ITT: A very naive question regarding bank failures.

[Sub Atomic]

I've got a few thousand dollars in my checking account at WAMU. Savings is at a Credit Union.

If WAMU were to "fail" as it were and the FDIC were to be responsible for funds under $100K, how would I go about getting my money?

Would WAMU remain open but under Fed control? Would the Feds take over the bank?

How long would it be before I could get to my cash?

Thanks!

[MercutioATC]

1. The same way you always do. WaMu would remain open, but under Fed control.

Branches, ATMs, everything would run as usual. At most, you might see short delays (perhaps 24-48 hours) to perform some transactions.

[Sub Atomic]

2. Thank you!

:hi:

[MercutioATC]

4. NP. When people hear "insured", they often think they have to wait for the money.

That's not the case with FDIC-insured accounts.

[katty]

3. we had one acct at WaMu-closed it last Friday

[TexasObserver]

5. Move your money now.

Why worry about it? If WAMU fails, there is a risk you could spend some time before being able to access funds. Why risk it? You don't have much in there, and clearly need it for living.

Get it out, and into your credit union is probably a good idea.