I got a nice letter from my Credit Union today, notifying me of recent developments. The letter finished up with their reassurance:
I don’t have a bunch of money on deposit; far, far less than the FDIC-insured amount. I don’t think I have anything to worry about…or do I?
The FDIC doesn’t insure credit union deposits.
EVERYBODY PANIC!
Actually, don’t panic. Almost all credit union deposits in the US are insured by the NCUA under similar terms as the FDIC.
Yeah, NCUA. That’s what I meant 
Ten minutes after I started this thread, there was a segment on The News Hour–the pundits all saying there was nothing(?) to worry about. Very soothing, since they’ve been right(?) about the economy all along.
I’m with the pundits on this one, for the most part. If you need to borrow a billion or so dollars to buy another company, then you’ve got problems. Otherwise, you’ll probably be OK.
My question is similar, so I’ll tack it on to this thread. I bank at WaMu; I don’t have enough there to worry about losing it, but I’m wondering: if the bank is taken over, will there be some downtime when my direct debits won’t work and my rent check won’t be cashable? Thinking of switching over to Chase just to avoid any potential complication.
Shouldn’t be any downtime at all. In all the other recent conservatorships, funds have been available via checks, and ATM cards and at branches during normal banking hours. (the slight exception was IndyMac when the lines were so long. That was just people panicking though).
Hmmmmm.