Oh no, not again
What are the chances of your checking account bank being forced out of business and the bank that you choose to replace it goes out of business as well in almost exactly a year later? My choice of banks so far has not been good. Last year, my online checking account bank Netbank was forced out of business by the FDIC. I transferred all my asset from Netbank to WaMu, a local bank in Seattle. It was a pain in the ass to get everything set up again on WaMu. I had to update my former employer’s HR so that they know where to send the next paycheck. I also had to set up all my online bill payment.
I just found out a few hours ago that WaMu, where i currently have my checking account, has just been shutdown by the FDIC. The subprime defaults has claimed its second victim that is related to me. WaMu’s assets have been acquired by JP Morgan. It is very likely that i will soon have a JP Morgan checking account and i will have to redo all my online bill payment again. This sucks!
I have just received an email from WaMu with the subject “WaMu News: The holidays start today”. The email claimed that they “have plenty of ways to kick your holiday savings into gear.” Eh..no they don’t!