WaMu Bankrupt and Bought Out

So those who have bank accounts with Washington Mutual – aka “WaMu” – woke up this morning to find out their bank had gone under and was bought up by JPMorgan Chase for $1.9 billion.

Holy cow right??

Reportedly JPMorgan Chase won’t close many Florida branches because they view us as a growth market, but accounts will be transitioned over to the new ownership, which means in coming months, customers can expect everything to be rebranded and most likely anyone with an ATM, debit or credit card issued by WaMu will be issued a new card during the process. But for now, the new owners say everything from account numbers to customer access to their accounts will remain the same.

Thankfully I don’t have an account with them, but I can’t imagine a scarier feeling than to wake up and find your bank isn’t your bank anymore. If you have a WaMu account, what are your feelings on this sudden change?

1 Comment so far

  1. Terry Howard (orl_terry) on September 26th, 2008 @ 11:29 pm

    I’ve been listening to Clark Howard a lot on the topic and he has the best explanations of what you should or shouldn’t be concerned about. Your funds in a bank savings or checking is definitely in the do not worry column, unless you have more than $100,000 in one account (which if you are smart you shouldn’t be doing). FDIC insures your funds up to that amount and it would be available to you with 24 hours of requesting it should your bank entirely fail.

    The people who have the most to be concerned about during this time of dealing with the fallout from unscrupulous lending practices and the "gambling" on debt buying and selling (with borrowed money) that the financial sector has been involved in over the last few years are people whose jobs and the majority of their income are involved heavily in the financial sector. For most of us our 401Ks and IRAs are going to look ugly for about 7 years and then it will come back and continue on with it’s compound interest magic. If you are set to retire in the next half decade, you might want to postpone that.



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