Wamu

[Saul Goode]

Who were has an account with Wamu? I went there today at about 3 pm and the doors were locked and all I could here was shredders in the distance.


(FYI, this is a joke, not about having an account though)

[cartman]

I keep getting spam emails telling me that I have to send in my login information or risk having my account suspended from WaMu. But I have no money there.

[SackAttack]

I have a checking account there, but I don't really have any money in it. For what that's worth.

[thesloppy]

WaMu Customers, Welcome to JPMorgan Chase!

We're proud to welcome you to one of the nation's largest banks; as of September 25, 2008, JPMorgan Chase & Co. has acquired the deposits, loans, and branches of Washington Mutual. Your deposits remain insured by the FDIC and are now also backed by the strength and security of JPMorgan Chase. Our combined company will offer superior banking convenience - over 5,400 branches and 14,000 ATMs in 23 states.


Sounds vaguely ominous, eh?

[Lathum]

I just logged into my account and it was buisness as usual

[SackAttack]

So, hey!

I'm moving to Green Bay in a week or two, and I just found out that JPMorgan Chase has branches there.

WaMu didn't even have a presence in Wisconsin.

[sterlingice]

I have a credit card from them that I haven't used in a couple of years because of the insane interest rate. It used to be someone else but WaMu was the last of about 3 different banks who owns it.

SI

[Alan T]

My in-laws have their mortgage with Wamu. Just so I can give them the correct information, this is included in the "loans" that were purchased by JP-Morgan Chase? Or are those going to be sold off elsewhere?

[sterlingice]

OK, this is sad. Got an email from WaMu this morning:

"WaMu News | The holidays start today" (Especially if you have a job there!)

SI

[gottimd]

Who were has an account with Wamu? (

I don't understand the question.:D

The WAMU collapse has been on the horizon for weeks now if not longer so this was no surprise.

[Passacaglia]

Man. Hopefully that guy who played the other Walter on Seinfeld can find another job.

[PilotMan]

I have a credit card from them that I haven't used in a couple of years because of the insane interest rate. It used to be someone else but WaMu was the last of about 3 different banks who owns it.

SI

ditto

[rjolley]

I have a credit card from them that I haven't used in a couple of years because of the insane interest rate. It used to be someone else but WaMu was the last of about 3 different banks who owns it.

SI
My wife has a card from them as well. Hers started out as Providian. We don't use the WaMu card for the same reason. Maybe it'll be more reasonable with the purchase.

[sterlingice]

Yup- I think mine was a Providian as well.

SI

[path12]

I've got an joint checking account with direct deposit. Everything showed up just fine this morning.

[gottimd]

Were you expecting this on the ATM screen this morning?

http://www.alexpooley.com/images/posts/base-20070423.jpg

[Saul Goode]

Actually that crazy guy on MSNBC that has the call-in stock tip show...Kramer???...I was flipping by that show 8 months ago and he said not to buy Wamu stock because they were going to go under. So people saw it coming a while ago.

[Lathum]

My sister in law is a VP for JP Morgan so I am trying to see if she knows anything of usefull info.

[Anthony]

Jp Morgan bought Wamu, making it the 2nd largest bank behind BoA, and thus making it too big to allow to fail in the event of future crisises. excellent. i think corporations are catching on. i understand we have something resembling a free market, but this has to stop, government needs to impose caps on how large a company can become to prevent future bailouts. either that, or require x amount of cash reserves that increases the larger a corporation becomes. free market isn't "free" when the government, via taxpayer dollars, has to bail out these "too big to fail" companies.

[chesapeake]

Account holders with WaMu are fine, as are folks who have mortgages from WaMu. WaMu stockholders are screwed.

It is hard to predict exactly how the failure will affect the Puget Sound area. WaMu's HQ in Seattle employs about 4,300 people. I imagine a large percentage of those will be classified as redundant in the near future and let go. That's going to suck.

[lungs]

Hey guys, if you have a WaMu account like me you should've gotten an email with a link to login so they can transfer your account. Otherwise you risk losing all your money in the transfer.

[DaddyTorgo]

Hey guys, if you have a WaMu account like me you should've gotten an email with a link to login so they can transfer your account. Otherwise you risk losing all your money in the transfer.


hahaha :lol:

please clarify for everyone here that you are joking

[sterlingice]

Jp Morgan bought Wamu, making it the 2nd largest bank behind BoA, and thus making it too big to allow to fail in the event of future crisises. excellent. i think corporations are catching on. i understand we have something resembling a free market, but this has to stop, government needs to impose caps on how large a company can become to prevent future bailouts. either that, or require x amount of cash reserves that increases the larger a corporation becomes. free market isn't "free" when the government, via taxpayer dollars, has to bail out these "too big to fail" companies.

Agreed. However the problem with a purely "free market" is that there are gross market inefficiencies (monopolies or oligopolies erecting huge entry barriers to prevent perfect competition) so they aren't free to begin with.

That said, yes, any company that is too large to fail needs to be broken up. Where's the real Teddy Roosevelt when we need him?

SI

[lungs]

hahaha :lol:

please clarify for everyone here that you are joking


How did they get my email then??????
;)

[Kodos]

I cancelled my credit card with them a while ago. That was probably what doomed them.

[Marc Vaughan]

Hey guys, if you have a WaMu account like me you should've gotten an email with a link to login so they can transfer your account. Otherwise you risk losing all your money in the transfer.

Sad thing is I bet someone has done that and worse still I bet a fair proportion of paniced people have probably given their details through the link ...

[General Mike]

I have a checking account with them, but they sucked a big one. I guess that's why they are done.

[fantom1979]

Kind of ironic

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[dawgfan]

I have a checking account with them, but they sucked a big one. I guess that's why they are done.
Actually, no. Their standard branch banking business was doing very well. What sunk them was getting in too deep in the sub-prime loan/etc. mess.

It was both comical and sad to see so many people freaking out about their WaMu accounts in the past few months - look people, unless you had more the $100K deposited there, your money was completely safe. That's the largely overlooked problem in this financial situation, the panic that is setting in among people.

[fantom1979]

I am always shocked when people are storming the banks when one of them is doing poorly. Haven't these people ever stood in line at their bank? I am sure that all of them have that FDIC sticker on the counter that guarantees accounts up to $100,000. I don't always trust the government, but they are pretty good at paying out money.

[path12]

Visiting a friend tonight who is in the WaMu IT department. I'm sure he's going to be up for drinking.