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Laura Vecsey
Seattle People Examiner
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When Your 'Neighborhood' Bank is Imploding
It finally dawned on me that I ought to trundle down to the bank and pose some tough questions to my local WaMu branch employees, pity their souls. No wonder they had all adopted the million-mile stare of financial-market zombies these past few months. Ship going down!The epiphany that the mortgage crisis and house-of-cards economy might actually directly impact m
e came when Washington Mutual shareholders circled and ranted at WaMu CEO Kerry Killinger, pictured right. There was a mini-French Revolution here in Seattle this week, with Benaroya Hall serving as the Bastille.
Hmmm. I have money at WaMu. And, what about my equity line? There's been talk that banks like WaMu have been shutting down equity lines, reining in the amount of credit they're liable to service to customers.
Forgetting the fact that on numerous occasions WaMu held large deposits for upwards of two weeks, waiting for "funds to clear" and therefore forcing me to borrow from my own equity line to cover checks, I still had not gotten worked up enough to momentum to switch banks. Is it time?
So I asked "my banker," who we'll call Ethan -- a very earnest young man probably making just enough money to buy gas for the drive over to Magnolia -- whether my equity line was still good to go. I have a new garage door and window set for installation and, well ...
Ethan, bless his soul, said he wasn't completely certain, but from what he was told, his bank was not shutting down equity line accounts if the accounts were active. What the bank(s) were doing was closing down equity lines that were untapped.
Phew. After covering my own checks because WaMu could not clear my deposits fast enough, I had indeed been using my equity line! I was "safe," according to my "neighborhood" bank. Thanks to Ethan, I feel so much better. I think.
Topics: WaMu , Mortgage Crisis , Magnolia , Seattle
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