I am mid-stream, moving all of my banking services from WAMU to a new bank, not due to its failure, simply due to a better banking option. As a firm believer in in the FDIC and the possibility of damage, runs on banks will cause, I almost want to stay just because they have truly been the best bank I have ever used.
Earlier in September when I learned that USAA opened their membership to Honorably Discharged veterans, is when I made the decision to jump ship. This was before WAMU was even rumored to be on shaky ground, but the process of migrating my assets, bills, debit cards, etc has taken longer than anticipated. Now I feel like I'm going to appear as a knee-jerk bank runner.
WAMU/Chase, can simply not compete with the services and APR that I will get as being a USAA member. In fact, USAA offers some services that our local WAMU branch personnel have never even heard of, like 100% free prepaid debit cards, and the capability to deposit checks via your scanner at home 24/7.
Sorry WAMU, I know the timing sucks, but I have to move on.
As for you reading this…your mattress is not any safer than your FDIC insured bank account, so unless you have a valid reason to change banks have faith in the system. If the public begins a run on banks, that money you are sleeping on will be losing value too. Remember, the US dollar's value is based on the market's faith in it, nothing more, nothing less.
Image: TheTruthAbout [via Flickr]