As you’re likely aware, JPMorgan Chase took over all WaMu deposits effective September 25, 2008. This move has no doubt left WaMu customers with a lot of questions and concerns. In an attempt to address as many of these issues as possible, Chase has put together a FAQ page for WaMu customers.
In short, things will remain much the same, at least for the foreseeable future. If you have accounts with both backs, both will remain separately insured through the FDIC for up to six months. Moreover, if you had more than the FDIC limits at WaMu, your deposits are safe — the full amount will be carried forward to Chase. Another bit of good news is that WaMu’s rates have, at least for the time being, remained stable.
Read on for a complete rundown of questions and answers…
- 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.
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?
- 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.
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 â€“ 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.
5 Responses to “Inside the Washington Mutual Takeover”
Hi I have credit cards with Wamu,Have been raped with interest rates for yrs, I have not used at least one of them for yrs < ??? But cause my houst payment is late i was put in universol default, Never did default on this credit card, ? and just feel screwed. My interest rate is worse than a loan shark ??? That sucks. I have been in contact with this company, for yrs butall iget is your screwed, ??? HaVE PAID BACK A LOT BUT AT THIS INTERARE , i WIL DIE BEFORE I RECOVER ???
Serj: No, stocks are not insured. WM hasn’t traded since Sept 30. My best guess is that it’s worthless.
I HAVE WASHINGTON MUTUAL STOCKS “WM” WHAT
WILL HAPPEN TO THOSE STOCKS? ISN’T THE STOCKS
OF AN FDIC INSURED BANKS ALSO INSURED? PLEASE
LET ME KNOW AS SOON AS POSSIBLE. THANKS FOR
YOUR TIME AND EARLY REPLY,
It’s unfortunate that depositors must go through this. I empathize with shareholders, but investing in stocks can be risky – why do you think they offer superior returns?
Lastly, I agree with “shareholder.” I know for a fact that the writing was on the wall in January. Of course, who could have ever predicted what would happen…?
This is a sad day for all of us shareholders and employees of WaMu… we were robbed blind by the feds and no one said or did anything. Chase, like other firms were circling like vultures, waiting for the feds to move in. They all knew what was going on… this was the plan from beginning on the week of the take over…
The run on the bank was caused by the media and not one agency thought of regulating them or to set the record straight… they let the run on the bank happen right in front of their eyes.
Former CEO Kerry Killinger was so selfish and dumb enough not to sell at $8 per share before turning to TPG and investors for money. He was too concerned about his own legacy and income that he forgot what his job functions were and who he wrote his paychecks. Oh and he was paid over $22 million in separation package.
And now Alan Fishman will get paid over $18 million dollars for three weeks of work? hummâ€¦ since he failed to do his job as a CEO to secure the company… should he be compensated $18 millions?
Oh and Stephen Rotella (President and COO) is getting his $12 million plus package for doing what? Running WaMu into the grounds? This is on top of his millions in bonuses.
Are they serious? We need to stand up… Open up your eyes people… this just doesnâ€™t happen over night.
Everyone in the executive team of WaMu should be held accountable along with the feds who led this take over without any recourse or consideration for the employees’ retirements, public pensions and share holders.