Is it normal for WAMU to shutdown their online service during Saturday evening? I just saw an online message on its website

"We'll be back Sunday
Bank early today!
Online store closed 7:00
p.m. Saturday PDT"

Or, does it simply mean FED is closing it down??

chipcollector said:Nah, they are doing some internet maintenance

They gave notice of this yesterday on their website.

Fed hasn't closed 'em down, I was in one of their B&M offices today, opened a
nice 5% CD.

My suspicion is that their comptetition will come out during the week
and match WAMU's 5% APY rate.

About time!

If they do, I will short sell more finance stocks.
Lots of banks are still issuing dividend last quarter. The yield is about 7%.
Why are "SHAREHOLDERS" borrowing money from market at 5~8% and pay themselves at 7%. This is totally ridiculous.

glenatuf said:WildcatTofu said:Lots of banks are still issuing dividend last quarter. The yield is about 7%.

Huh? Yea right, name one bank that's yielding anywhere near that. Furthermore they weren't even yielding that last year when things were good.

We aren't supposed to discuss individual bank stocks here in FWF. There is one currently yielding 8.8%. Yield was >5% last year when stock was at 52week high. They haven't cut dividends yet, but no one knows if they will in the future or not.

mnsweeps said:good rate but 13 months seems longer..i am sure to compete with WAMU other banks may soon start competitive rates for lower term months. I will wait and watch..

I dont think WAMU raised rates because of competition, they need funds to maintain.. I doubt other banks offer such competetive rates atleast for some time.

glenatuf said:WildcatTofu said:Lots of banks are still issuing dividend last quarter. The yield is about 7%.

Huh? Yea right, name one bank that's yielding anywhere near that. Furthermore they weren't even yielding that last year when things were good.

All the data come from finance.google.com

C - 7.06%
BAC - 8.47%
ING - 7.03%
DB - 7.84%
NYB - 6.36%
ASBC - 7.44%

MangoTango said:Damn! I just opened a 12 month CD last week when their rate was 4.50%

Does anyone know if I can immediately close the earlier CD and open a new one this week using the same funds with the 5.00% rate? What will be the penalty involved if any?

Good question. I actually just opened a CD account yesterday @ 4.50% but I haven't funded it yet (I have to verify the two trial deposits for an ACH transfer from my checking account). In this situation, I'm considering delaying funding it until after 7 days and crossing my fingers this rate will remain the same on the 8th day.

WildcatTofu said:All the data come from finance.google.com

C - 7.06%
BAC - 8.47%
ING - 7.03%
DB - 7.84%
NYB - 6.36%
ASBC - 7.44%

OK, ok, I stand corrected, those are all higher than I remember...but a couple of things...

The numbers are bigger now since prices are low and (IMO) the dividend cuts haven't finished yet. Secondly google finance is kinda glitchy when it comes to dividends....E.g. DB shows two dividend payments $4.50 each one 4/30 one 4/29. One of those dates was ex div, one was payout. See here

OK, sorry for going OT

-g

MangoTango said:Damn! I just opened a 12 month CD last week when their rate was 4.50%

Does anyone know if I can immediately close the earlier CD and open a new one this week using the same funds with the 5.00% rate? What will be the penalty involved if any?
Riffling through my papers, it appears that you should pay 180 days interest, irrelevant of whether you've earned any interest. I didn't see anything about an opening grace period.

That said, I was talking to a phone rep yesterday who implied that they would like to roll over a small CD that I have maturing in November to a longer term at the current rate. I forgot to follow up on this, so I don't know what the real deal is.

Someone in the CD discussion thread also mentioned that he had received a renewal notice for a CD maturing in September offering to roll over at the same rate.

Honestly, it's worth trying to get the rate changed. If you have more money to throw in or are willing to take a longer term, I suspect that might help.

Opned online CD for 13 months. Thanks OP

bank0081 said:SantaLink said:Too bad, I just started a 9month 4.25% CD with WAMU at the end of last month.

I just did 4.50% CD for 12 months last week. Oh, well.

FYI, break even point is around 6 weeks. Depending on the amount it might be worth your time to take the penalty and open a new CD.

If opened last week, on a 100K CD you will make ~$420 more. Of course a 10K CD it will be 10 times less and you'll only make $42 more.