"Your website about change has changed the life of someone in a far, far away place...me, in Egypt! Well done!" -Ghada
Read More Testimonials»

On the Finances Blog

Bankruptcy: The Power of the Clean Slate

It doesn’t take many clicks online to find writing and advice on how to shape up your finances, even First30Days has a great financial advice section found here. There are...

Read More About Bankruptcy: The Power of the Clean Slate»

Our Reducing Debt Experts

Dave Ramsey

Dave Ramsey

Host of "The Dave Ramsey Show" on Fox Business Channel and...

Shared by First30Days View Profile»
Scott Bilker

Scott Bilker

Author and creator of DebtSmart.com

Shared by First30Days View Profile»
Liz  Pulliam Weston

Liz Pulliam Weston

MSN Money columnist and author

Shared by First30Days View Profile»

Meet all of our Finances Experts»

News

The latest news on this change — carefully culled from the world wide web by our change agents. They do the surfing, so you don't have to!

Race of the Conglomerates

Race of the Conglomerates

In a late Thursday night deal brokered by the FDIC, Chase has taken over Washington Mutual's banking operations for $1.9 billion. Not to fear though, according to the FDIC, business will continue as usual for customers come Friday morning. WaMu's shares have plummeted 90% in the last year due to concerns over their large portfolio in subprime loans.

The FDIC said that taking on the WaMu banking operations, like they did for IndyMac Bank, would have placed a serious strain on an already struggling insurance fund. But letting Washington Mutual fall under wasn't an option, as doing so would result in disaster. If WaMu had gone under, it would have dwarfed the largest bank failure in U.S. history - Continental Illinois National Bank in 1984 held assets of $33.6 billion. To compare, WaMu had assets over $309 billion at the end of last quarter.

So, those of you banking with WaMu, what changes have you experienced? Are you concerned about this takeover, or do you feel confident that Chase can handle the business? Are you concerned that Chase and Bank of America are closing in on the competition? [USA Today]

Posted: 9/26/08
cobber

Local banks. Lower fees. The one time a "big national" waved a fee for me didn't quite make up for the time years ago when they stuck it to me fee-wise.

  • By cobber
  • on 10/2/08 7:26 AM EST
stevewhardin

Local banking is a good option but watch how much you have over 100k. If you have under 100k in normal accounts, that is savings or checking you should be safe at any bank because it is insured by the FDIC.

joepierce

Bank local. There's absolutely no advantage whatsoever to banking with a big chain bank unless you're a corporation. Local banks are much more attuned to taking care of regular folks and small businesses.

Karadc

I've noticed a lot of people dislike BofA. Why is that? It makes me nervous but they haven't done anything to me so far...(knock on wood).

  • By Karadc
  • on 9/26/08 5:09 PM EST
bstarr

I'm a WaMu customer. I hear there is no change. I haven't been to the bank, but I'm going to assume all is well. I'm not a huge fan of Chase (they nickle and dime you with fees) and BofA is my least favorite. Evil is the word, I think, so I'm going to have to go bank shopping. I dread changing everything over, but it has to be done!

  • By bstarr
  • on 9/26/08 5:07 PM EST