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Washington Mutual called... to see how I was doing... uh oh

IchiroVaderIchiroVader
edited August 2007 in The Economy
Despite calling in some loans, and the BofA 2Bil injection, it seems that Country Wide is doomed. And due to the housing/credit debacle, I've been thinking for awhile now about how safe having money in WaMu is, since they've played a big role in financing this mess.

(I know you're insured up to $100,000 by the FDIC, but I don't want to have to TRY and get my money back.)

And this of course leads me to wonder, which banks in the greater Seattle area are the safest. I know that BofA, Wells Fargo, and WaMu have stuck their necks out there. But I haven't heard anything about Key Bank. What about Kitsap CU or BECU?

Any thoughts...?

Comments

  • rose-colored-coolaidrose-colored-coolaid
    I've wondered this as well. There's one catch to this line of thought if followed to completion. If one major bank falls, that would massively shake confidence for smaller banks. I mean, if WAMU and BofA weren't paying back money on request, it would cause runs on other banks. Even if a bank had no risk and held 50% of its deposits in cash it can still run out of money if everyone made a bank run.

    Your best bet is to hope this doesn't happen, and maybe diversify your holdings if you are worried about it.
  • mike2mike2
    I posted a good article on the health other top banks in the Countrywide / BoA thread.
  • AwaySoonerAwaySooner
    I use HSBC, they are international bank. You can also open saving account in other currency with them.
  • Dan C.Dan C.
    How do you open a foreign currency savings account at HSBC? I was looking on the webpage and was not able to find any links to that...
  • EleuaEleua
    Dan,

    You should check out the following stock tickers.

    FXY
    FXF
    FXC
    FXS
    FXE
    FXB

    These are essentially mutual funds that are nothing more than unleveraged currency plays.

    I've got a bunch of FXY and FXF (Yen and Swiss Francs)

    Hope that helps.
  • Dan C.Dan C.
    Thanks for the heads up...those are great to know!

    I will do some research into these...
  • AwaySoonerAwaySooner
    You can start here.

    http://www.offshore.hsbc.com/1/2/home
    Dan C. wrote:
    How do you open a foreign currency savings account at HSBC? I was looking on the webpage and was not able to find any links to that...
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