Monday, August 15, 2011

Question about where to put my money because of Washington Mutual?

I have a money market account at Washington Mutual. As you probably know since it has been on the news, Washington Mutual has put itself up for sale. Now I know that the money is FDIC insured and yes the amount that I have in the money market account is quite a bit under the FDIC $100,000.00 amount. However, I am thinking of moving the money market account out of there and putting in in another bank. Is there a website that gives the ratings of banks? State Street use to have a rating, but it has been taken off. I believe that Wells Fargo would be a good choice. As of a couple of weeks ago, it had a rating of C. Washington Mutual has a rating of D. Does anyone know of a strong bank that has not gotten themselves involved in the subprime mortgage crisis? Rumor has it that Wells Fargo or maybe Citicorp might buy Washington Mutual. Please do not suggest Wachovia as Wachovia is maybe going to merge with Morgan Stanley. Please suggest any website that might give a rating on banks and in your opinion what would you do. I hope it does not come to what happened to Indy Mac in Pasadena California.

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