Wow, Washington Mutual (WaMu) sold of to JP Morgan Chase Bank

@sedel1027 (17851)
United States
September 26, 2008 8:07am CST
I was shocked when I read this headline. I always thought that Washington Mutual was one of the strongest banks in the US. Now they are just part of the huge Chase "happy" family. The Federal Deposit Insurance Corp. seized WaMu on Thursday, and then sold the thrift's banking assets to JPMorgan Chase & Co. for $1.9 billion. http://www.foxnews.com/story/0,2933,428264,00.html
2 people like this
3 responses
• United States
27 Sep 08
Well, if you go to the Chase website at http://chase.com/welcomewamu they tell you what to expect. For responder 2, I think your credit cards should be fine for now. I don't know what'll happen with that after they change Wamu over to Chase though. It says that your Wamu deposits will continue to be insured seperately by the FDIC "and generally will befor another six months." After that Wami will become Chase. When that happens i think if you have over $100,000 in your Wamu account and you already deposits in Chase then you might be over the amount you are insured for by the FDIC. That's my assumption though and I'm no accountant so don't take my word on that. Try finding out for yourself. I would advise people to spread their money out between FDIC insured banks if they have more than $100,000 because if God forbid something happens to one of your banks and you have over $100,000 you might not be able to get more than that back. You can lose the rest of your money.
• United States
27 Sep 08
wamu* you already have deposits* Sorry about the errors in my post. I was rushing to get it sent through because I typed up my response twice and lost it twice because my internet connection dropped, I hate it when that happens.
• United States
27 Sep 08
is that going to affect the credit cards any? i have two through them
@sedel1027 (17851)
• United States
27 Sep 08
Probably. I am not sure though. Normally banks take about a year to change everything over when they are bought out. A lot of the changes will depend if WaMu actually get to keep their name. We had BankOne and they were bought out by Chase a few years ago. There were some changes but overall we got a good deal.
@suspenseful (40314)
• Canada
27 Sep 08
I did not know this. But I live in Canada and our banks are different. They do not fall apart. I never heard much about Washington Mutual, but if it was having problems then it would be better that a bigger firm is taking it over. At least that would make it so the depositors do not lose their money as it would have been the case if Washington Mutual had refused the offer.