Title Wamu failed published to hrhughes.
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As dramatic as Washington Mutual Inc.'s collapse and overnight acquisition by J.P. Morgan Chase is, it is still business as usual for customers and all deposits are safe, according to the Federal Deposit Insurance Corp. "It will be a seamless transition," said FDIC chairwoman Sheila Bair. "This is simply a combination of two banks." Shareholders, on the other hand, aren't as lucky. Washington Mutual (WM: 0.16, -1.53, -90.3%) is expected to declare bankruptcy as soon as Friday, putting stock holders at the end of a long line of claimants. leaving them empty handed. Read more. The FDIC has provided information on some common questions Washington Mutual customers might have: What happens to my deposit accounts? All accounts with Washington Mutual Bank have been transferred to J.P. Morgan Chase Bank. In fact, the WaMu Web site went directly to Chase as of Friday. Those deposit accounts include checking, savings, money market, CDs and retirement accounts. If your bank was WaMu on Thursday, it's J.P. Morgan Chase now.
WaMu took TPG deal over JPMorgan's $7 bln offer: report | Reuters
NEW YORK (Reuters) - Washington Mutual Inc
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The Seattle Times: Business & Technology: Workers allege WaMu failed ...
seattletimes.com: Northwest news and information from the Seattle Times. Daily local news, sports, arts and entertainment, and classified ads.
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Lehman, WaMu: Why the differences are important (Dealscape)
The OTS would be in the room if WaMu failed, but the burden would fall on the FDIC, which has already been straining under the load of recently failed IndyMac Federal Bank.
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WAMU 88.5 FM American University Radio - Order
WAMU 88.5 FM American University Radio - Your NPR News Station in the nation's capital. ... Get free real-time traffic maps, alerts, and Jam Factor reports for the routes you drive ...
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WAMU 88.5 FM American University Radio - The Kojo Nnamdi Show for ...
The Kojo Nnamdi Show is produced by WAMU 88.5fm American University Radio. ... Do so-called "failed states" pose a threat to other countries? And if the answer is yes ...
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Regulator sells Washington Mutual
If WaMu had just failed then depositors would have been compensated by the FDIC, so the sale to JPMorgan may be a positive step. "There was some concern that if a bank the size of WaMu failed the FDIC fund would not be adequate to meet the task and ...
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Source: BBC News
NewsDateTime: 1 hour ago
JPMorgan Buys WaMu Deposits as Regulators Seize Failed Thrift
Sept. 26 (Bloomberg) -- JPMorgan Chase & Co. became the biggest U.S. bank by deposits, acquiring Washington Mutual Inc. 's branch network for $1.9 billion after the thrift was seized in the largest U.S. bank failure in history. Customers of WaMu ...
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Source: Bloomberg
NewsDateTime: 5 hours ago
The Silver Lining for WaMu Customers
Because we’re optimists at TheWallet, we also wanted to highlight a couple of factor that will potentially make life for WaMu customers even better than before the bank failed! -WaMu customers now have fee-free access to 9,300 Chase ATMs, a greeting ...
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Source: Wall Street Journal
NewsDateTime: 47 minutes ago
WaMu fails, JPMorgan buys assets
WaMu was searching for a lifeline after piling up billions of dollars in losses due to failed mortgages. WaMu has seen its stock price plummet by 87 percent this year, and it suffered a ratings downgrade by Standard & Poor's earlier this week that ...
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Source: Boston Globe
NewsDateTime: 4 hours ago
JPMorgan Chase buys WaMu assets after FDIC seizure
The Seattle-based WaMu has roughly $310 billion in assets and was searching for a lifeline after piling up billions of dollars in losses due to failed mortgages. WaMu has seen its stock price plummet by 87 percent this year, and it suffered a ratings ...
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Source: Chicago Sun-Times
NewsDateTime: 6 hours ago
As a result of the acquisition, the New York City-based JPMorgan Chase will now boast some 5,400 branches in 23 states. Federal regulators, who helped shepherd the deal, stressed that the transition for WaMu customers would be "seamless." "There will be no interruption in services and bank customers should expect business as usual come Friday morning," FDIC Chairman Sheila Bair said in a statement. WaMu becomes the 13th bank to fail so far this year and earns the title of the nation's biggest bank failure by assets on record, ahead of Continental Illinois, which had about $40 billion in assets when it failed in May of 1984. The FDIC, however, was also quick to point out Thursday evening that the WaMu-JPMorgan Chase deal would not have any impact to its insurance fund which covers customer deposits when banks fail. "WaMu's balance sheet and the payment paid by JPMorgan Chase allowed a transaction in which neither the uninsured depositors nor the insurance fund absorbed any losses," Bair said. The FDIC insures the assets held by 8,451 banking institutions with a total of $13.4 trillion. Where do I send my mortgage or loan payments? All those have been transferred to J.P. Morgan Chase as well. The payments won't be any different and you'll continue to send them to the same locations you did for WaMu. You can even continue to make your checks out to Washington Mutual Bank. Direct payment from your accounts will continue as usual. What about my debit card? Keep using it as you always have. It's still working and will continue to work. What about direct deposits and bill paying? I just wrote a check out. Will it clear? Again, no changes. All transactions will continue in their usual manner. Keep using the checks you have and paying bills in the manner you have. I already had an account with J.P. Morgan Chase and now my combined balances exceed the $100,000 FDIC insured limit. What do I do? The FDIC will continue to separately insure the accounts transferred to J.P. Morgan for at least six months. Consider it a grace period that will give you time to restructure your accounts and move money to another bank if desired. What about my CDs? They won't mature in six months The FDIC will continue to insure WaMu CDs until the earliest maturity date after the end of the six-month grace period. If your CD matures during this grace period and you renew it for the same term and dollar amount, it will still be insured separately until the first maturity date after the six-month period. If you renew it on any other basis, it loses that insurance after the six months is over. What about the interest rates on my accounts? Will they change? J.P. Morgan Chase will be reviewing the rates, but until then any interest accrued through Sept. 25 will be paid at the same rate. I have a safe deposit box. Is that still, well, safe? It is and you will continue to have access to it as always. You don't even have to do anything as part of the transaction. I was in the middle of getting a loan. Now what? Contact your loan officer. There have been no changes. I don't have an account, but I'm a shareholder. Is there any value left? It doesn't look like it. When WaMu files for bankruptcy, shareholders can make claims in receivership, but they're the last to be considered. Contact your accountant or the IRS to determine how to book the loss on your taxes. What if I'm holding senior notes or subordinated debenture notes? You get in line ahead of shareholders as claimants in a receivership and the FDIC will send you information shortly.
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