WAMU 1 star rating?

**Aleta** · 08-17-2008, 11:24 AM

I've been watching them as well. I have a CD that comes due on the 22nd of this month and I'm going to take it and run. I was surprized to see this too. They're in the mortgage meltdown mess.

**brig2221** · 08-17-2008, 12:32 PM

I saw the same thing a few days ago. I have a good chunk of money, although less than $100K, sitting in a CD with them that expires tomorrow.

The one star rating does indeed scare me. That said, I am awfully tempted to go another 8-12 months with them. Have you checked their CD rates online? They are paying 4.25% APY for an 8 month online CD, and 4.5% APY for a 12 month CD.

That is real hard to pass up. I am having a hard time finding 4% CD's out there, much less 4.5%. I know my money will be FDIC insured, so I'm not totally freaked about the possibility of a Bank Failure. That said, I would rather not have to deal with when all is said and done, not to mention that if WaMu did fail during the life of the CD, would the interest to paid on it still be honored, or would I only have access to my original opening amount?

**FrugalFish** · 08-17-2008, 12:32 PM

I had wondered about them a few weeks back and looked them up on bankrate- but I was not totally surprised to see the 1 star. We have our main checking account with them, so I started looking at the other banks in our area of SoCal. I was stunned that most of the banks in my area only have 1 star as well. I did manage to find a 3 star, but my mother has an account with that bank and they have some practices that aren't very consumer friendly.

I'd go to an all online checking account, but really want a physical place to drop off a check from time to time- just don't like taking chances with the mail. I'm still not sure what we are going to do, as I'm not depending on WaMu being around forever.

**DayByDay** · 08-17-2008, 01:26 PM

I feel like an idiot asking, but where on Bankrate are the bank ratings? I can't find them. I moved all my accounts to WaMu recently.

**brig2221** · 08-17-2008, 01:31 PM

Bankrate.com -- Safe & Sound (tm): Bankrate's free rating system for banks, thrifts, credit unions

Choose Bank or Credit Union, and then find the Bank of your choice.

**DayByDay** · 08-17-2008, 01:40 PM

Thanks. What's the difference between Washington Mutual Bank and Washington Mutual Bank fsb? One is 5 star, one is 1 star, and they are both listed at wamu.com.

**m3racer** · 08-17-2008, 02:21 PM

I'm really tempted to go with Nationwide or Union Federal Savings Bank. Unfortunately, I can't find any reviews about them.

**Aleta** · 08-17-2008, 04:01 PM

FrugalFish: You might consider going with a credit union where you are. In my area, the community banks are more sound that the regional banks are.

WAMU 1 star rating?