Comments on: Washington Mutual 12 Month CD Offer http://www.fivecentnickel.com/2008/09/04/washington-mutual-12-month-cd-offer/ personal finance tips, tricks, and commentary Sun, 22 Nov 2009 03:39:46 -0500 http://wordpress.org/?v=abc hourly 1 By: Ray http://www.fivecentnickel.com/2008/09/04/washington-mutual-12-month-cd-offer/comment-page-1/#comment-124824 Ray Mon, 29 Sep 2008 13:30:43 +0000 http://www.fivecentnickel.com/2008/09/04/washington-mutual-12-month-cd-offer/#comment-124824 Personally, I was a extremely nervous about having the down payment for my house in a WaMu Online Savings account during the recent turmoil. Being aware that pulling my money out would have sped up their failure, I left it in. In the end, several panicked customers pulled out roughly $16 billion causing it too fail much earlier than expected. Since Chase rescued WaMu, concerns about how long it would take to get your money from the FDIC is no longer an issue. All deposits (FDIC insured or not) were sold to Chase and no FDIC funds were used. While I did have concerns about having access to my insured savings account and the time-line associated with accessing funds from the FDIC, an FDIC-insured 12 month CD shouldn't really be as much of an issue if you know you're putting the money away for a while (especially now that the accounts are backed by Chase). Chase is still allowing customers to sign up for WaMu's 5.00% Online CD as well as their 4.00% APY Online Savings accounts. Overall, I was pretty happy with WaMu with the exception of the time it takes to transfer money into the account. Hopefully, Chase doesn't mess with the rates too much and give me a reason to shop for another savings account. Personally, I was a extremely nervous about having the down payment for my house in a WaMu Online Savings account during the recent turmoil. Being aware that pulling my money out would have sped up their failure, I left it in. In the end, several panicked customers pulled out roughly $16 billion causing it too fail much earlier than expected. Since Chase rescued WaMu, concerns about how long it would take to get your money from the FDIC is no longer an issue. All deposits (FDIC insured or not) were sold to Chase and no FDIC funds were used.

While I did have concerns about having access to my insured savings account and the time-line associated with accessing funds from the FDIC, an FDIC-insured 12 month CD shouldn’t really be as much of an issue if you know you’re putting the money away for a while (especially now that the accounts are backed by Chase).

Chase is still allowing customers to sign up for WaMu’s 5.00% Online CD as well as their 4.00% APY Online Savings accounts. Overall, I was pretty happy with WaMu with the exception of the time it takes to transfer money into the account. Hopefully, Chase doesn’t mess with the rates too much and give me a reason to shop for another savings account.

]]> By: Another Reader http://www.fivecentnickel.com/2008/09/04/washington-mutual-12-month-cd-offer/comment-page-1/#comment-123436 Another Reader Sun, 07 Sep 2008 12:52:39 +0000 http://www.fivecentnickel.com/2008/09/04/washington-mutual-12-month-cd-offer/#comment-123436 WaMu is offering the 5.00 percent APY CD again on the website. The rate is available for two terms, 12 and 13 months. In Northern California, the rate is supposed to be available at the branches, although I have not confirmed this. The rate offer is supposed to last until September 16. WaMu is offering the 5.00 percent APY CD again on the website. The rate is available for two terms, 12 and 13 months. In Northern California, the rate is supposed to be available at the branches, although I have not confirmed this. The rate offer is supposed to last until September 16.

]]> By: EN http://www.fivecentnickel.com/2008/09/04/washington-mutual-12-month-cd-offer/comment-page-1/#comment-123280 EN Fri, 05 Sep 2008 05:44:56 +0000 http://www.fivecentnickel.com/2008/09/04/washington-mutual-12-month-cd-offer/#comment-123280 ^I have similar concerns. :/ ^I have similar concerns. :/

]]> By: ahc99 http://www.fivecentnickel.com/2008/09/04/washington-mutual-12-month-cd-offer/comment-page-1/#comment-123269 ahc99 Fri, 05 Sep 2008 01:19:38 +0000 http://www.fivecentnickel.com/2008/09/04/washington-mutual-12-month-cd-offer/#comment-123269 I still worry about investing in anything WaMu (checking/saving) because even though it is FDIC insured, how long will it take to get my money from FDIC when WaMu does go under? I heard it can take up to a few months and that doesn't seem to be worth the 1-2% increase in interest. I still worry about investing in anything WaMu (checking/saving) because even though it is FDIC insured, how long will it take to get my money from FDIC when WaMu does go under? I heard it can take up to a few months and that doesn’t seem to be worth the 1-2% increase in interest.

]]> By: Zeke http://www.fivecentnickel.com/2008/09/04/washington-mutual-12-month-cd-offer/comment-page-1/#comment-123261 Zeke Thu, 04 Sep 2008 21:02:26 +0000 http://www.fivecentnickel.com/2008/09/04/washington-mutual-12-month-cd-offer/#comment-123261 At Fidelity you can see lots of CDs (on the secondary market) over 5%. They are in increments of $1,000 and usually for more than one year. Since these are brokerage CDs there is no hassle buying them because your transaction is with the brokerage house which already knows your particulars. At Fidelity you can see lots of CDs (on the secondary market) over 5%. They are in increments of $1,000 and usually for more than one year. Since these are brokerage CDs there is no hassle buying them because your transaction is with the brokerage house which already knows your particulars.

]]> By: Run Screaming http://www.fivecentnickel.com/2008/09/04/washington-mutual-12-month-cd-offer/comment-page-1/#comment-123256 Run Screaming Thu, 04 Sep 2008 18:39:54 +0000 http://www.fivecentnickel.com/2008/09/04/washington-mutual-12-month-cd-offer/#comment-123256 I tried to sign-up for WaMu's 5% 12-month CD last month and so far it's been a nightmare. I recommend staying away from this troubled bank. Bankrate.com gives them only one star in their "Safe and Sound" ratings. WaMu's stock was trading at $35 a year ago, now it's around $5. I should have trusted my gut, which told me, "this ship is going down, stay off it." That's been evident from their Customer Service. I can't transfer funds to the CD, and they can't figure why. The automatic online deposit/withdrawal verification worked without a hitch, but they can't explain to me why one week later, my CD still isn't funded. They e-mailed me (from India, I think) saying call their 1-800 number. I did. After 5 minutes of negotiating a frustrating automated menu system, I was told that I needed to speak to a customer service representative. Waiting time? 13 minutes. I've e-mailed them and told them to terminate the account. I tried to sign-up for WaMu’s 5% 12-month CD last month and so far it’s been a nightmare. I recommend staying away from this troubled bank. Bankrate.com gives them only one star in their “Safe and Sound” ratings. WaMu’s stock was trading at $35 a year ago, now it’s around $5. I should have trusted my gut, which told me, “this ship is going down, stay off it.”

That’s been evident from their Customer Service. I can’t transfer funds to the CD, and they can’t figure why. The automatic online deposit/withdrawal verification worked without a hitch, but they can’t explain to me why one week later, my CD still isn’t funded. They e-mailed me (from India, I think) saying call their 1-800 number. I did. After 5 minutes of negotiating a frustrating automated menu system, I was told that I needed to speak to a customer service representative. Waiting time? 13 minutes. I’ve e-mailed them and told them to terminate the account.

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