WASHINGTON MUTUAL (WAMU) folds! (loan, interest rate, credit card, fees)
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Besides, everyone saw this one coming.... there have been threads about it for months. WAMU had a huge stake in subprime through their Long Beach Financial division and they dove heavily into Option ARMs as well.
Their deposits are FDIC insured, but there won't be any tapping into the funds anyways because Chase has taken over all of them. No need to worry about your money there or anything.
Worrying about the Option ARM mortgages they have and the homeowners.... that is a different matter. Hopefully they will follow Wachovias and Bank Uniteds lead. They are trying to aggresively refinance these loans... not sure how well it will work as many are upside down or unable to make a fully amortizing payment, but at least they are trying to be proactive.
Just curious - if I have a credit card balance with them that I could pay off, is it better to do it now or wait? I am not incurring any interest as it is throuhg a promotion where I have no interest til February, so I could pay it off, but have been letting my money collect interest and was going to pay off in December. (I've of course been making the minimum payment all along, but since it was essentially an interest free loan I wasn't rushing).
Just curious - if I have a credit card balance with them that I could pay off, is it better to do it now or wait? I am not incurring any interest as it is throuhg a promotion where I have no interest til February, so I could pay it off, but have been letting my money collect interest and was going to pay off in December. (I've of course been making the minimum payment all along, but since it was essentially an interest free loan I wasn't rushing).
Won't make a difference. Your credit card will eventually get transferred and you will get a Chase branded card in the mail. Any offers you have should be left the same, such as promotional 0% rates.
The new interest rate on purchases, fees and rewards programs might change however. Read the fine print when they send you the new disclosures.
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