How much trouble is Wachovia in

User Forum Topic
Submitted by bubba99 on December 11, 2007 - 1:15am

I have a CD coming due tomorrow, and I tried to renew it today.
But no one at the bank would commit to tomorrows rate, so I decided to withdraw my money tomorrow in cash. I tried to order the cash for delivery the next day and Wachovia said any amount over $1000.00 would take a week to deliver. Do they really need the float for an entire week?

I tried to confirm the delivery for next Monday, and the teller sent me to the "Head Teller" who ignored me for 20 minutes. I tried talking to the Bank Manager, but she was too busy trying to sell B.S. non-insured investments to really old people.

After an hour I ended up leaving with nothing resolved. Can Wachovvia be in so much trouble that they cannot handle a cash transaction? I have had banks in the past delay delivery till the next day, but the next week? We are talking less than a hundred k. They offered a bank draft, but they get 5 days float out of that also.

Granted I was asking for them to pay in cash, but they are supposed to be a bank. You know the bank that opens up on Sunday to get the guys sons passport out of the vault.

I will try again tomorrow - hope they don’t go bankrupt before I can get real US dollars, such as they are.

Bubba

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Stay below the insurance
Submitted by flu on December 11, 2007 - 2:31am.

Stay below the insurance limits, and you should be fine. I posted information about FDIC before. The limits vary depending on the type of accounts. You will have a higher limit if you have a joint account or the account is a trust account with multiple beneficiaries of the trust....especially if you have a living trust.

that's right, your money is
Submitted by 4plexowner on December 11, 2007 - 6:33am.

that's right, your money is insured by FDIC - you just can't have it

Bubba: where are you moving
Submitted by condogrrl on December 11, 2007 - 6:41am.

Bubba: where are you moving your money to? I've got a cd maturing at Wachovia in a couple of weeks. I'm thinking LJ Bank or SD National Bank.

Online banks that are FDIC
Submitted by HLS on December 11, 2007 - 8:18am.

Online banks that are FDIC insured still pay the best rates. There are 7 banks that pay at least 5% APY for liquid money, bit more for CD's.

If/When FDIC steps in, funds have been available the NEXT business day,without delay.

Rates could drop today with a FED drop. The desperate are paying more than anyone else, and the FDIC is allowing it.

Bubba,you said: "They offered a bank draft, but they get 5 days float out of that also" so what...

If you deposit that draft into any normal bank, you should get credited THAT DAY and start collecting interest, even if the funds haven't been released.What's wrong with that ?

Standard banking practice -
Submitted by RatherOpinionated on December 11, 2007 - 12:57pm.

Standard banking practice - nothing against Wachovia specifically. That's just how it works. Patriot Act makes these types of requests take longer.

The Patriot Act = "Disaster
Submitted by paramount on December 11, 2007 - 10:45pm.

The Patriot Act = "Disaster Democracy"

SDCCU has ok rates but
Submitted by nostradamus on December 12, 2007 - 11:13am.

SDCCU has ok rates but please post the rates you find so we can all open new CD's.

Any updates on Wachovia? I
Submitted by bsrsharma on June 28, 2008 - 7:34pm.

Any updates on Wachovia?

I have an IRA with A.G.Edwards that was taken over by Wachovia. I know WB is neck deep in mortgage mess and sinking; should I be worried about it going under? Cramer wrote recently that GM, Citigroup, Wachovia, Wamu are all pretty much done.

http://www.thestreet.com/_yahoo/newsanal...

http://www.thestreet.com/_yahoo/newsanal...

I am told from an
Submitted by Raybyrnes on June 28, 2008 - 7:43pm.

I am told from an institutional MBS person that they are going to a dollar. Closed my Position on Wamu based on his advise. Suggested that NEW century mortgage was caput 3 weeks before it collapsed. Reccommended ROSE at 15$ based on FPA capital's Bob Rodriguez advice. It has steadily gone up. I would be less worried about my CD's as opposed to if I had stock ownership.

I have a money market fund
Submitted by LA_Renter on June 28, 2008 - 8:04pm.

I have a money market fund that I use as checking with Wachovia, it was originally with Prudential. I know that CD's are FDIC insured, I am a little unclear about a money market fund. Would this be a good time to make a move here? Anybody in the know.

delete
Submitted by LA_Renter on June 28, 2008 - 8:05pm.

delete

Unless stated so clearly,
Submitted by bsrsharma on June 28, 2008 - 8:42pm.

Unless stated so clearly, most money market funds are not FDIC insured. However, it may be covered by SIPC.

See http://www.sipc.org/how/covers.cfm

I think my IRA would be protected by SIPC; but don't want to test it! In case of massive failure, I don't know how well SIPC can hold up. At least FDIC is taxpayer backed.

FPA Capital holds 9% of ROSE,
Submitted by equalizer on June 28, 2008 - 9:46pm.

FPA Capital holds 9% of ROSE, that pretty amazing considering that my pal Bob had 40% of fund in cash as of a few months ago!

Rayb: What is going to a dollar?

Asked where my friend where
Submitted by Raybyrnes on June 28, 2008 - 11:32pm.

Asked where my friend where he saw Wamu. Said he saw it going to a dollar. Put wachovia and a few other large banks in the same mix. Has called the entire financial system a Legalized Ponzi Scheme. His words not mine. He has been very accurate with his calls. Guess it helps when you are seeing first hand what institutional investors are willing to pay for debt.