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Washington Mutual Acquired by JP Morgan Chase

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The word on the street is that JP Morgan Chase is buying parts of Washington Mutual after the FDIC seizes the country’s largest thrift. I guess all the reports of WaMu’s demise were not so greatly exaggerated.

The government on Thursday made the largest bank seizure in American history, taking over Washington Mutual, the severely troubled savings and loan, and selling pieces of it to JPMorgan Chase in an emergency deal intended to avoid sticking the taxpayer with a bill for another bank, according to people briefed on the plan.

Game over WaMu.

(WaMu account holders should read this FAQ that Chase published to learn what’s new)

Government Seizes WaMu and Sells Some Assets [New York Times]
JPMorgan Chase May Acquire Washington Mutual After FDIC Seizure [Bloomberg]

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4 Responses to “Washington Mutual Acquired by JP Morgan Chase”

  1. Shehzada says:

    You warned us about Washington Mutual a few weeks ago. And now its 5 ‘oclock news. Thanks for the heads ups.

  2. Tyler says:

    Man… I dont know if this is a good thing or a bad thing. I decided to stick with WaMu (Because I don’t have enough money to really worry and because of the 4% APY savings account).

    Chase offers 0.1% APY for savings, and 0.0% APY on checking unless you have over $50,000 in there.. and even then its a measly 0.01%.

    Chases Savings requires a minimum balance of $300 or you get hit with a $4 fee.

    Their checking either has a high balance to be free, or you have to purchase 5 things per month (among other ways) with your debit card.. which is fine. So checking I’m not totally against.

    But one of the things that drew me to WaMu was:
    1) Free Checks
    2) 4.00% APY on Savings
    3) Free Checking
    4) Free Savings

    I’m torn between sticking with them and going elsewhere.

  3. jim says:

    They’re making it sound like they’re going to keep things stable for a while. I’m going to leave my cash where it is for now, no sense making decisions based on woulda’s and coulda’s.


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