you over. We bought them for peanuts from the feds yesterday and we have trillions of dollars to do this, but please don’t withdraw your money from us because we need it. We now have a zillion banks and ATMs from where you can get your money if you really need it. Kthxbye.
My next quest is to find a decent bank where all my money would be safe. Any suggestions?