WaMu wary of IndyMac cashier's checks

More strange doings tonight surrounding the failure and federal takeover of IndyMac: some rival banks are refusing to honor cashier's checks written by IndyMac -- even though those checks are backed by the federal government.

John Bovenzi, the FDIC official now running IndyMac, tells the Los Angeles Times today he is "deeply troubled by reports that there are financial institutions that are refusing to honor or are placing excessive holds on IndyMac Federal checks."

On latimes.com tonight: "Sheryl MacPhee, 46, said she liquidated a certificate of deposit at IndyMac's San Marino branch Tuesday morning after a two-hour wait. She then took the cashier's check to a Washington Mutual branch in South Pasadena to deposit. 

"MacPhee said a WaMu manager told her that under a new corporate policy, the bank was not accepting IndyMac checks. If a customer insisted on depositing the check, it could be eight weeks or more before the full amount would be accessible, she said she was told."

More: "WaMu spokeswoman Olivia Riley declined to discuss details of the bank's check policies. 'We have a check hold policy that takes into consideration a variety of factors,' she said. 'WaMu is accepting checks from IndyMac customers; however, depending on the specifics, funds will be subject to an extended hold period.'  Wells Fargo said it too was placing extended holds on many IndyMac checks as a precaution.

"Officials at the Office of Thrift Supervision, WaMu's chief regulator, are investigating the complaints about the checks, OTS spokesman William Ruberry said." 

Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com.
Photo Credit: Bloomberg News
 

Comments

[Laker]

Peter,
Is this a joke or what???
If WAMU placed an eight week hold time on poor Sheryl MacPhee, she could never see that money....
You know why?
There is a good chance that WAMU itself will go under during those 8 weeks.
Don't be surprised to see another new bank Washington Mutual FEDERAL BANK....LOL
WAMU got to be kidding, they are insolvent themselves...an 8 weeks. Give me a break.
It also shows you the fundamental lack of knowledge by bank managers...They don't realize that today Indymac FEDERAL checks worth a lot more than WAMU checks and even Wells's checks (even after their good wall street day)

[Julia]

As a WAMU customer, I'm glad they're being careful. This would be a prime opportunity for criminals to make a lot of money counterfeiting checks.

[Tom Lindmark]

Obviously, her account was under the $100K limit or she wouldn't have received a cashiers check. Why in the world did she take money from a bank owned by the federal government and put it in a bank that is on the edge?

I guess this is why a guy like Schumer can panic a large part of the population.

[Nelcisco]

thanx for the tip Laker, you're sort of confirming my anxiety about WAMU, which I have $ in.

Revelations talks about the beast causing every rich, poor, free and slave to recieve a mark. Although its a religious theory thats believed by faith only,one may wander, I mean, how will the rich allow that to happen to them? They're generally in control of their own financial destiny..........OR ARE THEY????

we're living in times that nobody knows what awaits us financially, " Banks are financially sound" Bush says in his press conference Tuesday. Why is there so much anxiety then? HMMM?

[Duke of Moral Hazard]

Wamu? Isn't that the same bank that gave rep. Laura Richardson a mortgage when she had already defaulted numerous times and owned multiple homes -- indicating mortgage fraud on her loan applications?

Same Wamu that unilaterally rescinded her foreclosure while she was driving around in the most expensive taxpayer funded car in Washington?

Looks like she's a genius if Wamu has the same problems as Indymac -- she'll be able to go without making payments on her multiple homes for years.

[RichW]

Right on Laker !!

WAMU not honoring IndyMac FSB checks ? hahahaha now theres the epitome of the pot calling the kettle black...

[upthecreek]

Let me get this straight.. see takes all her money out of INDYMAC and runs to Wamu. Is this person clueless.
I think you can find a little stronger bank than Wamu
Hey!!! why not try Downey Savings..

"A fool and their money."...you know the rest

[Dave]

WaMu has always had absurd hold policies. I once tried to deposit cash into my account so I could pay my quarterly taxes. WaMu wanted to put a 10-day hold on the cash, notwithstanding that I had more than twenty times the cash deposit in a CD and that a cash hold violated the law. That was the last day I did business with WaMu.

[Doug in Toronto]

Working in the banking business as I do, I know one thing for sure: WaMu is not letting the funds sit there and do nothing. My guess is that the checks are clearing regularly, but WaMu is holding them to make a few bucks from the float before releasing the funds. An 8-week hold is ridiculous: 8 days is unusually long. Overnight MM funds don't have a good yield right now, so WaMu is keeping the funds a little longer in the hope of making some extra interest. However, I'm sure they'll do the right thing and pass this profit along to the depositors. Not.

[Steve]

Why would you put your money in the next loser Wamu/Downey. Does she want to repeat the Indy hell again. What is sage now is regional banks in the Rocky Mountian/Midwest region who do not have the loan exposure to CA/NV/AZ. You want to keep your money safe get your cerified check and fly to Denver asap and make a deposit in one of the highly rated regional banks, then move from the hell hole and live happily ever after.

[Michael Snyder]

Some years ago I had issues with a bank placing weeks long holds on cheques deposited in their ATMs. Not buying their line about the days they said it took to process a cheque, I made a deposit n a Saturday evening with a mathematical error. The correction slip was date & time stamped the following Sunday morning at 5am. On Monday I took that document & visited the branch manager. I let him spoon out his pablum about lengthy processing times, then I showed him the deposit & correction. To his credit his response was, "How much do we owe you?" I've stayed with that bank for the last decade.
WAMU is notorious for charging fees for charging fees & has been for years. What's more they're up to their eyeballs in the same muck that just sucked IndyMac under. Moving funds into that institution is akin to transferring from the Lusitania to the Titanic. In this age of electronic transfers the only reason to "hold" funds for more than a few hours is to gain interest off of other people's money. Can't Realtors loose their license for that?

[Fourth Generation]

Ha! Is not this laughable? WaMu putting restrictions on IndyMac, when WaMu is also in the hole? Unbelievable. They still think they are in any position to imposse conditions. People keep your money and yourself away from those pestilences of the banking industry. Have some pride for God's sake.

[chad]

About 6 years ago I had a checking account with Wamu and they put a 10-day hold on a cashiers check from a home equity loan which was written on a major bank (I think it was US Bank). I closed the account shortly thereafter.

I moved my account to Bank of the West. Last summer they put a hold on a large cashiers check from my credit union, though the check was drawn on BofA. It was a 10 day hold because they said the check was from out of the area (bad excuse--I'm in the SFV, the credit union is on the Westside, and BofA is, well, BofA) and I didn't deposit the check at the branch where I opened the account. I have never been real happy with Bank of the West but considering customer service is pretty much the same wherever you go I haven't gone through the hassle of switching somewhere else.

[Tombstone Realty]

I find it oddly amusing that WAMU is treating the US Government like a deadbeat check bouncer.

If I were the FDIC, I'd march in the corporate offices of WaMu with my little Fiduciary Army Squad, and tell them they HAVE to accept the checks with the following numbers, or else.

"Because we're the FDIC".

Of course, it may not be long before the FDIC goes marching into their lobby anyway.....

[TakeFive]

Posted by: Julia :

"This would be a prime opportunity for criminals to make a lot of money counterfeiting checks. "

Spot on.

There was a rush to make loans, and now a rush to clean up the mess. This is where big mistakes get bigger.

Lots of people have now been trained to bark "Katrina, Katrina, Katrina!" anytime the government doesn't immediately serve there needs.

Well we saw what happened with Katrina. The Gov handed out gift cards for housing & food and the money was spent on hookers and drugs. Billion$ have been wasted on Katrina relief because we hade to DO something fast. Meanwhile, New Orleans is still a wretched dump.

I say to WaMu - take all the time you need. After all, many are insisting the Gov is incompetent. And, this will give the depositors a chance for due diligence this time around.

[TrojanDLA]

I can only laugh.

[Nick]

This seems prudent, in light of the disaster the FDIC is currently creating by delaying insured payouts from IndyMac accounts. If the other banks are having trouble clearing the funds (which wouldn't surprise me, given the scrutiny the FDIC is applying to the IndyMac accounts), they would be prudent to put holds on the checks. Unfortunately, this has the effect of undermining the whole purpose for the FDIC: to provide security in the event of bank failures, to prevent runs on banks which are struggling.

If I were the FDIC, I'd do two things. 1) Make sure every cashier's check is payable immediately before you cut it, so that you can pay them immediately, and 2) Fine any bank which puts a hold on the funds beyond one day after they receive the funds (it would be up to the bank to show the OTS they didn't receive the funds). The FDIC needs to realize their job is to instill confidence, not pursue personal crusades and risky gambles with taxpayer money.

[yours truly, Johnny Dollar]

Southern California climate is Mediterranean;
Southern California money is Italian lira.
Former: run to. Latter: run from.
Funny money; but, I'm not laughing.
My wife has her money "buried in a box" far from a bank.
She is laughing. And, not "all the way to the bank."

[yours truly, Johnny Dollar]

WaMu? Rhymes with SNAFU.

[LA]

It seems only a matter of time before banks are so desperate that they start putting holds on deposits made in cash.

[mike]

i'll take a check from the indy mac any day. wamu is perpetuating a problem they are already having with that policy. also i am sure that the shareholders are thrilled that their bank is not accepting money at this time. i swear i sit here at my desk eating crow from the public all day for a salary of crap and these bankers get paid big bucks to make stupid descisions about millions of dollars and if i make one small f-up they fire me and put the next 30k per year guy in my spot.

[sgv]

I walked in to my local WaMu branch in San Marino on Tuesday, and was struck by the number of people waiting in line...that brach is usually like a morgue inside. The first thing that crossed my mind was I bet these are IndyMac refugees looking to deposit their money in to the next failing institiution.

[Candice]

I would just like to say I had a few checks cut from this Indymac fiasco that combined totaled over 100,000. I have an account at WAMU but never considered putting my Indymac checks in the bank. Reason is that WAMU stock is shaking and in light of Indymac WAMU is not really doing well. Hopefully they can turn themselves around.

I would gather WAMU is putting such long holds on Indymac checks even though the checks are guaranteed by FDIC is that they probably do not want a repeat of a similar 'money run' on their own bank. I am only assuming that a lot of people have regular savings or checking accounts at WAMU and as the Indymac FDIC checks are supposed to be able to be cashed if a person brings it in. If even 30 to 40 % of the Indymac checks are brought in to be cashed right away they would run out of their own WAMU available cash. YES they can get back their money from FDIC checks but that would take time (and even 1/2 a day in a bank now is precious time - remember the 11 day money run for Indymac and how much they lost in those 11 days). AND a bank needs to hold money to make money in their investments.

Also if a bank does not place a hold on the Indymac checks - think first - do you want money in this bank? They do not care to call and check if the funds are available. FAKE checks can be easily made too. A bank can easily go bankrupt from taking bad checks. BAD (fake) checks are not FDIC covered.

8 weeks is excessively long but yeah, WAMU is probably holding the funds to make more money. I would check other banks. I checked other banks and each bank's hold is around 5 to 11 days. I deposited into these banks as CDs so the hold period is not that much of a deal for me as I do not expect to withdraw right away.

No matter how bad WAMU is doing I hope people would not be too upset about their hold policy - just go elsewhere; and do not repeat 'money runs' as to bringing another bank down because its just too much hassle to wait in line AGAIN.

People also mentioned why are people taking money out of a FDIC run bank to go put into other shaky banks. Well, my reason is you are no longer gaining interest in the money you have in the CDs that you once had with Indymac as all accounts were calculated with a closing interest as of July 11. SO if I had left my money in the Indymac FDIC bank I would be leaving in dead money which if I withdrew early on the Monday I can open new CDs at other interest paying banks.

NO - I am not greedy I just want my hard earned money to be safe and making me money. People calling Indymac customers greedy for depositing in a bank that was offering high interest are just illogical. WE ALL NEED MONEY and we work to get money so its not right for anyone to say we are greedy to try to make more money from our money. If you don't have a bank account anywhere is the only reason I can see that you are calling others greedy.

[the problemwithcaring]

It seems only a matter of time before banks are so desperate that they start putting holds on deposits made in cash.

Posted by: LA |

WaMu already places holds on cash deposits made after business hours in an ATM (called temporary, one day or overnight holds), cash deposits made to open new accounts, and/or when transactions appear suspicious, say, cash deposits follow what WaMu considers prolonged periods of lack of activity.

Or whenever the hell they want. They are a bank, right? We are just the stoopid depositors.

[American Patriot]

How about forcing the banks that put excessive holds on the money to pay a 50% - 100% interest rate on those checks. OR put those banks next on the list to be investigated/audited. Sounds good to me!

[puckhead]

We need to find out what other banks Sheryl MacPhee does business with and avoid them at all costs. This poor lady should just dig a hole in the backyard and hide her money.

[Slick]

Ummmm.....cash is never on hold i dont know what he is talking about. I work for the damned company lol. NYC

[Candice]

This will sound like an advertisement for the BANKS but I have to say it.

Even in the light of expected possible failures in more Banks in the near future:

"Have faith in the American Banking System and invest in Banks."

Many people have said in the last few days that they trust the hole in their backyards or the safes in their houses to hold on to their money safer than a bank.

First if people start hording money in their homes (if you do, don't even tell relatives because loose money will bring out the criminals), backyards, etc. - for sure banks will fail because they will be lacking funds. Not only are you really not protecting your money, you are contributing to the deflation of the American dollar. Simply if banks fail that it will affect the economy. What you are holding in your backyard, etc. will basically be worthless or near it. Depositing in banks without withdrawing right away will help keep the value of the American dollar up plus it will help banks with their already troubled money flows. Just be sure you spread you money around at different bank institutions and in account(s) under 100,000 each . If one of your banks fails you will be protected if the account(s) are under 100,000. Also you will have your other banks to go to if you need money right away.

[Sarah]

How about the poor IndyMac employees who are being told the same thing about their PAYCHECKS??

[Laker]

Candice,
You are VERY WRONG here.
If you had a CD with Indymac under the insurance limits (<$100K single or $200K joint) you are STILL earning same interest rates that was locked when you open the CD. Even if FDIC will sell Indymac to someone else, you will continue to earn the rate until the CD matures !
Then, they will offer you whatever they want. So it is a big mistake to think that right now, your money is not earning any interest rate.
Additionally, even money market accounts currently pay 3.7%. So indeed, they could change the rate any day on these account since there is no lock, they did reduce my rate from 4% down to 3.7%. However it is still better than anybody else, and it is government money!

[Robert]

Why do people still bank at banks anyways? Credit Unions are not only better offen times offering no fees or at least lower fees, but the customer service is MUCH better. I'm with Bellco and love it.

[Candice]

Laker:

Thanks for the information about the interest. I thought that too until I was inside the Bank and I asked before I took out the money. CDs did not have a penalty for early withdraw and the person helping me was a manager of the former bank. He indicated that interest was stopped on July 11. You basically would have to open a CD at a new interest rate. So unless he did not know what he was talking about I lost some in interest if I had kept the account. For me, its just safer to take what I have and reopen the CDs at different banks with maybe a slightly lower interest rate. In the long run I make a bit less in interest but at least I am making some interest.

[the problemwithcaring]

Ummmm.....cash is never on hold i dont know what he is talking about. I work for the damned company lol. NYC

Posted by: Slick

So do my sisters - who doesn't work for WaMu right now? And good luck with that, seriously.

Anyway, as holding direct deposits, government checks & cash as long as a week or more is pretty much in direct violation of reg cc , I doubt that any policy on what WaMu considers a reasonable amount of time to delay availability will be written down in the policy manual handbook of a customer service agent like you, bootySlicker.

http://www.federalreserve.gov/Pubs/regcc/regcc.htm

[Linske]

All banks are required to comply with Federal Regulation CC "The Expited Funds Avalibility Act" as passed by congress in 1997. This act regulates the length of time a bank can hold a check, look it up and take it with you the next to your bank.

[Gary]

IndyMac, WaMu, Natonal CIty, Downey ... The dominos are
lining up.

[John Keller]

What sort of MORON takes a cashier's check from a failed bank and tries to deposit it at a FAILING bank?

[Mark M]

I have a CD at Indy Federal and I have the same understanding as Laker. The terms of the CD will continue uninterrupted.

[Tombstone Realty]

Actually, WaMu did put a hold on my Stimulus Check, and I could only take $100 out of $600.

Now of course, they had no idea what I deposited, they just held up $500 of the amount. But it said plainly on the receipt that I had x available, and the screen said I had a hold.

About 4 days later, it was all in.

So yeah, WaMu is holding. I don't really care cuz I stuck it in my savings, but they most definitely are holding stuff.

[bigOtis]

hey this is crazy! One Bank who helped to start this whole mess Wamu is won't accept checks from the Federal govt siezed bank??? In about 12 weeks I bet WAMU will have a hard time getting thier checks accepted

[Hawk]

Don't believe everything you read. Wamu was sending the checks out for collections, but changed the policy the next day and is now placing 7 day holds on all the checks. If you are clueless about check holds - they are placed for fraud purposes, not because the bank thinks the FDIC won't honor them.....

[guest]

I've had problems with WAMU accepting checks before. Including checks issued by the State of California. They wanted to put an excessive hold on it and send it for collections.

I took my business elsewhere.

[DAWK]

as a retired designer jeweler, i dealt in gold platinum daily,using these metals as investment and for creating jewelry pieces for my shop.
Heres some advice,that might work,if you can keep your mouth shut: go to a local profesional safe / locksmith,that sells 'TL30' floor safes,like ''star' brand ,mosler-american safe etc.or what ever is current-the best. shop around several safe stores,and DO NOT...buy a safe from wal mart-sears,or stores that do NOT sell professional safes.
most folks hava a cement floor,either in their garage or home-patio etc. so doing this ,on your own,the instalation of your safe is paramount; because you-alone and your partner for life must dig this hole in the concrete floor,and instal-mix cement,with re-bar,then place the very heavy floor safes into the ground,below the floor level. I recomend THREE floor safes, in variouus sizes,some for larger goods,some for smaller goods, installed around your home and garage,if you can see the reasoning. this also improoves the value of your home . by placing your cash-jewels-gold-platinum-silver coins in ONE of three safes, , in the floor,well concealed,you have greater.... 'odds' of a burgler being (professionaly) prepared to crack this system of "THREE FLOOR SAFES"!! the idea here,is to 'rotate the goods(or divide up in each safe-equally) in all three safes,so the valuables will be given a 'three to one' odds of the safe/safes being succesfully broken into,by a professional safe cracker,let-alone an ameature !!
also; wire up these safes with a sensitive-vibration alarm system wired into a local alarm outfit,but do not tell them about your safe-systems!
the bank where you place monies,is now out of your secure system,but you can still keep enough on deposit,for regular busines,and afford the loss if any,when they go broke and the 'fdic' doesn't pay you ,because of a flood of failing banks problem.
essentualy YOU...are now a private bank,and secrecy is the main approach,as that would be your weaknes,so DO NOT...brag about it,just,keep it to your self,untill all this mess clears up,and you will always have peace of mind.
I should know,because two of my best friends were safe experts,and I installed this system in my jewelry store (for 20 years) and never got 'HIT" because safe crackers hate this system,as it is a guessing game ,trying to find the EXACT...safe with the valueables,since it's a 'three to one shot'.
if you are noot 'handy' then find a safe expert that is 'boonded' and use them,as these safe professionals are more trustworthy than any bank manager you could find!

[Brain]

The reason WaMu is holding funds is because they may very well be the NEXT IndyMac. This is no joke. Do yourself a big favor, and get your money out of WaMu.

They're going down - and soon... unless of course, the ever generous Feds volunteer the US taxpayer to bail their asses out; but don't count on it.

[Hordac the Refuser]

What yuo guys are describing with excessive holds reminds of what Bank Of America has *ALWAYS* done. It didn't take me long to stay away BoA.

I have a credit union now - that's where it's at. Find yourself a credit uniun that only allows reputable people to be members, and bank there.

After 20 years at SACU, I only once had a problem cashing a small payroll check for $2G with a new teller. She said "I'm not sure I..." and I said "well I've been banking here for iover a decade", she typed something, and it was "here's your cash, Mr. Hordac."

I remember they called me once because I dropped a check on the lobby floor without noticing. Security must have found it. They cashed it and put in my account over the phone.

[Allen]

I don't understand. Oil is down more every day, Fannie and Freddie are still operating. The stock market is on its way back up, but all I see is doom and gloom. Are the banks failing at a record pace? I'm still getting tons of credit offers from WAMU, HSBC, Capital One. What Gives?

[Roland]

Candice says don't keep cash at home because you contribute to deflation. But if deflation is coming then cash will be king and keeping it at home will be the smart thing to do. Drawing down my CkgAcct now.

[mike]

I can't believe how many misinformed people there are in this World. All of you are simply sensationalists with absolutely no clue. Wamu has a thriving retail bank and huge credit card base that will more than offset their losses in due time. Many of you just need to calm down, Jesus.

[Jigstrom Lange]

The reason they are holding these checks for 8 weeks is because they are out of their own cash, and are probaby in the early stages of their own bank run.

To me , it is outright fraud what they are doing. Get your money out of Wamu, sooner rather than latter.

[Sean]

Some people never learn. They are lucky enough to get their money out of one bankrupt institution, and they immediately put it in another.

[Way up North]

Scary stuff going on down there in the States. Just hope it doesn't suck in the Canadian banking system. And to the posters who mentioned Credit Unions, I say right on. I never knew what it was liked to be treated as a person (rather than a number) until I acquainted myself with a Credit Union.

[The L1 Ranger!]

...Such Is The "FallOut" From The "Bear Raid" On IndyMac!

Strangely, These Same, "...financial institutions that are refusing to honor or are placing excessive holds on IndyMac Federal checks", Have NO PROBLEM With The Millions & Millions of "Phantom Shares" Being Created EVERY DAY By The "Naked Short Sellers" (Bear Raiders)
& Used To Drive Them Into a Similar Situtation, As IndyMac!

Ha! Ha! Ha! FUNNY Isn't It?

...If It Weren't So *SAD*!

Since There're So Few of Us That, SEE What's REALLY Going On Here!

:-(

[Peter]

This is how reality plays out when one banks wants another to get killed or smashed into the wall and the one that suffered are the customer's at Indymac and maybe Wamu later on...

[Lawrence]

i see a lot of people incredulous that this lady would take her money to WaMu after INDY. Well I am incredulous at any one who keeps their money in dollars period. Your currency is headed for a crisis along with the entire banking system. Do yourself a favour and put it in gold/silver. It will also protect you from the coming inflation as well as insolvent banks!

And as for installing a safe rather spend the cash on bullion and bury it inthe garden. Theres no difference.strong is not safe, secret is safe.

[jay silverheals]

The Dollar is Dog Food

The Dollar is Dog Food

This OTC Dirivitive Mess is a 45 Trillion Dollar

mistake just starting to kick in..

Buy Gold Now

[johnson]

Why would someone who just receieved a check from a failed bank want to deposit it to WAMU. This person is totally oblivious to what's going on in the financial world. WAMU stock is around $3/share, how solid could they possibly be. They did her a favor by not accepting the check. Keep fighting Shirley. Eventually they'll deposit it for you, then you can stand in line at WAMU to get another one in a few weeks.

[Michael]

Anybody notice the commercials that started running a month or so ago that recommend getting your family emergency action plan together? All of a sudden the Govt. has started running these PSA's on the CNN radio network telling everyone to have a meeting place, extra food, water, etc. put away, meeting places arranged.
I think they are expecting a major meltdown in the near future, and it has nothing to do with domestic terrorism, but everything to do with a financial system meltdown. If money transfers stop between banks. Food and fuel will soon stop moving. Then what do you think will happen?

[Bill]

Dawk wrote:

"if you are noot 'handy' then find a safe expert that is 'boonded' and use them,as these safe professionals are more trustworthy than any bank manager you could find!"

Well Dawk, I am "noot" handy, but I'll s sure find a safe installer that is "boonded" to make the installation of a "stroong" safe on the "flooor" of my garage. "Hoow" much will this "coost" me? It sound a hell "ooof" a "loot" "oof" "troouble" and expense to safely keep a few "doollars." Doon't you think?

[francis schutte]

What we see is the direct result of Fractional Reserve Banking and the creation of money out of thin air. The resulting Credit Crunch is global. Maybe people will start to understand that is could be time to exchange paper money for tangible assets like Gold and Silver. If they act now, it may not be too late.

[Tombstone Realty]

If everyone goes around buying gold, and using that as currency - the Government is going to step in and make it illegal to own it, just like they did the last time in 1933. The only difference was back then the government used gold to back the dollar and needed to protect the currency value. This time it would be if the American people stop using dollars, and started using gold, which would then destabilize the US Currency.

Private Gold ownership is strictly at the discretion of the US Government. They can "undescrete" it at any time.

While they may not outright ban it, they may start putting SEC rules on trading/selling/buying it, just to knock the prices down.

[Allan Bartlett]

I'm glad people are starting to realize that our entire financial system is a fraud. Wake up people, all paper money eventually returns to its intrinsic value....zero. Do yourselves a favor and take possession of time tested money for thousands of years....gold & silver.

[Lawrence]

I doubt that today the usa govt will confiscate gold. This is not the 1930s where people obediently obeyed the government. If they did try and make it illegal to hold gold which would be just another example in along list of how the corrupt US govt is subverting the constitution, it would not be a good omen for the future and I would highly recommend finding another country to call home. As for the SEC trying to legislate the price of gold lower-wake up! USA is no longer the big boy on the block. Do you really think the global price of gold can be regulated by an economically third rate empire that has had its day in the sun and is now the worlds largest debtor nation. The world will quite soon show you what it thinks of the worthless dollar and then your party is well and truly over. "fascism is capitalism in decay" and its coming to a police state near YOU!

[angry hippie]

Is it a good idea to keep your money in a bank
whose motto is "woo hoo!?"

[Doug Farris]

I like that. Wash Mutual Federal Universal bank...

WAMUFU

[Paul]

I transferred money online from my Bank of America business account to my now rarely used WAMU personal account a few days ago. After seeing that the "temporary hold" still hasn't gone away, I searched google and found this page.

Thanks for the heads up. I'll be transferring almost all of my money out of WAMU and back into BOA or HSBC.