Yesterday my WaMu branch had Customer Appreciation Day. (It had been scheduled before WaMu failed and was purchased by JP Morgan Chase.) I got a goodie bag that had a T-shirt, a BBQ spatula, and an ice cream scoop. All had "WaMu" printed on them. Also got chips, cookies, and a soda. (There was "hot" food as well, but since it had already been sitting out at room temperature for several hours by the time I got there, I decided to play it safe and pass.)
Most of the branch workers were on the phone with rather glum-looking faces ... Whether it was business or personal, I do not know, but I imagine it was a mix of the two. Twice back in my corporate world days I showed up to work in the morning to find an announcement sitting on the fax machine stating that our company had been bought out, so I understand that even when you see it coming and even if it turns out to be a good thing in the long run, it is still a bit of a shock to the system initially. Unfortunately, the gal I really wanted to talk to (I guess you'd call her our banking representative at WaMu) was out to lunch. To the young man who came over to greet me I just said "Congratulations on the big news." I know it sucks for the employees if they had stock options, but at least they still have a job (for the time being and hopefully long-term). Sure beats what would have happened if the bank had failed and not been bought out.
As a WaMu customer who must now decide whether or not I want to stick around, I found this article on Bankrate interesting:
Of most interest to me was the "Chase May Disappoint On Yields" section. Kind of what I was expecting to hear, as DH & I have looked at Chase in the past but have not opened an account there.
DH kind of cracks me up ... He told me "Please find out what is going to happen to our rate" but I told him I think we're just going to have to wait and see on that. (One of my "jobs" when it comes to our finances is rate-shopping. I take it seriously.) I pointed out to him that our principal is safe, and at least for a day or two we should try to be grateful for that.
I will give JP Morgan Chase a chance. (When BofA took over our AAA Gold Savers MBNA account, I was expecting our rate to plummet. Was therefore pleasantly surprised when our rate structure was grandfathered in by BofA. So I am not automatically assuming that our new rates will suck.) But of course, I have started looking around, checking rates, including a peek at Poundwise's fabulous thread over on the forums.
Right now on my list of banks to consider are EverBank, Capitol One Direct (the offer for Costco members), and Amegy Bank of Texas. All three have a 4-star rating from Bankrate and offer attractive yields. No doubt there will be many others looked at in the days and weeks to come.
Oh, have a mentioned that I also have an account at Wachovia? Yea, I'm gonna stick it out with them too.