WaMu -Good Grief!!!!!

[Marian Paroo]

http://news.yahoo.com/s/nm/20080926/ts_nm/us_washingtonmutual_jpmorgan_news



Who else has money here?

I understandit's been bought out, so the whole FDIC thing isn't relevant, but what happens now?

My mother has two large (but under 100g) accounts here, but they are set up as ITF, so even if it was an FDIC thing the joint names cover the sum.

[jcme]

There were so many bank aquisistions and mergers over the last few years I got dizzy watching the signs change. :dizzy:

In my experience everything in terms of accounts and their transactions was handled behind the scenes as part of the aquisition. The only changes I saw were a new name, consolidating branch locations (when both banks were already in the area) and an account number change. Maturity dates, due dates, rates and terms stayed the same on existing accounts. Anything that had direct deposit or electronic payments was handled automatically.

JP Morgan Chase has a history of aquisistions over the years so I'm sure that whatever changes are made won't have any impact on your mother's accounts.

Take care

[Mykhal Jaems]

I guess that's one of the good things about living paycheck to paycheck.

Can't loose what isn't there to begin with.

We have a savings account (very little in it), checking and two loans with the local credit union.

[RHB]

I have two accounts with WAMU, mortgage and credit card, and a car note with Chase. I think the WAMU accounts will be okay. I think the best policy (which isn't easy for me NOW) is to wait and be patient. My merchantile bank last year was bought out by PNC. All that entailed was a new account number, new ATM card and new checks. I was seriously considering retiring at the end of 2009, but as my Thrift Plan has taken a big hit, I guess I will wait that out too and see how the financial/economy winds blow...??!!.....

[100792]

I have two accounts with WAMU and have no concerns.

[LuvMaui]

WAMU wants on that mortgage bail out band wagon. They want a piece of that 700 billion plus.

[Marian Paroo]

What is the situation of the WaMu employees?

I know it was once considered one of the best places in America to work.

[jcme]

What is the situation of the WaMu employees?

I know it was once considered one of the best places in America to work.

I am sure they are concerned for their jobs. Any merger or consolidation usually ends with job cuts. :(

Take care

[Kathy]

I drove by several WaMu branches yesterday. None of them had a line formed. Normal number of cars were in the parking lot. It was business as usual.

[LuvMaui]

I heard a rumor that they were going to merge with another Bank.

[Marian Paroo]

I heard it's with Whojamacallit-Chase, I forget the first 1/2 of the name.

[Kathy]

I heard Wachavia was looking for a buyer and that banks like Wells Fargo were considering it. I figured with the buy out by JP Morgan of WaMu, they would continue operating as usual. Do they need another bank to step in?

[jcme]

I thought the JP Morgan Chase purchase of WaMu was a done deal. If so the next step would be for JP Morgan Chase to consolidate their two entities which would impact the employees.

Take care

[Marian Paroo]

JP Morgan, yeah that's who I was thinking of.

Teddy Roosevelt would be rolling in his grave.

He [I]hated[/] JP Morgan and all that kind of wheeling-dealing.

I really hope that all the employees can keep there jobs, even it means taking pay and benefit cuts.

[cupcakes4me]

At least its not just the little guys that are struggling.

[jcme]

At least its not just the little guys that are struggling.

The problem is the little guys have to bail them out, lose their jobs, etc. The executives at these companies probably won't have to do any "stuggling" themselves. :(

Take care