lovebug5

WaMu. Now Chase. Oy.

Recommended Posts

Alright...So I've seen one other post in Off Topic about today's WaMu news but thought I'd post here with some questions that may be considered silly. :)

NEW YORK/WASHINGTON (Reuters) - Washington Mutual Inc was closed by the U.S. government in by far the largest failure of a U.S. bank, and its banking assets were sold to JPMorgan Chase & Co for $1.9 billion.

Thursday's seizure and sale is the latest historic step in U.S. government attempts to clean up a banking industry littered with toxic mortgage debt. Negotiations over a $700 billion bailout of the entire financial system stalled in Washington on Thursday.

Washington Mutual, the largest U.S. savings and loan, has been one of the lenders hardest hit by the nation's housing bust and credit crisis, and had already suffered from soaring mortgage losses.

Washington Mutual was shut by the federal Office of Thrift Supervision, and the Federal Deposit Insurance Corp was named receiver. This followed $16.7 billion of deposit outflows at the Seattle-based thrift since Sept 15, the OTS said.

"With insufficient liquidity to meet its obligations, WaMu was in an unsafe and unsound condition to transact business," the OTS said.

Customers should expect business as usual on Friday, and all depositors are fully protected, the FDIC said.

So what does this mean for current WaMu account holders? Clearly our bank accounts will be transitioned over to Chase accounts in the near future. Anyone know what will happen with their CC's?

Share this post


Link to post
Share on other sites

That may explain it then....I 623'd WAMU and they did not respond.

I sent a follow up letter, and they did not respond to that either.

I will send an ITS now and see what happens.....

Share this post


Link to post
Share on other sites

I really hope Providian disappears....damn I wanted a Chase card too.......hopefully Chase will do a better job at forgiving a guy then Wamu ever did.

Share this post


Link to post
Share on other sites

WaMu banks will remain open...even this morning. It is business as usual. Over the next few months, they'll just rip down the WaMu sign and put CHASE on the front.

Credit cards- no idea yet. The credit accounts are valuable and will definitely be bought en masse by someone. I have a WaMu card too. I like the card because they give me my monthly TransUnion FICO for free. The credit cards could be part of the JPM/Chase deal struck last night but I just didn't read anything to verify that. Anyone could buy that unit really. Basically WaMU is being broken up and sold in "units". The retail unit is heading to JPM/Chase. The other portions remain to be seen. If you find details about this please post!

Share this post


Link to post
Share on other sites

I also have a WaMu card and a Chase card - wonder how that will be affected.

I have a much better interest rate on Chase ......... therefore, my WaMu card is not utilitzed very often.

I did have an online payment with Chase that was not processed and called them 1 day after the payment was due. I was extremely upset because I was afraid that it would go into a default interest rate.

Chase was wonderful - stayed on the line with me until it was resolved. It was my fault - I had transposed a number - they did not go into the default interest rate, charge a late fee or show that I was late on my CR.

WaMu, on the other hand, would not reduce my interest rate. The best they would do is note my record when it came up for review. WaMu was paid and only used it once and PIF when the bill arrived.

Share this post


Link to post
Share on other sites
Please, oh please, be wrong....

LMAO.....

Why wouldn't they? Mortgages weighed WAMU down, not bad credit cards.. The credit cards are valuable, and Chase has a vested interest now.

I would be mildly shocked, and at the very least a bit surprised if these end up anywhere but Chase.

Share this post


Link to post
Share on other sites

After posting this last night I continued reading articles about how Chase was only purchasing WaMu's retail/deposit sector. Nothing about the CC's as others have mentioned. I'm actually hoping that Chase purchases WaMu's CC portfolio and transitions all of the cards. :)

LMAO. I mean, I've wanted a Chase card for some time now. So if they'd just consider transitioning my WaMu into a Chase, my dream will finally come true! *swoon*

Share this post


Link to post
Share on other sites

Chase may buy only retail or they may buy WaMu's CC portfolio. It is really up to them and the deal they struck. Not sure where we all end up.

Not really that many big banks left to bid on the portfolio after all of this consolidation.

Share this post


Link to post
Share on other sites

I read that one of the banks in talks to purchase WaMu prior to the Chase acquisition was HSBC. I immediately started laughing.

Share this post


Link to post
Share on other sites

Let's get all of the CIC'ers to pool their money and start CIC National Bank. Then we can bid on the WaMu cards. Then we can immediately ratejack everyone but ourselves and live like royalty *kidding*.

  • Like 1

Share this post


Link to post
Share on other sites

http://www.creditcards.com/credit-card-news/chase-buys-wamu-credit-card-assets-1282.php

According to this article, it has already been announced that Chase bought WaMu's cards... which is no surprise, really.

WaMu credit cardholders

Customers carrying WaMu credit cards should continue with business as usual, Chase said. Payments should continue to be mailed to the payment address customers currently use. WaMu credit card and ATM cards will be accepted as normal. As those cards expire, they will be replaced with credit cards carrying the Chase logo. Monthly WaMu credit card statements will gradually begin to carry the Chase logo. (See: What happens to credit debt when a bank fails)

"Continue to bank just as you usually do," Chase advised WaMu customers on a Web site welcoming them to the Chase family. Chase says WaMu customers will "soon" be able to use more than 9,300 Chase ATMs without incurring fees. The two banks' combined ATMs will total 14,000 nationwide.

Chase is the No. 2 credit card issuer in the United States; WaMu is ranked eighth, according to 2008 industry data compiled by Nilson Reports.

  • Like 1

Share this post


Link to post
Share on other sites
Let's get all of the CIC'ers to pool their money and start CIC National Bank. Then we can bid on the WaMu cards. Then we can immediately ratejack everyone but ourselves and live like royalty *kidding*.

Next best thing - 10 steps to starting your own credit union:

http://www.bankrate.com/brm/news/cu/20000301a.asp

Share this post


Link to post
Share on other sites
Let's get all of the CIC'ers to pool their money and start CIC National Bank. Then we can bid on the WaMu cards. Then we can immediately ratejack everyone but ourselves and live like royalty *kidding*.

I'm in!:)++

Share this post


Link to post
Share on other sites

This all seems rather sudden doesn't it? As an (ex) WaMu customer, even though I am concerned about the change, I'm sure everything will be fine.

Share this post


Link to post
Share on other sites

I'm glad, because Chase has been "bery, bery good..to me". WaMu never gave a sister an even break. Back when I was young and foolish I got introuble to the tune of $4500 with Chase (ultimately paid off). Chase apparently keeps no grudges and I currently have a 9000 credit limit with them. Same situation with Providian, except that was $1400. To this date WaMu would not give me a credit card.

Share this post


Link to post
Share on other sites
I'm glad, because Chase has been "bery, bery good..to me". WaMu never gave a sister an even break. Back when I was young and foolish I got introuble to the tune of $4500 with Chase (ultimately paid off). Chase apparently keeps no grudges and I currently have a 9000 credit limit with them. Same situation with Providian, except that was $1400. To this date WaMu would not give me a credit card.

Dayum, girl....welcome back. Everybody is starting to come back now.... :)

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.