Looking for a Bank (Again)

Looks like I may need a new bank in Irvine, preferably one that also has branches in New York. Maybe Wachovia or will they be next to go? I’d use Bank of America, except my wife already uses them and I’d rather not put more than one egg in each basket these days. Update: Looks like it may just turn into another Chase branch, and not actually close. I got away from Chase years ago, but for now that would work.

Fortunately, WAMU is not my main account (that’s still in New York at Amalgamated.) so this is just a minor inconvenience. I am glad I didn’t deposit the check for my last article yet. Fortuitously, I’d accidentally written a bunch of checks on my WAMU account instead of my New York account recently. I narrowly avoided bouncing the rent, but it does mean I had relatively little money (less than a $1000 I think) in the account at the moment.

5 Responses to “Looking for a Bank (Again)”

  1. robert Says:

    Find yourself a credit union (Union of Concerned Scientists????). By and large, those institutions didn’t partake of the CDO, MBS approach to mortgaging. Most held them, just as Jimmy Stewart did.

  2. mogden Says:

    definitely not wachovia. They are zombies. How about Wells Fargo?

  3. Teg Bains Says:

    Wow… This is really hard to understand for us Canadians. Our bank deposits are insured upto $60k (and credit unions upto $100k) by the government.

    http://www.cdic.ca/

  4. Antonio Says:

    You may be interested in Questions and Answers About Your Money in This Economy

    Good luck,
    Antonio

  5. Elliotte Rusty Harold Says:

    mogden,

    We do have FDIC insurance here in the U.S. too up to a limit of at least $100,000 U.S. (roughly $60,000 Canadian at the rate things are going) and often more than that; which is why I didn’t take all my money out weeks ago when it started looking likely that WAMU was going under. What finally sunk them were all the withdrawls by depositors with more than $100,000 in assets. (I wish I had that problem.) However it’s still a pain when the ATMs stop taking your cards, and you have to wait for the government to send you a check. That’s happened to me before, and it’s one reason I have accounts at two banks, a credit union, and a money market fund. :-)

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