WaMu sinks, customers still swim: so would you

Over at the Ask Metafilter, someone wondered if they should pull their money out of Washington Mutual Bank (often called “WaMu”) – you know, to be on the safe side.

The overwhelming answer? No.

Just like we mentioned a few weeks ago, when you put your money into a federally-insured financial institution, your deposits are covered up to $100,000. It’s the same for WaMu (they’re covered by FDIC insurance) as it is for American 1 (we’re covered by the NCUA).

Lots of weird stuff happening with Merrill Lynch and AIG, but fear not for American 1: we’re doing really well, and we don’t plan on going anywhere.


UPDATE: yesterday Rep. Maxine Waters, D-Calif., told NAFCU’s Congressional Caucus that credit unions are “the only sector of the financial industry that is not in dire straits right now,” thanks to CUs steering clear of sub-prime mortgages. “I know you’ll be part of the solution,” she told the credit union officials.

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