Friday, September 26, 2008

Is my money in WaMu safe?

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All checking and savings deposits up to $100,000 per depositor are insured by the Federal Deposit Insurance Corp. So is an additional $250,000 in retirement accounts in which you yourself choose where to invest your funds. In a memo, JPMorgan instructed current WaMu employees to "reassure customers that their deposits are safe." The memo says additional reassurance is provided because JPMorgan Chase is one of the strongest financial institutions in the U.S., with $1.8 trillion in assets. I already had money at Chase, and when my WaMu accounts are added to my Chase accounts, the total is greater than $100,000. Is all my money safe? The FDIC says it will separately insure WaMu accounts transferred to Chase for at least six months after the merger. It says that "grace period" will let depositors restructure their accounts, if necessary. Will there be changes to my WaMu checks, account numbers, PINs or other aspects of my banking? WaMu said nothing is changing for the moment, including customer service phone numbers. Direct deposits and automated payments and transfers remain unchanged. You may continue using your existing checks and credit, debit and ATM cards. Keep paying your credit card and loan payments to the same address.

Is my money safe in Washington Mutual? - TickerHound: Investors ...
Washington Mutual, Inc.,DIMEZ,Is my money safe in Washington Mutual? ... Dusty answered 4 days ago … NO! If you have over $100K, withdraw the excess IMMEDIATELY.
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WaMu Savings 3.75% APY: Should I Stay With A Struggling Bank? » My ...
If you are under the limits, then your money is safe. The main things left to ... 5% APY 12-Month CD From Washington Mutual » My Money Blog Says: August 23rd, 2008 at 2:55 am
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5% APY 12-Month CD From Washington Mutual » My Money Blog
... limit and you are safe. The only real question is that once WaMu is ... Everywhere » My Money Blog Says: September 8th, 2008 at 5:22 am […] Bank CD Washington Mutual has ...
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WaMu Promotion: 5.00% APY for 12-Month Online CD
Posted by Sun on August 23, 2008 ... A Long Day Yesterday; Going on Vacation; WaMu Online Savings Account Now 4.00% APY; Keep My Money Safe and Let It Grow; Weekend ...
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Is My Money Safe if E-Trade Fails?
Posted by Sun on November 13, 2007 ... Going on Vacation; WaMu Online Savings Account Now 4.00% APY; Keep My Money Safe and Let It Grow; Weekend Linkage - September ...
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Q&A about WaMu
Is my money in WaMu safe? All checking and savings deposits up to $100,000 per depositor are insured by the Federal Deposit Insurance Corp. So is an additional $250,000 in retirement accounts in which you yourself choose where to invest your funds.
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Source: Seattle Post Intelligencer
NewsDateTime: 1 hour ago

Some WaMu customers wary, angry
... local bank customers said they are wary about the safety of their money and angry about WaMu ... I've been concerned about my money for months," she said. ... If your money is safe, that's what's important." John Opany, 30, of Shoreline ...
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Source: Seattle Post Intelligencer
NewsDateTime: 36 minutes ago

Chase pledges business as usual for WaMu customers
How safe is WaMu customers' money? A: "No one lost any money that was deposited in Washington Mutual Bank," the FDIC said. ... My Central Jersey Alerts Get breaking local news as it happens. Enter your phone number:
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Source: MyCentralJersey.com
NewsDateTime: 1 hour ago

Bay area customers react to WaMu takeover
... trigger for customers like Arnold Harden to play it safe. A Tampa business consultant, Harden closed out his WaMu ... All my big money is in another bank," Pupo said at a North Dale Mabry Highway WaMu outlet near Raymond James Stadium.
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Source: St. Petersburg Times
NewsDateTime: 4 hours ago

WaMu failure raises the stakes even higher
... deposits at Washington Mutual should rest assured that they are safe ... I can not make a payment on my WaMu Providian credit card, because since ... They did however accept the Direct Deposit of my Paycheck yesterday - now that money is trapped too.
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Source: Boston Globe
NewsDateTime: 1 hour ago


Will my branch of WaMu close? JPMorgan said it will close about 400 branches of the combined company over an unspecified period. The branches to be closed will be those where there is "significant overlap" with a Chase branch. That number is less than 10 percent of the combined companies' branches. Can WaMu customers make payments at Chase on a WaMu credit card, car loan, mortgage or other loan? Not yet. Can Chase customers make payments at WaMu on a Chase credit card, car loan, mortgage or other loan? Not yet. INVESTORS ASK ... What about my WaMu stock? It's probably worthless. Stockholders, who had already seen shares plunge 95 percent since their October 2007 high of $36.47, have the lowest priority for claims against WaMu. "Equity investors generally get the short end of the stick on these kinds of things," said "Stock Trader's Almanac" author and publisher Jeff Hirsch. "The company goes belly up, you lose." What little remains of the company that used to own WaMu will go toward paying off creditors ahead of common shareholders. The creditors' claims are likely to be far larger than the money available to pay them. Preferred shareholders, and even bond-holders, are likely to get cents on the dollar. Investors who hold senior notes or other debt will be notified by the FDIC as to their treatment as claimants of the receivership. I work at WaMu. Is my job safe? Chase has advised that there will be cuts to redundant positions but that it's too early now to say when, where or how many cuts will be made.


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Published on: 9/8/2008 3:44:12 PM
Title: Morgan Stanley Weighs Merger; WaMu May Get Bids
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Published on: 9/18/2008 12:15:07 PM


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