Bye, bye WAMU

[magyar123]

According to CNBC JP Morgan Chase has taken over Washington Mutual's deposits and branches.
No word yet who will take over Wamu's credit cards/loans.

[Footprints1973]

and the trainwreck keeps rolling on....

Footprints

[crazycat]

Wa Mu Bought By JP Morgan Chase

...Now let's suppose you are in the middle of a bk and your bank (Wa Mu)has just been taken over by the Parent Company of a few Credit Cards that you owe money to (JP Morgan Chase)...Can Chases' "Right of Set off" extend to these Wa Mu Accounts Now? Should I worry that My Money could be seized?

[JRScott]

crazycat that's a good question and I don't know, perhaps you should call your lawyer in the morning and ask what he thinks.

[treehugger1]

I doubt that the information technology is so advanced tht amything could occur to an individual account withn a few days. Just because WAMU went down, they are still a very large writhing financial monster. I would guess that it takes a bit of time for all the accounts to be synchronized and adjusted to the new "owner."

On the safe side, you might want to slowly reduce the accounts you have on deposit.

[No Gravy]

On the safe side, you might want to slowly reduce the accounts you have on deposit.

I'm ahead of the curve! Mine's been reducing on it's own...

[epiphany]

...Now let's suppose you are in the middle of a bk and your bank (Wa Mu)has just been taken over by the Parent Company of a few Credit Cards that you owe money to (JP Morgan Chase)...Can Chases' "Right of Set off" extend to these Wa Mu Accounts Now? Should I worry that My Money could be seized?

Assuming that what you mean by being in the middle of a BK is that you already filed, then NO. Your original creditor was notified and Chase would just be taking on all the original responsiblities towards your debt that Wamu had, automatic stay included.

However, you might want to think about opening a new bank account somewhere that you have no debts to, because they could very well close it after you are discharged.

ep

[reb512]

I'm in chex systems, and I recently opened up a checking and online savings with WaMu. I'm worried that Chase will close my wamu account now, and I'll lose that great 4% savings account. Plus, for all us BK people this is a sad day because WaMu was bk friendly, and as everyone knows Chase is not. So that's one less creditor that can help us rebuild. Back to drawing board guys.

[Flamingo]

I'm in chex systems, and I recently opened up a checking and online savings with WaMu. I'm worried that Chase will close my wamu account now, and I'll lose that great 4% savings account. Plus, for all us BK people this is a sad day because WaMu was bk friendly, and as everyone knows Chase is not. So that's one less creditor that can help us rebuild. Back to drawing board guys.

Chase was in our BK also. After discharge, we obtained a WAMU Visa via an offer sent to us. We have had the Visa almost two years. Since Chase will be taking over WAMU accounts, I am wondering what our chances are of them cancelling out our former WAMA Visa. We have stellar credit on the card, never being late and just carrying a small balance, making way more than minimum payments each month when we use the card. We have stopped using it until we see what occurs here. I read this a.m. online that JPMOrgan is not taking over debt accounts of WAMU so I am not sure if that would include any part of their credit card portfolio. Does someone know more?

The credit slow down was a long time coming. There was just too much easy credit out there which got zillions of folks in trouble treating it like candy. Unfortunately, even those now with excellent credit, never filing BK and paying all on time over the years will suffer from all this and not be able to obtain credit and mortages as easily in the past. For those of us with former or present BK, or bad credit, it's going to be a lot tougher, if not impossible for a whlie, to get that mortgage, refinance or get a credit card. Time to chill out and ride it out as best as one can.

[woohoogirl]

Chase was in our BK also. After discharge, we obtained a WAMU Visa via an offer sent to us. We have had the Visa almost two years. Since Chase will be taking over WAMU accounts, I am wondering what our chances are of them cancelling out our former WAMA Visa. We have stellar credit on the card, never being late and just carrying a small balance, making way more than minimum payments each month when we use the card. We have stopped using it until we see what occurs here. I read this a.m. online that JPMOrgan is not taking over debt accounts of WAMU so I am not sure if that would include any part of their credit card portfolio. Does someone know more?

"Washington Mutual was closed by the U.S. government in by far the largest failure of a U.S. bank, and its banking assets were sold to JPMorgan Chase for $1.9 billion." from cnbc.com.


Looking over the balance sheet at the bank I work, loans, lines of credit, and credit cards are a part of a bank assets. So it seems that eventually, you will be making your payments to Chase. As far as what will happen in regard to cancelling the cards...well, that remains to be seen.

[NowImDownInIt]

This makes me so sad. I hate Chase and I switched from Chase to WaMu only a few weeks ago, just to end up with Chase again.

[momof5]

Wamu bought out my Providian account several years ago. I had a 3.9% with Providian and WaMu immediataly raised it to 14.9. A few phone calls and I got it down to 9.9%. Over the course of the next 1.5 years my interest rate rose to 18.9%. This creditor needed to be watched closely thats for sure! I called again and got it back down to 9.9%.
I couldnt help but wonder how many people either didnt notice or didnt bother to call. They were a sneaky creditor thats for sure. Now post BK... they have reported my account as sold after discharge on my Credit report. I called and they basically told me to take a flying leap. So frustrating... and I am definately not sad to see them go. They caused their own problems as far as ripping off innocent consumers.

I am not surprised to hear they are BK friendly. Who better to take advantage of?

[WhatMoney]

This site answers most of the questions about the takeover for WAMU bank customers:

http://www.chase.com/welcomewamu/

Basically nothing much will change for the next six months or so. JPMorgan/Chase acquired all the deposit accounts; no one lost any money even for over $100,000 accounts. This saved the FDIC from depleting their reserves as well.

I liked WAMU checking services - they were the best deal in our area by far for retail customers. I'm afraid Chase will gradually remove some of the useful "freebies" from the WAMU accounts - like free checking w/ no minimum balance, free checks, free bank cashier checks, free money orders, free Travelers cheques, and the up to $2000 overdraft protection.

[BKcrazy]

I'm worried about that too.
I closed all my Chase accounts after filing and went right to Wamu almost a year ago.

[banca rotta]

I'm in chex systems, and I recently opened up a checking and online savings with WaMu. I'm worried that Chase will close my wamu account now, and I'll lose that great 4% savings account. Plus, for all us BK people this is a sad day because WaMu was bk friendly, and as everyone knows Chase is not. So that's one less creditor that can help us rebuild. Back to drawing board guys.

As a fellow bankrupt I'm not sure what this means. I didn't think any creditor was bk friendly. One may have tougher collection tactics, but their usually the same people in bankruptcy. They either all lose money or they all dispute what they legally think they can get.


Never mind