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My bank failed!

February 9th, 2010 at 09:36 pm

I got two letters in the mail yesterday (two accounts) telling me that my bank had failed and had been taken over. No one lost any money.
I am glad they raised the limit on the fdic insurance because I was over the old amount. Both of my accounts are c.d.'s, so I will just write to them and tell them I wish to keep the c.d.'s there.
I made it thru one week of no eating out challenge with 7 points, so that is $7 I will add to the challenge money.
Previous total $2507.00
today 7.00
new total $2514.00

5 Responses to “My bank failed!”

  1. baselle Says:

    A former WaMu-er feels your pain. Keep an extra eye out on your CDs. You won't lose any money, but the interest rate might change quickly on them ... the bank has to notify you about it, but it can be a surprise.

    To get an idea of what you can expect:
    Text is and Link is

  2. boomeyers Says:

    Wow! How scary! So you feel okay leaving your money there?

  3. Ima saver Says:

    Yes, I feel ok leaving the money there, but I read the fine print and they can change the rate. I am getting 4% for another year, and I am afraid they will lower that a lot.

  4. disneysteve Says:

    Julie, they can definitely change the CD rates. That happened to my mom a month or so ago when her bank got taken over. The rate dropped A LOT so she took the money out and moved it elsewhere.

  5. frugaltexan75 Says:

    Ouch! Sorry to hear that.

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