Quote:

WaMu customers withdrew $16.7 billion since Sept. 16, leaving the Seattle-based bank ``unsound,'' the Office of Thrift Supervision said yesterday.

Bloomberg News

JP Morgan bought its deposits so I guess my cash is safe still. I would imagine the lines will be huge tomorrow when I attempt to cash my pay check though.

Ya, another one bites the dust. You should be fine and the transfer should be seemless. The only losers appear to be the stock holders.

A while back I was going to switch from Chase to WaMu, I guess it would not have mattered much for very long (-:

It seems like every bank we have been a part of at one time or another, has been bought up by Chase, and I don't mean just recently, because of the economic woes.

Seriously, what company does chase NOT own now?

(Repost from another thread)

Here is my WaMu story.

You know how when you don't use a credit card they want you to use it? They send you "convenience checks," give you balance transfer offers, etc. all to get you to use your card (and give them money).

I had a WaMu card that had a nice big credit limit on it but I stopped using it because it had a high rate of interest. So I only kept it for emergencies. The rate was 14%. Now, that was good at one point when I didn't have good credit but eventually I had cards with a much lower rate. I did have a pretty large balance on it that I was paying off, though.

They kept sending me checks and making me offers. They offered me balance transfers with 0% interest for 9 months. It was too good to pass up, since even a card with 6% interest can be paid off with that money. So I used it to pay off some other cards. You can't beat 0%.

Guess what? I got a letter from them a few weeks later. It said that they were going to increase the interest rate on my balance from 14% (which was already higher than most of my cards) to a whopping 33%. And you'll never guess why -- because of sudden increased activity on my card!

I didn't use the card, they begged me to use it, sent me offers, so when I finally relented and used it, they raised my interest to 33% because I used it!!!

The good news is, they did not raise the interest rate on the balance I'd transferred in taking advantage of the offer. That stays at 0%. The bad news is, they DID raise it on the balance I already had in there. I wasn't using the card for a long time but I did have a balance that I was still paying off. That's the balance which went from 14 to 33%. Now I can barely stay one step ahead. I would have been better off not using it at all, since the difference between the increased interest on the balance I had left is greater than what I saved by paying off the higher rate cards in the first place.

Oh, and I used to have an Upfront Rewards Visa card. They were bought by Chase so that became a Chase Mastercard. Meanwhile I had a Providian Visa card. They were bought by WaMu, and that became a WaMu Visa card. I had an additional card which was also from WaMu. So that means I will now have 3 different Chase cards.