http://www.latimes.com/business/la-fi-wamu26-2008sep26,1,7648045.story Seized by federal regulators and sold to JP Morgan Chase.
So do they now become Chase banks or within time they will eventually change it? Any word on how this will affect mortgages?
What, if anything, is going to change because of this? As a student, I signed with WaMu because of their free checking and other cool little perks which saves me money which I need since I don't work. Hopefully those perks aren't taken away from us.
"For all depositors and other customers of Washington Mutual Bank, this is simply a combination of two banks," FDIC Chairman Sheila C. Bair said. "For bank customers, it will be a seamless transition. There will be no interruption in services and bank customers should expect business as usual come Friday morning." Of course we don't know how long it will last, they will slowly phase things out if they want to.
--look at the date of the letter....this is just funny to me.. To Our Valued Customers: September 22, 2008 As WaMu’s new chief executive officer, I am writing to discuss the extraordinary economic environment for all banks in the United States and why you can count on us to continue to serve you safely and soundly. When I was recently approached about the opportunity to lead this great company, I did my homework to satisfy myself that WaMu has the capital, the liquidity, and the business plan to serve your needs and protect your money through these challenging times. Let me explain why I felt good about joining WaMu. All financial institutions have been affected by the turmoil in the mortgage and financial markets, but WaMu is very different from the investment banks, such as Bear Stearns, Lehman Brothers and Merrill Lynch, that you may have read about. Those firms have very different sources of funding than we do. WaMu’s business is funded largely through the deposits that customers like you put with us. We also borrow billions of dollars from the Federal Home Loan Banks system. Most importantly, your deposits are insured to the limits established by the Federal Deposit Insurance Corporation (FDIC). (WaMu partners at your local WaMu store are happy to work with you to maximize your FDIC insurance coverage.) Capital ratios describe the financial strength of a bank. Our ratios continue to be well in excess of the levels that government regulators require of “well capitalized” institutions. We also have an ample supply of funds on hand to meet your needs and the needs of our other customers and our day-to-day operations. These strengths, combined with our tradition of superior products and services, are why we continue to welcome new customers every day. I also expect that comprehensive and constructive plans recently announced by the government will shore up confidence in the U.S. banking system considerably. These plans, if approved by Congress, would remove up to $700 billion of troubled assets from the balance sheets of American financial institutions. There are also provisions to protect financial companies from disruptive rumors and speculation that are fueled by abusive stock trading practices. Other government actions are already underway and are expected to lend even more security to the nation’s financial system. The Federal Reserve announced that it will open its discount window to financial institutions to enable them to purchase certain assets from money market funds. This provides increased financial flexibility. The Federal Reserve also recently granted requests from Goldman Sachs and Morgan Stanley that will allow them to take deposits, thereby increasing the resources available to both companies. A more stable national financial system is good for WaMu and good for customers. I came to WaMu because I think it is a great bank with a strong franchise and a solid financial position. We take very seriously our role as the stewards of your hard-earned money. I want to personally thank you for your loyalty and the opportunity to serve your needs. Sincerely, Alan Fishman Chief Executive Officer RETURN TO HOME PAGE |
end of the year I'm probably heading over to Wachovia since the fiance is a Financial Specialist there.
JP Morgan wins again. And this time they took a page out of Barclays' book, waiting for the bank to collapse before swooping in to pick the pieces. "Eat that, Bank of America." Mad props. When all this is said and done, JPM will be the largest and most powerful bank the world has ever seen.
Don't think anyone is that good anymore. WAMU has been the best since everything is freaking free. Wachovia is huge not just in banking so there is that backing it.
More importantly, can I now use the Chase ATM in my office building without paying the $2.00 fee?? (I have a WaMu account)
What happens to WaMu credit cards? I've got a free checking account and a wamu platinum mastercard. What happens now? Business as usual?
Any chance Wells Fargo getting bought out? We were discussing this at work today and everyone seemed pretty convinced that they wouldn't, mostly because they're too strict on who they do business with.
wamu is not a bank, its an snl, they're knee deep in this crisis, well fargo does business banking, big difference
