whats does this new wacovia selling mean?

United States
September 29, 2008 12:17pm CST
Can anyone lay this out to me in terms I can understand? I belong to this bank and have no idea what is going to happen to my account.
1 person likes this
2 responses
@owlwings (40132)
• Cambridge, England
29 Sep 08
The best thing to do is to call the bank. It is almost certain that your account is safe if it is a checking or savings account. The problem that all these banks are having is related to money which has been loaned for mortgages and so on. Usually banks have separate departments for different activities and, even if your account is moved to another bank, your money will be safe. I am sure that you will get a letter in the next few days explaining what will happen.
1 person likes this
• United States
29 Sep 08
whew thanks yeah , my stomach went into little knots . saving for so long and all that , if I think my money is trouble I start to sweat a bit.
@owlwings (40132)
• Cambridge, England
30 Sep 08
I do hope it all sorts itself out soon. There must be many people feeling the same way you do but I do believe that, especially with the larger banks, there are mechanisms in place to protect their customers, especially those with savings. You might like to watch the various news broadcasts such as this: http://cosmos.bcst.yahoo.com/up/player/popup/?rn=3906861&cl=9931410&ch=4227541&src=news Wacovia is just one of the banks that took on more lending than it could afford and it now has to look for funding to support it. It seems that we are better organised than we were in 1929 and that different areas may be better 'segmented'. You may not be able to expect as much return (interest) on your savings in the next few years but I don't believe that all of a bank's assets (which includes your personal savings) are likely to be at risk as they might have been 80 years ago. I'm not a financier and don't pretend to understand a great deal of this financial mess but I have been looking at what people are saying (and not just the politicians, who are desparate, of course, that we don't panic and vote for the 'right' party!) and, though I think that this crisis is going to have a knock-on effect which will touch us all in the next year or so, I feel fairly confident that people with savings and ordinary checking accounts with big banks like Wacovia and WaMu won't suddenly find that they are worth nothing. It would probably be worth your while calling your bank, if you want, to set your mind at rest. I would hope, in any case, that they will be issuing a statement to their customers in the next few days, when they themselves know how it is looking.
1 person likes this
• United States
30 Sep 08
yeah I am going to call tomorrow and talk to my representative . For the last few years wac has treated me very well even after I had my account wiped out . They did an extensive investigation for me and help me a lot . I have not had a good experience with another bank and I hate to see this go . Thank you so much for helping me here , you have brought a lot information to chew on.
@dragon54u (31663)
• United States
30 Sep 08
From what I hear, nothing will really change with the takeover. It's scary how many banks are going under, though. If we ran our budgets like the banks and the government do, we'd all be homeless and starving!