Nanny Adventures

So everyone most likely knows that in the past 2 weeks the banking economy has kinda of gone crazy.  Well I have to say that my money was in WAMU in their online savings account (3.93% interest right now) and my daily money is in Wachovia.  I have an IRA with a local credit union, but I still have my trusty NC credit union.  

I was joking last week to my brother, that I was keeping my money in WAMU because they needed it.  Then we started discussing how that with the failures of Lehman Brothers etc that people got scared and started pulling their money out of banks.  This hurt WAMU greatly which caused their collapse. It is sad that they have 6000 branchs mainly on the west coast,  because that means people could be losing their jobs.

So today I wake up finding out that now Wachovia is being absorbed by Citigroup.  I find this funny because I just a new box of checks. The old one last like 3 years. I was at First Union but they were bought by Wachovia.   It took me atleast 1.5 years to get rid of all my First Union checks.  So now the question is when will I write that last Wachovia check?

This is having people panic about the banking economy. I have faith, rather blind faith that it will be worked out.  My money is FDIC insured and protected. I have access to different levels of money through the 4 banks/credit unions I have.  I have atleast one credit card for an emergency if need be.

I still encourage people to have a savings account, IRA and diversify their money across the boards. (sure 100 bucks can be under your matteress but not more please)  There are some great deals out there for online savings account. I mean WAMU is at 3.93% as of today when I just checked my account balance. So jump in and make sure your money is working for you still.