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just spec at this time but it dose look like chase will be buying them
Did it happen or is it spec?
(posted in Political forum-move/delete if necessary)
just spec at this time but it dose look like chase will be buying them
Wamu has had some things happen to it that indicate some regulatory concerns. Regulatory concerns being code words for running out of capital reserves.
Yup, this seems to be the consensus, based on what I have read.
Forgot to answer the OP.
Im watching daily i have my business acount, i have read there are at least two or three suitors interested in gobblig up wamu.
too late, they're DEAD.
Seized and assets sold to JP Morgan.
http://news.yahoo.com/s/nm/20080926/..._jpmorgan_news
damn that sucks i have a checking account with wamu. anything about closing the existing wamu banks?
you will be fine, you can access your money and maintain your account without fear of losing you rmoney.
sweet thanks for the answer
let me check for you whats that account number again...
I like my WaMu checking ... Chase sucks in comparison.
FYI, how takeover will affect WaMu customers:
http://www.latimes.com/business/la-f...,7575740.story
How takeover of Washington Mutual will affect customers
For now, the changeover doesn't alter how you conduct business with WaMu!
By Andrea Chang, Los Angeles Times Staff Writer
September 26, 2008
Federal regulators are hoping for a seamless transition after seizing money-losing Washington Mutual Bank and selling it immediately to JPMorgan Chase & Co. late Thursday. They want WaMu customers to know it's business as usual today.
Here are some questions you may have about your accounts at WaMu:
What will happen to my account?
All deposit accounts, which include checking, savings, money market, retirement and certificates of deposit, have been transferred to JPMorgan Chase, regardless of the dollar amount. No one lost any money that was deposited in WaMu.
Will I have immediate access to my money?
Depositors won't lose access to any of their money, even if it wasn't fully insured.
Will my ATM card still work? Can I write checks as usual?
Yes.
Will branches be open today?
Bank branches were to open today as usual. Eventually, the branches will be rebranded as Chase.
I have checks deposited directly into my WaMu account. What happens now?
Direct deposits will continue as usual, including Social Security checks.
What about my loan or mortgage with WaMu?
All mortgages and loans have been assumed by JPMorgan Chase. Your payment amount and due date are the same. Continue to make your checks out to Washington Mutual Bank and send your payments to the same address you have been using. If you are having your payment taken out of your account, it will continue to be taken out.
Will the bank continue to pay the same interest rates on deposits?
All interest on deposits accrued through Thursday will be paid at the same rate. JPMorgan Chase will review rates and will announce any changes soon.
I already have other deposit accounts with JPMorgan Chase. When combined with my balances at WaMu, my deposits exceed $100,000. Are all funds insured?
The accounts transferred to JPMorgan Chase will be separately insured for at least six months after the takeover. This grace period gives a depositor the opportunity to restructure the accounts, if necessary, so that they stay fully insured.
If you have certificates of deposit that mature more than six months from now, they will be separately insured until then.
I'm a WaMu shareholder. How does the takeover affect me?
Shareholders have a claim against the receivership; they have the lowest priority, however. You should discuss this with an accountant or the Internal Revenue Service concerning the requirements for recognizing the investment as a loss for tax purposes.
I wonder how many jobs this is going to effect, San Antonio has quite a few WaMu employees here. It would be quite a blow to the local economy if they were all told to GTFO.
great lesson to everyone. when you have a bank giving away free and usually having the highest interest rates.... is going wrong...
Some branches may stay open and be renamed ... some, as most likely in my SIL's case, will be closed because there's already a Chase right across the street.
Crap like this is why I do all my business at a credit union, including our recent new home mortgage. They don't resell notes, they don't try and make a profit for the benefit of the assholes at the top, they only worry about serving their members.
Im glad I got out of working for them when I did (about a year ago). Rumors where going around for like 2 years that Chase was going to purchase them.
Im trying to get a hold of a friend who still works there to see if he knows whats going on.
Hmm...I have JPM and it's still worth more than what I paid for it back in '04. Right now it's up 1.04%
Now it's up 2.42%. I approve of this buyout!
But in all seriousness, SW, I hope your SIL is either able to stay with them or find a new job quickly.
the main jobs in trouble will be at the call center on stone oak becuse chase already has a call center over by sea world so in like a year the wamu people in the stone oak center will be looking for a new job there are a couple tyhousaned people that work there
Wrong.
WaMu corporate will be wiped out. Chase has already confirmed that they are going to close 10% of WaMu branches, which means a good number of branch employees are at risk.
WaMu still has a broad customer base, and those customers still need to be served, even after they are transitioned to Chase. I would say that the call center employees are safer than anyone else in the company right now. People in redundant roles (HR, IT, Corporate...) those are the ones at immediate risk.
Chase can clearly make use of both facilities in San Antonio, using one for credit cards and/or mortgage, and the other for retail bank operations. They are going to need people to service their customers (new and old) and keep onboard the ones who are already trained and experienced in doing that.
i hope your right my wife works there
Always seemed like they were a well run company.
Guess I haven't paid attention to the business and bank sector as well as I thought I did.
Wham!! Ooooh!!
Yeah, it's hilarious that a couple of thousand people are going to lose their job.
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