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Home > So much for the Fed only seizing banks on Friday nights

So much for the Fed only seizing banks on Friday nights

September 25th, 2008 at 08:20 pm

By the time anyone sees this, I'm sure you'll have heard the news. JP Morgan Chase Buys WaMu:

Text is http://www.fdic.gov/news/news/press/2008/pr08085.html and Link is

Text is http://www.jpmorganchase.com/cm/BlobServer?blobtable=Document&blobcol=urlblob&blobkey=name&blobheader=application/pdf&blobwhere=jpmc/pdfdoc/JPMC-WaMu_Press_Release.pdf and Link is

Text is http://www.washingtonpost.com/wp-dyn/content/article/2008/09/25/AR2008092503710.html?hpid=topnews and Link is

Well, baselle and Paulette Goddard's son (and anyone else who has an account with WaMu), I suppose this is about as good of an outcome as we could have hoped for.

I just checked my on-line account, and I can still log in. Nice. Not anything in particular I wanted to do with it, just wanted to see if it was still up and running.

I suppose this means I can go back to writing checks on my WaMu account, tho' I may wait a few days on that.

What I'm most curious about is how much the interest rate I am earning will change. When people started pulling money out of WaMu, they started offering pretty sweet APYs. I'm pretty sure I can kiss those good-bye, but again I'll just wait and see. I know we looked at Chase once, but weren't all that impressed with their rates.

My WaMu branch was going to have Customer Appreciation Day tomorrow with goodies ... I wonder if that's still on? If it looks like they are being mobbed (and no reason they should be), I'll stay away. But if it's on and the lobby is empty, I'll go in just to offer my moral support to the nice gals who work there ... If I were in their shoes, I'd be relieved, but of course when an employer changes it's stressful.

7 Responses to “So much for the Fed only seizing banks on Friday nights”

  1. paulettegoddard Says:

    Wow... I've lived in the US long enough to see a bank failure... I tried spelling out Washington Mutual when I was talking with a friend on the phone and my child was following me around. Fortunately my son doesn't need his $34.85 right away.

    I hope things go smoothly for you and your money remains safe. It might be a weird experience dropping by: tell me if you get 'vibes of gloom' or feel some heaviness of despair or whirl of confusion when you visit.

  2. gamecock43 Says:

    My house savings fund is in wamu. I was getting a good intrest rate too- and the intrest rate is what I am most concerned about as well.

  3. thriftorama Says:

    Since WaMu's assets were bought by JP, there should be no interruption in your service. even though it was under duress, the process will be the same as when banks merged before the crisis. Just my two cents as a financial journalist!

  4. Joan.of.the.Arch Says:

    Your title is exactly what my first thought was upon hearing this news....Funny about the customer appreciation day.

  5. merch Says:

    They usually do a Friday which gives them the weekend to get everything starighten out. Maybe it was JP Morgan/Chase buyout that juts sped things along.

  6. scfr Says:

    thriftorama: yep, I've been through several bank mergers, and I too believe this one will be just like that. The good news is that I had planned to change the bank for my direct deposit away from WaMu, but now I won't need to do that.

  7. baselle Says:

    I stopped by the WaMu Tower to get some money. Not only did I get it, their popcorn popper was running overtime. (Customer Appreciation Day).

    I give JPM Chase about a month before they put the popcorn popper out on Cragislist. Smile

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