I have a few WaMu accounts, and I just received several emails from them offering me a higher APY (4%) and 'holiday savings starting now' right before I clicked over to HN and saw this post. I've never gotten a promotional email from WaMu before, and then I suddenly get four in one day?! At first I thought it was a phishing scheme, but they're all legit emails.
It also seems like AIG has increased their advertising for certain business units AFTER their recent plummet...
I shudder to think about taxpayer money being used for new marketing campaigns to "bolster confidence."
I actually have their savings account that earns me 4% APY. When I got it I earned 5%, and last month it was at only 3.75%. I'm planning on leaving it there under JPMorgan's rule unless they offer me less.
From my reading (because I can't call it research yet), WaMu's fall was triggered/multiplied by a lot of withdrawals from their customers because of fears that this would happen (chicken/egg). In fact, $19 billion was supposedly withdrawn over the past few weeks, which put them under their loan ratio (banks must maintain a certain cash/loans ratio). Of course it now makes sense that they offer such a great interest rate - they needed the money!
My concern now is what will happen to my interest rate?
It also seems like AIG has increased their advertising for certain business units AFTER their recent plummet...
I shudder to think about taxpayer money being used for new marketing campaigns to "bolster confidence."