Although you never know what may happen, Wachovia is in far better shape than WaMu. They are big and diversified. Yes, they made the huge mistake of acquiring World Savings for its subprime market share, but they are big enough to survive, at least on paper. WaMu, on the other hand, bet heavily on subprime loans (not unlike World Savings) and is not as strong or diversified as Wachovia.

I’d say, as long as your deposits are below the FDIC limit, you should be OK with either one.