Have you tried to withdraw money from WAMU after this bank was closed by the feds last week?

After the FDIC closed WAMU last Thursday, a friend of mine tried to pull some money out of a WAMU branch in Las Vegas, NV. Many people at the same branch wanted to withdraw their money. He told me that after the J P Morgan takeover of WAMU, account withdrawals are limited to 12% of the account value for withdraws until next Wednesday when the sale closes. In addition, he believes that he has essentially lost $10,000 that he had placed in a checking account. A branch employee told him that checking accounts are not FDIC insured. He did not open a savings account.

Have you had the same or a similar experience at any WAMU branch?

4 Answers

  • Anonymous
    1 decade ago
    Favorite Answer

    Was he over the 100K limit and why wouldn't a bank checking account not be FDIC insured and I never heard of anything about you can only get 12% or 95% of the account value. If this is true banks are full of sh!t thats what happen when you put this type of trust in people

  • 1 decade ago

    Your friend is mistaken. WAMU is FDIC insured and that includes checking. Nobody lost any money as nothing has changed but the name as of now. The FDIC did not close WAMU....they seized it and sold it to JP Morgan Chase.

  • 1 decade ago

    I got my money out the friday right after and it was definitely more than 12 percent, more like 95 percent. I withdrew it from my savings, so I don't know if that makes a difference. Maybe that particular branch is having trouble adjusting.

  • 1 decade ago

    Wow, does this mean I don't have to pay back that credit card?

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