Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am very suspicious why the fed always gets the Morgan bank involved. Is there some kind of "inside connection" here?
YES. When Blanchard (gold bullion dealer) sued Barrick Gold a couple years ago for manipulating the gold price, Barrick named JPM as a counter-party and claimed immunity based on national security. So there you have it - JPM is the gov'ts lapdog.
I also think the timing on this stinks. Rush - hurry up - pass the bailout or we go under - scare everyone...as soon as the bailout is passed, JPM takes WAMU and screws all their shareholders.
No wonder Paulson wanted immunity from legal "review"!
Nor'Eastah, I think you must have missed the other late night/early morning story, that being apparently a GENERAL AGREEMENT amongst our so-called representatives in Congress on passage of the bailout was in fact NOT reached.
As of this morning, with the Fed takover of WAMU, do you think that Washington Mutual will be renamed to Washington DC Mutual? WAMU = DCMU. The stock market is gonna crash today.
it's actually a very sad day, this is a 120 year old company, and a perfectly good company that has been run into the ground by the incredible personal GREED of the few people that ran it in the last few years. I wish these people are held accountable, unfortunately they will leave with their golden parachutes!
Don't forget greedy realtors that took out ARMs for the many properties they purchased in the hopes of future profits.
Im so happy for WAMU. It couldnt have happened to a nicer bunch of A$%^&*^& holes.
When you treat your customers like cattle and allow scammers access to your accounts to just take your money and not reimburse your depositors for the stolen money, they deserve what they got.
When your 18YO daughter gets attacked inside the ATM lobby and has her money stolen and is beat up, and the whole attack is on video, and WAMU does not reimburse the money and refuses to have the attack investigated, then I am real happy to see WAMU go down the toilet. Too bad the CEO in charge will come out a winner as usual.
But society as a whole will be a better place without the likes of that bank littering our business climate.
Good riddance to them and all the robots that work there.
I think WaMu's failure may have had something to do with that ad campaign involving the group of old, stodgy bankers. You can't run ads like that without some repercussions!
Wasn't WaMu also one of the leaders in advertising home loans for people without social security numbers (i.e. illegal immigrants)?
Q. What will happen to my account at WaMu? And to my branch?
A. It's business as usual. As of September 25, 2008, JPMorgan Chase has assumed the deposit and loan accounts, and all branches, of Washington Mutual. You can continue to access your accounts just the way you've accessed them in the past: use your same branch, same debit, credit and ATM cards, same checks.
Q. Is my money safe?
A. Yes; in addition to FDIC insurance, now you're assured your bank is backed by the strength and security of JPMorgan Chase. If you have money in both banks, your deposits have separate FDIC insurance for up to six months. Come see us and we can help you review your coverage.
Q. What if I have more than $100,000 at WaMu?
A. Your money is secure and now protected by the strength of Chase. Chase assumed all deposits of Washington Mutual.
Q. When can I bank at Chase branches in my area?
A. We'll be working hard to combine systems as quickly as possible so you can begin to enjoy expanded branch convenience in your area, and we expect system changes to begin late next year. We'll let you know in advance of any changes; in the meantime, simply continue to bank at WaMu branches as you do today.
Q. Do my direct deposit, automated payments and transfers remain the same?
A. Yes. These services all continue for you without interruption or action on your part.
Q. Where do I send my credit card and loan payments?
A. There is no change in how or where you make payments; payment instructions and addresses remain unchanged.
Q. I have a Chase credit card, car loan, and mortgage. Can I make payments at a WaMu branch now?
A. Not yet! We'll let you know when you can make Chase credit card, car loan, mortgage or other loan payments at WaMu branches, or vice versa.
Q. I have deposit accounts at both WaMu and Chase. Are both of my accounts insured?
A. Yes! Your deposits are insured separately today just as they were yesterday, and generally will be for another six months. At that time, your deposits will be insured by the FDIC for up to $100,000 per depositor (with an additional $250,000 for self-directed retirement accounts), and will continue to be backed by the strength and security of JPMorgan Chase.
Q. I'm a small business owner. What will change for my business?
A. Immediately, no change at all – bank just as you do today. As our systems merge, we look forward to bringing you innovative services ranging from online invoicing to convenient ways to help you manage your cash flow. Chase is a national leader in business banking services, and is the nation's #1 SBA lender.
Q. I have a relationship with the WaMu Commercial Group. What will change for my business?
A. Immediately, no change at all - work with the Commercial Group just as you do today. As our systems merge, we look forward to bringing you innovative services. Chase is a national leader in commercial lending and cash management solutions.
Im so happy for WAMU. It couldnt have happened to a nicer bunch of A$%^&*^& holes.
Good riddance to them and all the robots that work there.
AGREED!!
What an absolutely horrid business they were to deal with!
My daughter has an account at one that was opened at an old Cal Fed. Worst bank I've ever seen. Been telling her to get out of there for years.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
FAQ on JPM and WAMU
