Should you take your money out of WaMu?


I live in Portland, Oregon, and a lot of my friends have accounts with Washington Mutual, given its roots in the Pacific Northwest (WaMu was founded in Seattle over 100 years ago). Most of my loved ones' accounts aren't anywhere close to FDIC limits. But I've been getting the question almost every day: Should I take my money out of WaMu?

[Update, September 25, 10:30 p.m.: Tonight's takeover of Washington Mutual by J.P. Morgan may negate this advice; tellingly, $16.7 billion of your deposits were taken out in the past 10 days.]