By: Revanche

I’m now a JP Morgan Bank customer

September 26, 2008


If I were big money and already had up to my FDIC limit in Chase banks, I would be a little concerned because I’d have to find another home for my ex-Wamu money. But the grace period for separate deposit coverage for each bank lasts six months, so that’s not too shabby.

The good news is that the deliberate takeover means that JP Morgan has assumed the responsibilities for Wamu’s deposits so we won’t be taxing the limited resources of the FDIC reserve fund. I think it’s sad that everyone keeps referring to the fact that no one has lost their insured deposits since the FDIC was formed, and ignoring the fact that the fund isn’t a bottomless pool.

In the meantime, as a new Chase bank account holder, I can expect the following:

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

What’s different?
* Your deposits at WaMu are now backed by the financial strength of Chase in addition to continuing to be insured by the FDIC.
* If you bank at both WaMu and Chase, your deposits continue to be insured separately today just as they were yesterday, and generally will be for another six months. At that time, your deposits will be insured by the FDIC for up to $100,000 per depositor (with an additional $250,000 for self-directed retirement accounts), and will continue to be backed by the strength and security of JPMorgan Chase.
* Learn more about the size and strength of our company.

What stays the same?
Continue to bank just as you usually do:
* same account numbers,
* same Washington Mutual name on your account,
* same checks, debit cards, credit cards, deposit slips,
* same online banking website and passwords,
* same branches & ATMs,
* same familiar bankers, and
* same great service!

What will change?
Soon
* You’ll be able to use over 9,300 Chase ATMs fee-free – jointly, that’s 14,000 ATMs for your banking convenience!

In the future
* You’ll begin to see the Chase name on your statements, online, and on your credit cards as they reissue.
* Your branch will be re-named Chase and you’ll be re-issued new debit cards with the Chase name. Until then, bank as you do today.
* As our systems merge, you’ll be able to use any of the Chase branches nationwide. This won’t take place this year, and we’ll let you know well in advance of any changes.

I get to keep my checks! And my money.

3 Responses to “I’m now a JP Morgan Bank customer”

  1. Beautiful says:

    I had just the WAMU credit card. Was thinking about opening a CD with them. Wow…that was a trip. If a bank fails and you have a credit card, can they make you pay in full? I hope that they honor my upgrade to the lower APR on my CC for purchase. I pray that they get there shit together and get this economy straight!

  2. While the FDIC isn’t bottomless, I’m pretty sure that if it runs out of money, Congress (ie, you and me and the rest of the taxpayers) will write them a check for however much is needed.

    It is weird–when IndyMac went under, there was certainly widespread panic. Wamu fails, and we all think “hmm, that’s pretty normal.” We are getting used to massive bank/i-bank failures. now that is a bit scary.

  3. Revanche says:

    beautiful: I’m fairly certain that is all is business as usual. You might want to call and check regarding your lower APR, but it seems like that should also stay that same.

    stackingpennies: Oh, we’re definitely footing the bill if they run out of money (ironically enough) but I think their first move is to secure the (unprecedented) line of credit with the Treasury.

    IndyMac was like the first splash of cold water in the face; every subsequent panic and failure has been increasingly numbing. I think banks are always prone to this one-two punch of investor/depositor reaction, and that’s why the preoccupation with consumer confidence. There’s a very “what happens now?” mentality.

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