Is It Safe To Keep Money In My Washington Mutual Account? |Mortgage Refinance Loans

Since the collapse of the financial giant, many Washington Mutual customers have been wondering if it’s safe to keep money in Washington Mutual accounts, including checking accounts, savings accounts, CD and high yield money market accounts. Customers have been taking money out of their Washington Mutual accounts and since September 16 have withdrawn $16.7 billion from the bank.

Having been a Washington Mutual loyal customer for many years, I like

Washington Mutual friendly policies, its overdraft rebate perks and the friendly staff at my Washington Mutual branch. I don’t want to withdraw money from my Washington Mutual accounts. Yet, many Washington Mutual customers do no agree with this philosophy. Washington Mutual has lost substantial assets since its merger with JP Morgan Chase and is continuing to lose financial assets. Customers prefer to look for a more stable bank to keep their money. With lots of cash on hands former Washington Mutual customers ask, where can I put my money so it is safe?

Today I went to a local Washington Mutual branch and the business seemed to run smoothly just as usual as nothing ever happened. The staff did not seem worried about losing their jobs. Perhaps the distance between that particular Washington Mutual branch located miles from the nearest JP Morgan Chase gave the bank employees some security in their jobs. Do they keep their money in their Washington Mutual accounts? I am not sure what policy Washington Mutual has as far as having their employees open checking accounts for direct deposit.

Personally, when I worked for CitiBank, it was required that employees open a checking account for direct deposits of their paychecks. But what will happen to Washington Mutual customers who are not employed with Washington Mutual but who have their paychecks directly deposited into Washington Mutual checking accounts? How will that affect their accounts and are their accounts with Washington Mutual a safe harbor for their money now that JP Morgan Chase has taken over?