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Thread: JP Morgan Chase Takes over Washington Mutual

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    Needs a Hobby Jamianne has a spectacular aura about Jamianne has a spectacular aura about Jamianne's Avatar
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    Default JP Morgan Chase Takes over Washington Mutual

    Heard this this morning and figured any other Wenches who bank at WaMu would like to know. Below the article is the Q&A from the WaMu website.

    link to article: http://www.voanews.com/english/2008-09-26-voa7.cfm


    JP Morgan Chase Buys Troubled Washington Mutual Bank
    By Purnell Murdock
    Washington
    26 September 2008


    As U.S. lawmakers grappled over a $700 billion dollar bank bailout plan, one of the nation's largest banks - Washington Mutual Incorporated - collapsed under the weight of its enormous bad bets on the U.S. mortgage market. From Washington, VOA's Purnell Murdock reports on what is seen as the largest bank failure in U.S. history.

    With financial markets reeling over the recent crisis on Wall Street, the collapse of Seattle-based Washington Mutual could not have come at a worse time.

    Federal regulators moved quickly, seizing the troubled mortgage lender late Thursday and selling the thrift's banking assets to U.S. investment bank J.P. Morgan for nearly $2 billion.

    The Federal Deposit Insurance Company (FDIC), insures Americans' bank deposits of up to $100,000. But it says because of the deal it will not have to use its assets to cover Washington Mutual's deposits.

    The FDIC had already spent billions of dollars in its takeover of IndyMac, which collapsed in July. Some analysts say a Washington Mutual failure could have used up half the money in the government insurance fund.

    J.P. Morgan Chase said it plans to close less than 10 percent of the two companies' branches. The bank has not yet decided which to close. Kelsey Wesley, a Washington Mutual employee says employees are nervous. But he adds the company, commonly known as WaMu, has been good to them in the past.

    "I'm not gonna say that is not gonna happen but no matter what WaMu has a really impressive severance package and I think that's going to be carried on even if there is a merger," he said.

    John Graybill, another Washington Mutual employee said he is optimistic.

    "Of course we are going to have some uncertainties and some questioning about what's going on. Have I been nervous? Sure. That's the nature of the whole beast," he said. "When a large company gets bought out you wonder about your job. Are heads gonna roll? You just don't know but we have faith in our bosses and the people upstairs."

    FDIC Chairwoman Sheila Bair says this will be a seamless transition for the bank's customers. She says there will be no interruption in services and bankers can expect business as usual.

    Washington Mutual has been saddled with billions of dollars of debt because it heavily invested in selling risky subprime mortgages to customers who later defaulted on them.

    This is J.P. Morgan's second purchase of a financial institution left vulnerable by the subprime mortgage crisis. It bought Bear Stearns for more than two-billion dollars earlier this year.

    ************************************************** **
    From the WaMu website (http://www.wamu.com):

    WaMu Customers, Welcome to JPMorgan Chase!

    We're proud to welcome you to one of the nation's largest banks; as of September 25, 2008, JPMorgan Chase & Co. has acquired the deposits, loans, and branches of Washington Mutual. Your deposits remain insured by the FDIC and are now also backed by the strength and security of JPMorgan Chase. Our combined company will offer superior banking convenience - over 5,400 branches and 14,000 ATMs in 23 states. Here's what this means for you:

    What's different?

    * Your deposits at WaMu are now backed by the financial strength of Chase in addition to continuing to be insured by the FDIC.
    * If you bank at both WaMu and Chase, your deposits continue to be 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.
    * Learn more about the size and strength of our company.

    What stays the same?

    Continue to bank just as you usually do:

    * same account numbers,
    * same Washington Mutual name on your account,
    * same checks, debit cards, credit cards, deposit slips,
    * same online banking website and passwords,
    * same branches & ATMs,
    * same familiar bankers, and
    * same great service!

    What will change? Soon

    * You'll be able to use over 9,300 Chase ATMs fee-free - jointly, that's 14,000 ATMs for your banking convenience!

    In the future

    * You'll begin to see the Chase name on your statements, online, and on your credit cards as they reissue.
    * Your branch will be re-named Chase and you'll be re-issued new debit cards with the Chase name. Until then, bank as you do today.
    * As our systems merge, you'll be able to use any of the Chase branches nationwide. This won't take place this year, and we'll let you know well in advance of any changes.

    We look forward to serving you, and to introducing new products, services, and convenience in the coming months.

    Tell me more* about the change to JPMorgan Chase.

    Visit WaMu online.

    Frequently Asked Questions:

    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.
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    Default Re: JP Morgan Chase Takes over Washington Mutual

    Not at WaMu, but I was using Bank One when Chase bought them out. I am not impressed with Chase customer service. They might have gotten better since I left, but I would be very diligent with balancing your checkbook. They were very reluctant to help with errors, even when made by them, and gave me the run around of who I needed to talk to.
    Transient guests are we....

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    Default Re: JP Morgan Chase Takes over Washington Mutual

    Thank God I don't use WaMu.. Chase was the devil and I can assure you still is based on how they're treating a few friends of mine
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    Default Re: JP Morgan Chase Takes over Washington Mutual

    I am curious as to what will happen with my foreclosure, and the short sale I found out the buyer is still interested. Maybe I can salvage my sale. WaMu is the worst customer service in regards to the Lost Mitigation Department.

    I have my Foreclosure lawyer working on it and I will have to contact the sale lawyer.

    Maybe just maybe I can get out from under this mess.

    I don't care for Chase as a bank they are the bank the city of NY uses for all their accounts. I personally love Commerce Bank they are great and customer service is great.


    My cousin his friend and I were talking. His friend said why doesn't the government give us the money which work out to about $400,000 a tax payer it would stimulate the economy in a much more positive way and save the tax payers in foreclosure from foreclosure. Instead of the government buying the bad debt and bailing out the banks and investment bankers.

    I think this is a much better Idea than bailing out the rich guys they should bail out the the taxpayers.
    Last edited by Andreadoria; 09-26-2008 at 12:25 PM. Reason: bank I use
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    Default Re: JP Morgan Chase Takes over Washington Mutual

    Quote Originally Posted by Andreadoria View Post
    His friend said why doesn't the government give us the money which work out to about $400,000 a tax payer it would stimulate the economy in a much more positive way and save the tax payers in foreclosure from foreclosure.
    The math doesn't work out though.

    700,000,000,000 / 400,000 = 1,750,000 taxpayers

    If we say there are 200,000,000 taxpayers (my best guess), then we'd only get $3,500 per person.
    Last edited by Perin; 09-26-2008 at 01:09 PM. Reason: typo

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    Default Re: JP Morgan Chase Takes over Washington Mutual

    Quote Originally Posted by Perin View Post
    The math doesn't work out though.

    700,000,000,000 / 400,000 = 1,750,000 taxpayers

    If we say there are 200,000,000 taxpayers (my best guess), then we'd only get $3,500 per person.

    What ever the math we should get the money it would be better then the rich guys giving themselves raises.
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    Member of Local 9 Verbose Veteran Phoenix McHeit is a splendid one to behold Phoenix McHeit is a splendid one to behold Phoenix McHeit is a splendid one to behold Phoenix McHeit is a splendid one to behold Phoenix McHeit is a splendid one to behold Phoenix McHeit is a splendid one to behold Phoenix McHeit is a splendid one to behold Phoenix McHeit's Avatar
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    Default Re: JP Morgan Chase Takes over Washington Mutual

    Quote Originally Posted by Andreadoria View Post
    His friend said why doesn't the government give us the money which work out to about $400,000 a tax payer it would stimulate the economy in a much more positive way and save the tax payers in foreclosure from foreclosure.
    Sounds like someone else read the same Craigslist posting that I saw... lol.

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    Default Re: JP Morgan Chase Takes over Washington Mutual

    Quote Originally Posted by *Gremco View Post
    Not at WaMu, but I was using Bank One when Chase bought them out. I am not impressed with Chase customer service. They might have gotten better since I left, but I would be very diligent with balancing your checkbook. They were very reluctant to help with errors, even when made by them, and gave me the run around of who I needed to talk to.
    I, too, am an old Bank One -> Chase customer. I've never had any problems... so far. I'm acutally holding my breath on this latest development, though. You never know what's going to happen down the line.

    Wanna hear something funny? This is the weekend for the Austin City Limits Festival here in Austin. It's one of the largest 3-day music festivals (next to SXSW) in the states. (Hell, reports are that Chuck Woolery and Bill Murray are in town for it) Well... WaMu has a stage for this event. Let's hope the stage is better built than the bank, eh?

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    Default Re: JP Morgan Chase Takes over Washington Mutual

    Quote Originally Posted by Andreadoria View Post
    What ever the math we should get the money it would be better then the rich guys giving themselves raises.
    Bailing out businesses that make dumb decissions isn't something I support. However, giving 700 Billion to "us" isn't going to help anything more than Bush's "Stimulous Checks" did a few months ago.

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    Default Re: JP Morgan Chase Takes over Washington Mutual

    I have gotten the same thing on other forums and myspace bulletins. And there are other ideas that I have seen going around, but I doubt any will really see the light as actually happening.

    Quote Originally Posted by Phoenix McHeit View Post
    Sounds like someone else read the same Craigslist posting that I saw... lol.

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