Wamu Now JPMorgan Chase

[Baldie]

What is the name of your state (only U.S. law)? CA

This is just a general question, sorry if this is the wrong place to ask. But now that Wamu was taken over by Chase, is there anything that customers need to watch out for now? Should we consider moving banks?

 

[racer72]

Nothing will change. Your account will be incorporated into a Chase account over the next 3 months or so. Use your current ATM and checks as before. No need to change banks, JPMC is on very steady ground.

 

[Baldie]

Nothing will change. Your account will be incorporated into a Chase account over the next 3 months or so. Use your current ATM and checks as before. No need to change banks, JPMC is on very steady ground.

Will JPC mimick what Wamu has been offering though such as the free checking and savings? I absolutely love their service and no hidden fees whatsover. I left Bank of America because of all the hidden fees they charged. I'm just wondering with JPC taking over, if all that is going to change.

 

[seniorjudge]

My guess is that all the amenities will go the way of the free toaster.

 

[Some Random Guy]

WaMu was offering free checking an no hidden fees - and they went bankrupt. What do you think will happen?

Banks need to follow regulations to have a certain amount of capital (deposits). This is based on the level of their current obligations (loans). If you make a lot of bad loans that ar enot being repaid, then you need a lot more people to be depositing money. This led to the crazy idea that WaMu will lose money on each checking account just so people deposit their paychecks into WaMu and they have enough money to keep the feds off their backs.

 

[Blueshirts]

I've used Chase for my checking account for at least 7 years now.... First Chicago, etc... whatever they were before.

I've NEVER paid for a checking account and ATM card use.

 

[Antigone*]

Will JPC mimick what Wamu has been offering though such as the free checking and savings? I absolutely love their service and no hidden fees whatsover. I left Bank of America because of all the hidden fees they charged. I'm just wondering with JPC taking over, if all that is going to change.

Look for notices in your statements a few months down the line - this will be how you will be notified of changes.. I highly suspect that the "free" stuff will start to go by way of the dinosaur.

I get a kick out of people who say bank fees are "hidden". It is against the law for banks to "hide" their fees. People are just way too lazy to read the information in their welcome packets and the notices included in their statements when changes are going to be made.

 

[ecmst12]

My checking account is so free, they pay me back if I use an ATM that charges me a fee But I bank through USAA so it's basically like a credit union.

 

[efflandt]

I have had free checking with Chase since I transferred my IRA CD to a broker in 2006 and changed my checking account from interest bearing to free. They do charge if you order checks from them, but there is no monthly fee or minimum balance if you do direct deposit and no charge for electronic bill payment (which is usually quicker than WaMu, especially for Chase credit cards).

WaMu gave me an interest bearing checking account to auto pay my home loan when I refi'd in 2005, which I split direct deposit to for home payments and to do my own escrow (write my own checks) for tax/insurance. Other than info on both WaMu and Chase sites about the buyout, everything has been business as usual.

Chase is probably in the best financial position of the major banks and their have been rumors about Chase being a likely buyer of WaMu for years. WaMu will gradually be shifting over to all Chase next year.