WaMu Fails... seized... and sold... in one night.

[crunchtastic]

What are the advantages of a Credit Union?

credit unions are non-profit cooperatives, and I doubt only a very few are big enough to hold the kind of debt instruments that are causing the current crisis. In my experience the service is much better, you're not nickled and dimed by fees, and the loan rates are generally better as well. All of my car loans have been from credit unions.

Of course the downside is you can't just find an ATM anywhere, and in many, you don't get the same level of online banking services.

[memebag]

What are the advantages of a Credit Union?

They're nice to their memebers. I used to be a member of Cameron Employees CU and dealing with them was always a pleasant experience. Need a car loan? Come around back and we'll chat. They're small and for some reason they care if their customers are happy.

Right now I've got accounts with Chase (because I worked there for a bit) and BoA (because the FMB works in their building).

I think Wachovia is the next to go belly up.

Someone asked how Chase stays afloat while other banks fail. I think the answer is that Chase has some really smart people there who could see this crisis coming and put the brakes on this sub-prime BS. But I could be wrong.

[musicman]

Of course the downside is you can't just find an ATM anywhere, and in many, you don't get the same level of online banking services.

in their defense, some do have the same identical online services. The atm situation can be alleviated slightly by waiving the credit union fees on a limited number of atm transactions which some do. i personally don't use the machine more than 3x/month so usually it's not a big deal. if you're one of those that takes $10/day out for lunch, the fees will add up quickly.

[crunchtastic]

in their defense, some do have the same identical online services. The atm situation can be alleviated slightly by waiving the credit union fees on a limited number of atm transactions which some do. i personally don't use the machine more than 3x/month so usually it's not a big deal. if you're one of those that takes $10/day out for lunch, the fees will add up quickly.

yea, mine always had a set number of free anywhere-atm transactions you can make each month. Now that you can use debit everyhwere, it's not a big deal.

[sevfiv]

What are the advantages of a Credit Union?

Others have stated most of the benefits, but yeah - they're nonprofit, interest rates are generally better, fees are usually lower, membership is ownership, volunteer board of directors is elected by the membership, and deposits are NCUA insured to $100,000 (IRA - $250,000).

My credit union is part of the Allpoint ATM network, so if I need an ATM, there's generally one nearby.

[Pumapayam]

Just read that the government has "seized" control of WaMu and is selling off pieces of it. The article said that deposits are guaranteed by the FDIC and customers are unlikely to be affected...

but what does this mean for piddly customers like me? Will WaMu still exist? Should I go get my money and open a new checking account somewhere else? I am confused.

And a happy death to the lame and hugely irrelevant "Whoo hoo!", (not the Simpson "Woo hoo!") ad campaign.

Just a hair worse than that Seinfeld/Bill Gates Windows atrocity.

[Subdude]

Wachovia.

Wachovia is in talks to sell itself with Citigroup and some others. I guess they don't want to wait around to fail like WaMu.

[ricco67]

So, what is going to become of all the WaMu's and Wachovia banks that have been recently constructed? at least two such banks are in/near Midtown where there is a Chase within a block or so.

[editor]

So, what is going to become of all the WaMu's and Wachovia banks that have been recently constructed? at least two such banks are in/near Midtown where there is a Chase within a block or so.

It depends on density and location, but in places where there's an overlap between Chase and WaMu branches once will close. It would be easiest to close the WaMu branch, but sometimes companies can use these things to get out of a bad lease.

I've been reading that on the west coast there will be virtually no closings because WaMu was strong there, while Chase was a non-factor. Here in Chicago, 80% of the WaMu branches are expected to close because Chase is very strong.

I read in the Times that the acquisition of WaMu puts Chase in 23 states. I really would have thought it would be more than that.

[IronTiger]

Remember when WaMu was in H-E-B grocery stores...?

[plumber2]

Wasn't there a Planters Nut Bank or Union Planters Nut Bank or something lke that not too long ago. We should all be in the bank signage business. It's seems to be the only sure thing about banks these days, in that they all want to change their name every few years.

[memebag]

Wachovia is in talks to sell itself with Citigroup and some others. I guess they don't want to wait around to fail like WaMu.

It's done: Citibank to buy Wachovia banking operations

[Disastro]

Does anyone else love this march to socialism?

I am sure the Hugo Chavez and Mahmood Amadinejad endorsed Hussein Obama will surely "grease the tracks" for our short trip to socialism.

[memebag]

Does anyone else love this march to socialism?

I am sure the Hugo Chavez and Mahmood Amadinejad endorsed Hussein Obama will surely "grease the tracks" for our short trip to socialism.

We've had socialism since at least the 1930s. What we're getting now is socialized capitalism: keep the money you make and tax payers will cover the money you lose.

[TheNiche]

It's done: Citibank to buy Wachovia banking operations

Wow. Charlotte is probably going to feel a lot like Austin did after the tech bust.

We've had socialism since at least the 1930s. What we're getting now is socialized capitalism: keep the money you make and tax payers will cover the money you lose.

Not really. Wachovia's share price is now $0.94. On Friday it was $10. A year ago it was $50.

Where the government has stepped in, investors are pretty much wiped out.

[editor]

Let's stay on topic, people. If you want to complain about the bailout, here's the thread for that.

[VicMan]

The Houston Chronicle posted a WaMu Q&A from the Seattle Post-Intelligencer: http://www.chron.com/disp/story.mpl/headli...iz/6026107.html

"A: JPMorgan said it will close about 400 branches of the combined company over an unspecified period. The branches to be closed will be those where there is "significant overlap" with a Chase branch. That number is less than 10 percent of the combined companies' branches."

[Deut28Thirteen]

Wachovia.

WOW GOOD GUESS.

[editor]

Here's what greets WaMu customers when they log in to the web site now:

[N Judah]

So what happens if you click on "No thanks, not right now" ?

[musicman]

It's done: Citibank to buy Wachovia banking operations

looks like judge is now stepping in. wells fargo is blocked from buy wachovia. looks like negotiations between wells fargo and citibank.

[houstonmacbro]

looks like judge is now stepping in. wells fargo is blocked from buy wachovia. looks like negotiations between wells fargo and citibank.

Yeah, it's like two old ladies fighting over flower-print teapot at a garage sale. It's probably worthless anyhow, but damned if they don't want it anyhow!

[sifuwong]

I'm withdrawing all my $$$ from Wachovia next week to invest in a biz anyway, so don't really care anymore whether Wells Fargo acquires them or not.

[editor]

For those of you who are Washington Mutual customer, you can now use your WaMu cards at Chase ATMs with no fee nationwide. Might be useful for those of you who travel.

[memebag]

For those of you who are Washington Mutual customer, you can now use your WaMu cards at Chase ATMs with no fee nationwide. Might be useful for those of you who travel.

And vice versa.

[editor]

Tried it last night, and it's not full access -- only balance transfers and withdrawals. No deposits or anything complex.

[editor]

Houston Business Journal says 36 of the 111 Wamus in the Houston market will be closed. The result will be 220 Chase branches.

[Pumapayam]

Houston Business Journal says 36 of the 111 Wamus in the Houston market will be closed. The result will be 220 Chase branches.

Any idea what going to happen to the half built WAMU on Sage and Richmond, i.e., next to the Mercer, i.e., the stained urinal?

[CoolBuddy06]

There's another uncompleted Wamu on Bissonnet at Kirkwood or Diary Ashford too. How will million-dollar executives not know the business they manage is failing, so much that they're still opening more branches at a few seconds before bankruptcy?

[crunchtastic]

How will million-dollar executives not know the business they manage is failing, so much that they're still opening more branches at a few seconds before bankruptcy?

The short answer is because large banks and financial institutions are really that stovepiped in their operations.

And because bankruptcy is a legal construct with no connection to the day to day operation of an institution until the bankruptcy actually occurs. The world of banking is shockingly untransparent, considering the amount of so-called regulation we think we place upon it. Not all, but some of these top executives really don't know what's going on. They pay others to manage the pain for them. This is the world of big money, where the only acceptable outcome is to keep making big money until you're bought, sold, or sent to jail.