This section of the forum is for discussing the business and finance issues of the t-shirt industry. Which business structure to use (sole proprietor, LLC, S Corp, etc), how to handle billing, where to register your business and get the proper licensing, etc.
After hearing that WAMU (Washington Mutual Bank) may fail or be bought, ( more likely to fail ),
We are switching all bank and savings accounts to another bank since if WAMU were to fail at any given time, our business operations would be completely halted.
Is this effecting anyone else and what are you doing to prevent headachs?
I just moved my account to WAMU a couple of months ago. Previously, all my accounts were at US Bank, and the customer service was just awful...constant confusion.
I've heard about WAMU's issues as well. While it does concern me, I've not made any moves yet.
I think that it's more likely that WAMU would get acquired by another bank than fail. In the event that they did fail, the FDIC insurance would cover your money up to $100K.
Because many banks hold funds for one week on new accounts (usually for the first 30 days) I think if I were going to act at this point, what I would do is open a business checking account at another bank, but not close the WAMU account yet. I'd move some of my money to the new account.
This way, if the worst happens, you have an established account, with funds available to use while you wait to get your money from WAMU.
I'm not an accountant, nor am I a financial advisor, this is just what I would do if I were going to act right now.
Unless you are just wanting to change banks, I wouldn't worry much about it. They will be taken over by another bank at the worst and normally the bank that takes it over does a lot to try to retain the customers.
We moved everything to our credit union a few months ago because of a local bank that loaned money to a commercial real estate project with no collateral. Of course they defaulted and the bank went under and was bought up by another bank.
If WAMU is bought by JPMorgan Chase, will the branches of WAMU be "CHASE" or will it still be "WAMU."
What happens to my WAMU Credit Cards & Check Cards? Do they issue new ones from CHASE? Just a lil confused with the situation.
Yes, eventually the acquiring bank will either close or change the branches over to the new name. Likewise, all credit cards will be re-issued under the acquiring banks name too.
I had an account at LaSalle bank who was just bought out by Bank of America. I also have a WAMU account who will probably be taken over by another bank too.
Yes, eventually the acquiring bank will either close or change the branches over to the new name. Likewise, all credit cards will be re-issued under the acquiring banks name too.
I had an account at LaSalle bank who was just bought out by Bank of America. I also have a WAMU account who will probably be taken over by another bank too.
I assume they will be allowed to increase interest rates. On the other hand if they want to keep customers, maybe they won't. If they raise my interest rates I will definitely do a balance transfer with a new bank & cc.
Remember....only a few banks have failed...and most depositors will not suffer a loss if they have less than 100K USD per account..FDIC will pay off...I tend to use local banks that do not have national connections and not one of them has been in trouble...so just relax...enjoy the ride...we can't get away
Anyone switching banks due to bank failure? 
