wamu?

[Anonymous]

O wise ones:

So, about 2 weeks ago, I started the process to open online wamu accounts. I'm in VA, and there's no physical branch anywhere near me. I'm pretty sure these are online rates anyway. Their interest on savings and checking are so much higher than where I am now (wachovia). I think I'm getting .45 APY on savings. Their rate is 3.75. I could also do a 12 month cd for 5%, as opposed to the 4.15 I can get at Wachovia.

I did all the acct. validating, but it still won't let me transfer my money to Wamu. When I try, I just get a message saying my acct (standard checking and savings) are not eligible for transfers. So how am I supposed to put money in?

When I emailed customer service, I got standard "Oh, your accts have been activated, so you can transfer money." Well, no, I can't.

I need to call them, rather than email. My question is, do I even bother now? Or should I stay far, far away from wamu?

[Anonymous]

I still like WaMu. I took advantage of their higher interest rates with both savings and CD.

First. You have to have an online checking account with their online savings account first off to benefit even if you don't use the checking account.

Next.
A. You can mail in your payments
B. You can set up a EXTERNAL ACCOUNT to transfer like I did. Careful you are limited to 3-6 transactions in to your savings account. So if you plan on moving money between WaMu accounts online do it between checking accounts and only move in and out of your saving account a max of 6 times each billing period to avoid the $10 excess fee. I didn't find a limit on the checking accounts with transfers but it is a special savings account that has some rules like money market accounts. In some cases it is only 3 of a specif tranaction(s). Read rates and fees.

As for as external accounts you need to verify them before you can use them. That takes about 4-6 days. First you need to add the external account and then make the external account active. Then you can transfer money back and forth between your local banks and WaMu.

[Anonymous]

I did that whole validating thing with the external acct. I still can't do anything. They keep telling me the accts have been validated when I email to ask, so I should be able to, but can't.

[want2b_800s]

I heard they are filing bk tomorrow...maybe that's why.

I'd stay far away. Why put money in to something that's going down?

[Anonymous]

True. I guess I'll wait and see what happens. If those interest rates stay though, I'll be there!

I just checked and the online cd has gone down from 5% to 4 since...last week? Maybe earlier this week?

Message Edited by pjxf99 on 09-17-2008 08:39 PM

[Anonymous]

Yep. Yesterday or today the 12 mo CD dropped to 4.0%. If you tried to open a CD they give you 7 days to fund it I believe to keep the original int rate. Mine is still in funding process and it was locked at 5%.

Remember 1987 when 5 yr govt bonds were 13.864%. That rocked! I only got one as a present for $25. I cashed it for $50, 5 years later. What I could do 13.864% today.

Message Edited by ilovepizza on 09-18-2008 02:22 AM

[Anonymous]

I would say sums of money under $100K are safe enough with WaMu. Even if that fabled fecal matter does indeed strike the revolving oscillator, the FDIC will kick in. They'll WANT to kick in even if the WaMu leech sucks up two-third of their hit points, because the only way to stop a run on banks is to keep shoveling out the cash until people quit worrying.

Of course, if several large banks go under, even the FDIC won't be able to stop the carnage...and that's about the time you should stay away from the cities, as they'll be apt to be unhealthy for awhile...