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.

dont worry..WAMU will close way before your maturity and FDIC will allow you to take more out without penalty..

For the sake of AOR Balance Transfers, would this be a safe option? I was thinking that if WAMU were to go under, would there be any issue with redemption of the CD once the term is up. I'm just worried that if I were to do a balance transfer to a CD that I may not get the money back in time to pay off my credit issuer.

zxx7x said:This might be a basic question, but if you have the Free Checking account, Online Savings and Online CD at WAMU do all 3 accounts have 100k in FDIC insurance each? It's not 100K total is it? Thank you.Only if they're from different banks. Also one thing some people may not know but the "ultimate savings", "e-savings" and "ultimate money" accounts from citibank are money-market accounts and so technically aren't suppose to be FDIC insured.

Open account in the name of Joe Nobody at Citibank, FDIC insured to $100,000
Open another account in the name of Joe Nobody at citibank, NOT FDIC insured to $100,000.
Open joint account in the name of Joe Nobody and Jane Doe at citibank, FDIC insured to $100,000.
Open account in the name of Jane Doe at Citibank, FDIC insured to $100,000.
Open account in the name of Joe Nobody at JP Morgan Chase, FDIC insured to $100,000.
etc.
etc.

goku2 said:Also one thing some people may not know but the "ultimate savings", "e-savings" and "ultimate money" accounts from citibank are money-market accounts and so technically aren't suppose to be FDIC insured.


Open account in the name of Joe Nobody at Citibank, FDIC insured to $100,000
Open another account in the name of Joe Nobody at citibank, NOT FDIC insured to $100,000.
Open joint account in the name of Joe Nobody and Jane Doe at citibank, FDIC insured to $100,000.
Open account in the name of Jane Doe at Citibank, FDIC insured to $100,000.
Open account in the name of Joe Nobody at JP Morgan Chase, FDIC insured to $100,000.
etc.
etc.

Those accounts from Citibank that you listed are savings accounts, not money-market accounts. They ARE FDIC insured. They are not money market accounts even though they have the word money in the title.

Also, your examples listed are wrong. The joint account (with two names) is insured up to $200,000 ($100k per person) provided they have no other joint accounts at Citibank. Read the FDIC website for more information.

zxx7x said:This might be a basic question, but if you have the Free Checking account, Online Savings and Online CD at WAMU do all 3 accounts have 100k in FDIC insurance each? It's not 100K total is it? Thank you.

100k max combined if only you are account holder in each.

goku2 said:sushiosushi said:goku2 said:Also one thing some people may not know but the "ultimate savings", "e-savings" and "ultimate money" accounts from citibank are money-market accounts and so technically aren't suppose to be FDIC insured.


Open account in the name of Joe Nobody at Citibank, FDIC insured to $100,000
Open another account in the name of Joe Nobody at citibank, NOT FDIC insured to $100,000.
Open joint account in the name of Joe Nobody and Jane Doe at citibank, FDIC insured to $100,000.
Open account in the name of Jane Doe at Citibank, FDIC insured to $100,000.
Open account in the name of Joe Nobody at JP Morgan Chase, FDIC insured to $100,000.
etc.
etc.

Those accounts from Citibank that you listed are savings accounts, not money-market accounts. They ARE FDIC insured. They are not money market accounts even though they have the word money in the title.

Also, your examples listed are wrong. The joint account (with two names) is insured up to $200,000 ($100k per person) provided they have no other joint accounts at Citibank. Read the FDIC website for more information.

Go to any branch, ask them to look up your accounts and then look at their screens. It will say on there "money market", I know because I did it myself. It may actually not be a money market account but the way citi looks at it internally, it's a money market account.

"You can lead a horse to water, but you cannot make him drink."

I agree whole-heartedly that it will say this. But a money market account is a type of deposit account that is insured if it is at an FDIC-insured bank. That differs from a money market mutual fund which is not insured. It is unfortunate that banks borrowed the term "money market" from the mutual fund industry to advertise some of their accounts, because it leads to this kind of confusion, but we are stuck with it.

sechs said: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.
Taking my own advice, I called in and got WAMU to close the CD that I opened last week, only losing the interest which I would have otherwise earned. I'll open a CD with the money at the higher rate later.

This may be a special situation in that this was a CD that I had rolled over. Even the phone rep was surprised that there was no apparent penalty. However, if this is your situation, it's definitely worth a shot.

delete

With these online CDs, does WAMU still do a hard pull on your credit report if you're an existing customer funding from another WAMU account?

jdopple said:Hmmm, got a bunch of irrelevant questions and an Under review.

I tried to open one too, and got the message that my application was under review.

After looking at the info I filled out, I noticed that my driver's license state was pre-filled in with the wrong state.

I sent a secure message and was told that they can not change the info that was already put on the application, and that the app. would fail with the incorrect license state.

I was told to IMMEDITALY fill out another application with the correct information, because if I were to wait to receive an email, telling me the app. has failed, I would be locked out from applying again for 7 days.