Wachovia Bank, FYI

[VyralPandemic]

No, this is not EQ related, but I didnt want it in the freebie post section:

If anyone is currently banking with Wachovia you may want to consider changing institutions in the near future. I got a call from a friend half way up the ladder at Wachovia and was told that they were the next bank to go under. Told me that we should move our accounts. We closed them and moved our accounts this morning. I am not sure how long they have, I didn't ask. Just thought I would throw this out there for the those of you that may use them.
NO your money is not at risk, but it can/will tie it up for a day or so while they make the moves for you, and that can get messy sometimes.

 

[Sadge]

The FDIC insures bank deposits for up to 100K. If you have more than that in the bank, then you may want to look at it, otherwise a "bank going under" won't affect you at all.

It's posts like this though that cause a run on the bank (read: a panic). That's usually when problems occur.

 

[Swazafix]

The FDIC insures bank deposits for up to 100K. If you have more than that in the bank, then you may want to look at it, otherwise a "bank going under" won't affect you at all.

It's posts like this though that cause a run on the bank (read: a panic). That's usually when problems occur.

Wont affect you at all, are you serious?

The last banks that went under left people without cash for days, making them wait in a line as well to get that cash with government assistance.

How does that not affect people? People have bills to pay, so your post is a little silly imo and not really rational.

 

[Sadge]

The reason that happened is because dumb asses who panicked like this ran to the bank and demanded their money.

No bank is going to be able to give everyone all their money back right now. That's what a "run on the bank" is. They are caused by ignorant people who try to withdraw all their money at once.

That's what I said in my post if you had read it. I'll say it again: The FDIC INSURES ALL DEPOSITS UP TO 100,000 DOLLARS. If you have less than that in the bank you are okay. Now if you all read the original post and run to your local Wachovia bank and demand all your money YOU WILL CAUSE A RUN ON THE BANK. That will cause the bank to shut down and YOU WILL NOT GET YOUR MONEY UNTIL THE BANK REOPENS. Exactly like what the poster above me was talking about with the other bank that went under.

 

[VyralPandemic]

WTF ever.

The FDIC insures bank deposits for up to 100K. If you have more than that in the bank, then you may want to look at it, otherwise a "bank going under" won't affect you at all.

A. Some people have more than 100k in the bank. Granted not likely that many are here, but none the less.

It's posts like this though that cause a run on the bank (read: a panic). That's usually when problems occur.

B. Do you really think that my sharing this information with the members here is going to drive the bank under?? Its already on the way down. I love this site, but its not CNN. When Wachovia comes forward with the news some will panic some will stay and let their accounts be acquired by whomever purchases the bank. Hopefully it will not go as poorly as IndyMac, but I am unsure whether this is an acquisition or a failing. I was not able to find out as of yet. Acquisitions go smoothly, failings... not so much.

C. I imagine if it was projected to run smoothly I would not have gotten a phone call. That type of nonchalant crap can be passed on whenever or not at all.

D. Put your money into Wachovia if you want to, not telling anyone what to do. Was just a heads up, no need to panic

-Vyral

*edit* IndyMac closed overnight. there was no run to the bank and grab your loot. One morning it was closed. A day or 2 later they opened the doors with FDIC help and people rushed in and took their money. If it were your money in IndyMac you would likely have been in line.
editd... again
++++++++++++++++++++++++++++++++++
Ok, so I had this looog post about how I was in the right and /rant on and on... then I kept reading and found a post from almost 2 weeks before the collapse.
http://latimesblogs.latimes.com/money_co/2008/06/pasadena-based.html

So ok. This is replacing the second half of my rants.

Still don't think MMOBugs community will bring them down any faster... but eh.

 

[Sadge]

A bank run (also known as a run on the bank) is a type of financial crisis. It is a panic which occurs when a large number of customers of a bank withdraw their deposits because they fear it is, or might become, insolvent.

Don't run your mouth when you don't know what YOU'RE talking about.

You are encouraging people to withdraw their money from Wachovia bank. You are inciting a run on the bank, which is what I've said many many times. You don't think that people who read your post will pass along your "insider information"?

 

[VyralPandemic]

and no.

No,
I still don't think that even with MMOBugs community passing it along is going to cause a ripple in the future events of the bank. It's only considered "inside information" until they come out and say it publicly which likely wont be all that long from now.

And even with my above post/retraction. They did up and close over night, screwing a lot of people for days. I don't much worry how this info will affect a bank that is already going under.

 

[Public]

we live in philly and we changed our banks from wach to comerc now we are with a hometown personal brance. Both of the big ones up here are rip offs. They charge $5.00 for an ATM with draw from anywhere, but they only charge $1.00 fee if you withdraw from their ATM at the bank itself.

 

[Sadge]

No,
I still don't think that even with MMOBugs community passing it along is going to cause a ripple in the future events of the bank. It's only considered "inside information" until they come out and say it publicly which likely wont be all that long from now.

And even with my above post/retraction. They did up and close over night, screwing a lot of people for days. I don't much worry how this info will affect a bank that is already going under.

Ok, so MMOBugs has 14k members. Now, not all of them are subscribers -- so let's call it 10K potential people who could read your post. Of those people, maybe only a few bank at Wachovia or know people who bank at Wachovia. I'm going to say that maybe 1 in 10 would fit in that category which is around 1k people. Now, it could be even less, but it could be more. Either way, it doesn't matter, because ...

There are 2 things you never mess with with people: one is their money. Especially in today's economy, people are VERY concerned about their money. So when you post your "insider info" (which I still put little faith in), people will pay attention and it will get passed along. A lot of people bank in the same places as their families and friends. So they will continue to pass along your "information" and it will continue to spread. Suddenly, your "handful" of people have grown to a large group. From there, I think I've already stated what can happen.

 

[Swazafix]

I am Swazafix and I approve this thread.

 

[OurPlat]

BIG PUSSY, lol

LOL - I wanted to read this thread --- but the big cat! --- Very distracting,


Stoneface

 

[JimJohnson]

MMOBugs more drama then TNT!

 

[Stanley]

This is just partially connected with this thread because it involves Wachovia. I had an account with a bank they bought out and thus wound up with account there. They made a mistake that had them charging me 720.00 in fees to my account and when I showed them their mistake they said they would split it and only charge half the fees. I changed to another bank all my automatic deposits, let the automatic withdrawals continue for a month causing countless 35.00 charges and then started getting phone calls from them. 2-3 times a day (Never answering them for 4 weeks) Then when I did answer I told them what they could do withg their bank and lying cheating employess and told them not to harass me anymore.

So there you have it. I probably am causing that bank to spiral into closure now due to not paying those bank mistake driven charges. Blame me. Maybe someday I might lose some sleep over it, but don't hold your breath. And yes, I could have over 100k in an account but would never do it in a F.D.I.C. bank.

My degree is in Banking and Finance. You can look up on the web and see that the FDIC has 4 trillion insured and only has holding of 5 billlion to cover it. Drop some zeros and that is $5 in holdings for every $4000 insured. Furthermore, the banks and savings and loans that went under in the 80s, did pay the insured funds back, but it only took most of the depositors 20-28 years to get it all back. Happy banking with the Federal Reserve System all. I suggesst finding a good Swiss Bank. They never go under.

/rant off

 

[Sadge]

Ok -- but unless the economy *really* tanks -- what are the chances that all 4 trillion is going to be called on all at once? I'd say that if that was ever the case, we'd have a lot more to worry about than our money.

Wachovia did just settle an 8.5 million dollar lawsuit over securities practices and also announced they were laying some people off because of it, but bankrate still lists Wachovia's strength (on a scale of 1-5 with 1 being the best) as a 2.

I'd say it's much more likely that the "friend" is one of the guys being laid off and is trying to cause problems for the bank.

 

[htw]

Sorry all, locked. It's just going nowhere, flaming, derailed, etc.

htw