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JPMorgan Chase acquires Washington Mutual


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WaMu.

 

 

Not a shock though, it was coming eventually. Thought there was a chance they might reassess things after the bailout plan comes out.

 

Apparently ever since Lehman Bros filed for bankruptcy there's been a run of deposit withdraws, and that pretty much cinched it.

 

Hopefully you are in a division they will keep operating.

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JP is brilliant. 1.9 billion to purchase. Over 310 billion in assets. wait til the market regulates. JP is going to have to break up for being too big. They also acquired Bears

 

Thats what I was thinking when I read this story. My concern with this downturn is that every financial institution that survives will be be to big to fail and during every down turn they will come to the government looking for a hand out

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I think they will largely keep the regular bank branches.

 

Though honestly, as a WaMu depositor, I was considering moving to Bank of America.

 

I think the thing that did WaMu in was acquiring all those mortgage companies. They should have stuck with what they had.

 

Just say no, they will charge you fees for breathing air in the same county they have a branch.

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JP is brilliant. 1.9 billion to purchase. Over 310 billion in assets. wait til the market regulates. JP is going to have to break up for being too big. They also acquired Bears

 

Right now it is $11.9B and they have to absorb about $200b in troubled assets and all of the operating costs to service those. I would expect the banking operations in FL to be largely unaffected as the actual banking part of the bank is in good shape.

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I think they will largely keep the regular bank branches.

 

Though honestly, as a WaMu depositor, I was considering moving to Bank of America.

 

I think the thing that did WaMu in was acquiring all those mortgage companies. They should have stuck with what they had.

 

Just say no, they will charge you fees for breathing air in the same county they have a branch.

Well I'm not going back to Wachovia, that's for sure. I left First Union (seven years ago!) for WaMu for the fee-free checking.

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There is nothing as of yet about the acquisition on the WaMu website. However, JPMorgan Chase has created a website for WaMu customers on what to expect:

 

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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JP is brilliant. 1.9 billion to purchase. Over 310 billion in assets. wait til the market regulates. JP is going to have to break up for being too big. They also acquired Bears

 

Right now it is $11.9B and they have to absorb about $200b in troubled assets and all of the operating costs to service those. I would expect the banking operations in FL to be largely unaffected as the actual banking part of the bank is in good shape.

I am still hearing 1.9 any source for 11.9? it makes more sense to me, but I keep hearing nearly 2 billion.

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JP is brilliant. 1.9 billion to purchase. Over 310 billion in assets. wait til the market regulates. JP is going to have to break up for being too big. They also acquired Bears

 

Right now it is $11.9B and they have to absorb about $200b in troubled assets and all of the operating costs to service those. I would expect the banking operations in FL to be largely unaffected as the actual banking part of the bank is in good shape.

I am still hearing 1.9 any source for 11.9? it makes more sense to me, but I keep hearing nearly 2 billion.

 

$1.9B to the FDIC

$10B offering

 

It is in the article in Hotcorner's post

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