Washington Mutual, also known as WaMu, recently reported a $3.33 billion dollar loss.  To some this may not worry you but to others who look at it they see WaMu as the largest U.S. Savings and Loan.  When the largest reports a billion dollar loss or more some start trembling who carry over $100,000 in their accounts.

Most of us do not have the problem (or luxury) of carrying over $100,000 in an account at once but if you are saving for retirement you may find that you could have some over that FDIC insured amount.  My words for you are that you should move that money that is over $100,000 into another bank that is not owned under the same companies umbrella.

I doubt that WaMu goes completely under but we never know.  I had an account with Netbank in 2007 that got taken over by the FDIC and all assets moved over to ING Direct.  I could have lost money out of that deal.

Recently, Indy Mac bank which is a huge bank in California went under without any warning and it was not even on the list of banks on the government’s watch list.  People stood in lines to get their money back who were worried about their deposits.  Reps from the FDIC claim that there has never been anyone who lost money in a FDIC regulated bank according to SFGate.com.  I would not trust that judgement when it comes to my retirement money.

Indy Mac is currently being ran by the FDIC until the assets are sold to another bank.  I went to IndyMacBank.com today and noticed they are offering money market accounts with a 50,000 minimum for 3.70% APY.  Sorry, but I am not a crazy person to put money into a bank that has been shut down even if the government is running the bank.

Is your bank account safe?  Well, if you keep under 100k in your account you should be fine and under 250k on IRA accounts.

Are you banking at a risky bank?  There are too many to name right now.  Even the banks under the Citibank umbrella do not look too healthy, WaMu, Wachovia, all have a lot of mortgage risk.  They will all most likely survive.  It will most likely be the banks that are smaller that will be taken over but not fail completely.

I am beginning to wonder if the U.S. Dollar will be in existance in a few years.  All of this talk about the Amero currency.  Who knows what will happen next.