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The Banking Shuffle

July 27th, 2008 at 08:59 pm

DH got a new FDIC-insured business account opened. He still has his old account as well, and if he wants to keep it I think that's fine, but he needs to see if he can get the sub-account (not sure if that's the proper name) on his sweep account changed to something FDIC insured (right now it's not insured).

We wanted to find a new bank to open up a personal MMA, and decided to go with Compass Bank since they are offering 3.3% APY, are rated 4-stars by Bankrate, and they have physical branches in the area we can actually walk in to. (We are shying away from internet-only banks these days. Probably no sound reason for that; it's just what makes us feel more coomfortable.)

WaMu & Wachovia: We have accounts at both banks. DH is fine keeping the Wachovia account, but not the WaMu account. He keeps saying we should close the account. I want to keep the WaMu account, not as a vote of confidence in WaMu necessarily, but as a vote of confidence in the FDIC. (In fact, I went in on Friday and deposited a small check, and my pay is auto-deposited to WaMu and I have no plan to change that unless and until I have to.) DH keeps saying, "What happens when the FDIC runs out of money? It's going to happen." (insert eye-rolling emoticon here --- yes, it could happen, but I really don't think we are anywhere remotely near that point yet.) This is from the guy who only a couple months ago was saying it was no big deal if one were to go over the FDIC insured limit or have a non-insured account. The Indymac bank closure sure gave him a jolt. As often is the case when it comes to our finances, he's like a pendulum swinging between extremes, and so I am trying to be a moderating force.
Oh, and the reason he wants to keep the Wachovia account is because he says Wachovia is "too big to fail" (insert 3 eye-rolling emoticons here --- give me a break).

On a more serious note, I should add that our WaMu account is way under the FDIC limit, we have our funds spread amongst several banks, and we would be fine if we could not get our hands on that money for a few days. If WaMu were our only bank, I would be seriously thinking about opening up an account elsewhere.

3 Responses to “The Banking Shuffle”

  1. boomeyers Says:

    Hmmm... We'll see what tomorrow brings. Always an adventure these days!

  2. gamecock43 Says:

    hahaha...your husband is hilarious. but at least he cares. Baseball boy thinks FDIC stands for "Fire Department in Conneticut" or something to that effect.
    Tell your man that Wachovia just layed off about 6000 workers and I hear that Charlotte, NC (Wachovia base of operations) is in a panic. House hunting in Charlotte should be ripe for the pickings as soon as the severence pays run out.

  3. baselle Says:

    Interesting that he hates one and not the other. I'm actually hoping that if WaMu goes under, it goes under quickly - by the fall of 2008. That way WaMu depositors are first in line for the insurance. And yes - have my cash in about 4 different banks.

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