Washington Mutual crisis

I know LOTS of people were pulling out their money from them but did anyone actually leave the account opened?


My parents have WaMu and from what I read online, they were just closed by the government and sold to JPMorgan Chase. What does it mean to the customers. Did any of you WaMu customers receive any letters? My parents are worried and honestly I have no idea since I work and bank with another bank.

Posted on September 25, 2008 at 6:22 pm
blackteddybear
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09/27/2009
blackteddybear

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(16) Comments

jess143
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09/19/2009
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 i have a wamu account from high school...zero balance, I havent received anything, actually completely forgot I had it!!

Posted on September 25, 2008 at 6:24 pm
caribear
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05/18/2008
caribear

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I used to work for WaMu and was talking to an ex-co-worker today.  As of right now nothing is changing.  From what they understand and from my experience it will be handled similar to any other merger.  So the main thing changing is that eventually your parents accounts, debit cards, checks etc will be JP Morgan Chase.  This was a great move for JP Morgan because they don't have any branches on the west coast, so now they are an instant bank out here. 

Posted on September 25, 2008 at 8:26 pm
caribear
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05/18/2008
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I just found this and thought it would be helpful to WaMu customers... http://www.chase.com/welcomewamu/

Posted on September 25, 2008 at 9:39 pm
d1rtymart1n1
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12/04/2009
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well i hope the customer service is better...


it's a great move for JPMC who will now have a presence on the west coast...


i worked at WaMu when it acquired Home Savings and American Savings Bank, back in the 90s.


the changes will be subtle and done over time so not to "shock" current customers who were "loyal" to the other bank...


m&a happen all the time - tell your parents it will be ok... in time their statements, cards etc will change and instead of WaMu logo, etc it will be "re-branded" to JPMC


but bring your patience to the bank - from an operations standpoint, if they are going to be using a idfferent operations platform, it may take some time for the employees to get used to...

Posted on September 25, 2008 at 10:50 pm
AMiller
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09/13/2008
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thanks Cari! I have a cc with WaMu but I bank with Wachovia

Posted on September 26, 2008 at 12:05 am
married2mrwright
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09/29/2007
married2mrwright

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I just saw on CNN that all of your money is safe if you bank with WAMU.  Account numbers will be the same, etc.  If you log onto www.wamu.com you'll get all the information you need.

Posted on September 26, 2008 at 12:17 am
champagnecholly
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09/19/2008
champagnecholly

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Everything will just transfer over. I used to work at Lehman, haha when it existed and the share price was above 50! And I retired early before the squall which everyone knew was coming. Anyways, when a bank, or bank unit, is purchased everything in their name is moved over so you have nothing to worry about on that front. By the bye, the consolidation is criminal. Pretty soon it will be just the "Bank" but people are too acquiescent to know any better now.... oh well!

Posted on September 26, 2008 at 2:23 am
jackieg
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04/17/2009
jackieg

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Yes....do not panic....taking money out only causes more of a problem for banks/financial industry....it's business as usual, and you will be notified by the [new] bank of any changes.

Posted on September 26, 2008 at 2:33 am
d1rtymart1n1
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d1rtymart1n1

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yeah... dont move the money - it's already gonna be reported on their balance sheet! hahahaa

Posted on September 26, 2008 at 2:36 am
Paddysgirl
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10/05/2008
Paddysgirl

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Oh thank you girls. Just the info I was looking for!


 


Blessings.

Posted on September 26, 2008 at 5:53 am
caribear
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Champ~I was saying that to DH the other day about it becoming one bank soon and there won't be the choices and that is scarier than anything.  But of course, everyone is looking at the immediate problem and not the long term.  If you ask me, that is what got WaMu in the position it was in.  I saw this coming more than 2 years ago.  The changes CEO made changed the bank and we all saw the downfall coming.  Oh well.  I have friends that moved to San Antonio (that is why I lost my job, they moved our dept) last year, and now they could all be looking at not having a job.  DH and I almost moved, so glad we didn't.

Posted on September 26, 2008 at 6:54 am
megegers
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01/09/2010
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Exactly what everyone else is saying. The money is secured, business is as usual. Pulling out money will further lead to panic and cause even more problems. The only thing that is changing is that JP Morgan & Chase will assume all debts.

Posted on September 26, 2008 at 6:57 am
d1rtymart1n1
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i thought it was an asset sale only??

Posted on September 26, 2008 at 7:02 am
blackteddybear
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09/27/2009
blackteddybear

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Really, I though Wamu's downfall was due to the all the bad mortgages they underwrote.

Posted on September 26, 2008 at 10:14 am
blackteddybear
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09/27/2009
blackteddybear

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Anyway I just told my parents that according to the media, everything will resume as normal but the only difference is their bank's name will now be Chase and they'll probably get new debit cards in the mail that says Chase. Plus if they decide to go to the East Coast, they'll have TONS of branches and ATMS to go to. *shrug*


But at least their account numbers will remain the same so no switching direct deposits and all that other headache that comes along with changing your account number.

Posted on September 26, 2008 at 10:16 am
meghanwood
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09/12/2009
meghanwood

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Your deposits are covered by the FDIC.  (You want to make sure your bank is a member of FDIC, or Federal Deposit Insurance Corp.) This organization helps protect account holders by backing up to $100,000 in each account at a bank. If you have money at a bank, it's in your best interest to make sure it is an FDIC member.o do this, go to www.fdic.gov. Click on the "bank find" link on the right-hand side of the page under "Consumer Resources


Many people today have multiple accounts at the same bank. If this describes you, it is important to remember that the FDIC's insurance limit is not a "per person or per depositor" amount. It is also not a "per account" limit. Instead, it is "per depositor per TYPE of account."


Four types of accounts are eligible for FDIC insurance, the maximum dollar limit for each type being:



Single ownership accounts — $100,000 per depositor. This is sum of all checking accounts, savings accounts, CDs, etc., owned by the depositor.


Joint ownership accounts — $100,000 per depositor. This is sum of all checking accounts, savings accounts, CDs, etc., owned jointly by a depositor.


Certain retirement accounts — $250,000 per depositor. This is sum of all eligible retirement accounts, such as IRA and self-directed Keogh plans.


Testamentary (revocable trust) account — $100,000 per beneficiary named for each account, with the amount held in the account being paid out to the beneficiary upon the depositor's death, usually to one of the depositor's children.


 


*FDIC insurance does not cover insurance policies, annuities, stocks, bonds, mutual funds, and similar types of investments purchased through a financial institution, regardless of whether you own them directly, through a retirement plan, or through a trust. FDIC insurance also does not cover the contents of safe deposit boxes; ask your insurance agent if your homeowners or renters insurance policy covers your safe deposit box for loss due to theft or damage.


 


I hope I did not put you all to sleep!!!!


Posted on September 26, 2008 at 1:30 pm

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