Saturday, September 27, 2008

Washington Mutual

That was my bank, by the way, or one of them. Mostly because they have a branch nearby - I just used the ATM to deposit checks from print sales and to get some cash back and those few places you really need an ATM card (buying gas at Costco). I never kept a whole lot of money there, and the last week or so I'd pulled out some extra cash - my understanding is that the FDIC isn't exactly quick to make accounts whole and it can get kind of awkward to have your money tied up like that.

Luckily JPMorgan Chase bought them up (for pocket change, some lint, and the promise that they'd cover the checking/savings accounts without the FDIC having to do it) and until they get a chance to change the signs it's like nothing happened. Very strange, but that's the nice thing about having cash in a credit crunch - if you're the only ones who can make a deal happen you can get a sweet price.

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