Bye Bye WAMU

iVillage Member
Registered: 11-17-2007
Bye Bye WAMU
5
Thu, 09-25-2008 - 11:40pm

As of tonight for those who do not watch the news much Wamu is no more. I do not understand who bought who out first FDIC either came in and appointed Morgan to buy all of WaMu At first there was just talk that they were only going to take the branches and the deposits but just a few minutes ago they came on TV and said that Morgan was also forced to take all the bad debts too. Which there are a ton.


So the investors will get nothing and neither will the people that WaMu owes money too but the depositors are just fine. They are even going to be covered for more then the 100,000 limit because of the buyout.


I have a WaMu charge card and I just got an email that reads I think this is funny since the company is pretty much bankrupt


"With kids back in school and a nip in the air, we’re suddenly reminded that the holidays are just around the corner.

Even if you’re not ready to hit the stores, you can cut down on holiday stress by saving a little extra cash today. With Online Savings at an amazing 4.00% APY and great rates on Money Market accounts, we have plenty of ways to kick your holiday savings into gear.

Learn more about your options and these great rates for saving for the holidays"


So I guess Chase is already starting to make back some money.


I do not owe WaMu or had my home financed through them but I would be very careful if you do have a low rate Make sure all your payments are in plenty of time to make your due dates because I have a feeling for Chase to make up for all the bad paper they had to take with the good money Games are going to be played.


Good luck to us all


Mary Ann


iVillage Member
Registered: 09-26-2008
Fri, 09-26-2008 - 3:45am

I heard about WAMU tonight.

iVillage Member
Registered: 06-18-2004
Fri, 09-26-2008 - 3:57am

The news has been focused on the economic bailout, but in the last week the potential failure of WAMU has been mentioned several times, so the writing was on the wall so to speak.

Community Leader
Registered: 07-26-1999
Fri, 09-26-2008 - 11:18am
I have a credit card through them that I am working on paying off, I had been thinking of doing a balance transfer to a lower rate card, maybe I will do that this weekend, just to be on the safe side.


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iVillage Member
Registered: 10-10-2007
Fri, 09-26-2008 - 2:09pm

I honestly don't think this is that big of a deal, these consumer bank failures happened a lot in the past and as long as someone buys it (and here, JPMorgan did) it doesn't affect the consumer at all. In the 90s they had like 3,000 smallish regional banks fail; mine was one of them. One day, I just got a different card in the mail and that was that. In fact, I never use that account really and didn't order new checks, and when I do write checks from there, I still send them the old ones and they still honor them (and this was like 10 years ago almost that it switched).


It is a larger bank, so that's partly why it's making headlines(since it's a national bank and not regional like the others), but mostly, it's just because of the context that we're in right now, so people get the sense that it's just one more drop in the bucket.


But seriously, obviously it pays to make sure you're making your payments on time and etc. but as an average consumer, this won't affect you in any way. xExcept when you renew your card, it might say Chase on them (since that's JP Morgan's commercial bank) or JP Morgan instead of WaMu.

Avatar for colomom99
iVillage Member
Registered: 03-28-2003
Fri, 09-26-2008 - 5:48pm
I certainly hope no employees lose their jobs in this but I have to say: couldn't happen to a nastier bank. I have had so much trouble with them. I started with a credit card called Providian which got swallowed up by WAMU. IN the beginning they were fine but in the last year or so I have had one run in after another -- never my fault but they never took full responsibility for screw ups. Typically I would have to scream and yell over numerous calls to customer service and they would reluctantly waive whatever fees or mistakes they had charged but never admit wrongdoing. My worst example came earlier this year when they took money out the wrong checking account and despite all the documentation I provided as well as documentation my checking account provided still would never admit they did it. It was surreal. They eventaully refunded fees and overdraft charges but kept saying it was somehow my fault or the other bank's fault. Huh? I always wondered what would've happened if I hadn't kept calling and demanding they open an investigation. After that I had one other run in with them holding something like $600 as a rental card security deposit (actual charge was only $200) for weeks and weeks after we turned in the car. I did a balance transfer to another card to be rid of them. My husband still has a $500 charge on the card for insurance deductable while waiting for reimbursement and then we will pay them off once and for all. Good riddance. I suppose they were in trouble and told employees to put screws to customers. I fear there will be a lot more of that.