When Chase completely takes over the old WaMu credit card division in March, a new super-power will be granted to WaMu credit card customers who also have a Chase credit card, reports CreditMattersBlog. As long as you have a zero balance on one of the cards, the two cards will be combined and your Chase’s credit limit will now be the sum of the two credit limits. WaMu cardholders without a Chase card will get to convert their cards into Chase cards.
Chase has announced that they will be closing 299 branches, 57 of them in the Chicago-area alone. The Daily Herald says that most of the branches are across the street or down the block from existing Chase branches and consolidation is necessary. The remaining WaMu branches will be converted to the Chase brand.
It looks like after March 1, 2009 quondam Washington Mutual cum Chase customers won’t be able to get their FICO scores for free anymore through their bank. Those people in the picture look pretty excited about yet another WaMu feature being taken away. Woohoo, indeed. [Chase] (Thanks to Luke!)
Reader Kevin is upset with WaMu because they closed his credit card due to inactivity. Had he known they were going to do this, he says he would have been happy to pay a small fee to keep it open, etc. The card is the oldest one on his credit report — and closing it has affected his FICO score.
The Associated Press says that a review of regulatory documents shows that years before the subprime mortgage crises developed into a full blown economic meltdown— the government ignored warnings and listened instead to lobbyists who represented some of the same banks that have now failed.
Whoever came up with the name “courtesy overdraft fee” is one smart cookie. They figured out a way to let you do something you don’t want to do, charge you a fee, and make it sound like they’re doing you a favor. WaMu is one of the few banks that let you…
Inside, email addresses, phone numbers, and addresses for over 100 different companies to inject your customer service complaints into their corporate executive offices, and get it well on the way to success.
TechCrunch has posted this “March Madness” style bracket of the recent financial meltdown. It was reportedly created by a general partner at Sansome Partners named Mark Slavonia, says TC.
Reader Steve says this photo was taken at the Austin City Limits Festival on the same day that WaMu was seized by federal regulators — making it not only funny, but extremely accurate.
I’m currently a Chase customer, but my brother is WaMu. As he was walking down the street in Brooklyn the other night, he managed to catch this picture.
The collapse of Washington Mutual and the FDIC-engineered fire sale to JPMorgan Chase has people worried — about Wachovia. Wachovia’s stock is down 45% for the week, and 27% today as bailout talks stalled in Washington and WaMu held a garage sale at the FDIC.
It’s official, WaMu customers are now JPMorgan Chase customers. In the interest of keeping you from pulling your money out, Chase has posted a FAQ for concerned WaMu customers that explains how the transition will take place. Most importantly, Chase says that if you bank at Chase and WaMu already — your accounts are still insured separately by the FDIC — for now.
The Wall Street Journal is reporting that WaMu is courting several private equity firms about a potential takeover after their debt was downgraded even further into junk status by Standard & Poor’s. Once merely “junk,” WaMu is apparently, “so junky we are not even kidding around about it anymore.”
Passed by a WaMu on my lunchbreak as I wait to see if I will have jury duty – the place looked no busier than a normal bank during lunch hour. No runs on the bank here in Brooklyn so far.
For Washington Mutual direct deposit customers, to protect yourself no matter who takes over and how good they are at handling WaMu’s computer systems, Carmen Wong Ulrich, host of CNBC’s personal finance show “On The Money,” wants you to hit Print. When that direct deposit hits your account, she wants you to go to your WaMu online banking account and make a printout of your statement. That way if it somehow gets lost in the shuffle, “go right up to the bank with your paperwork.” It would probably get eventually sorted out anyway, but this way can help expedite things, just in case.
My husband and I were at the Cubs/Brewers game at Wrigley Field last night. At the door we were surprised to be given WaMu promotional string backpack/bags. This was in addition to the announced promotion, Carlos Zambrano bobbleheads.
laserjobs: The way things are going the FDIC will probably end up with WaMu. So as long as you are under the FDIC limits you will probably be with the safest bank around soon: WaMu Federal.
Regulators are trotting around Washington Mutual trying to get banks interested in buying it. It’s sort of like in the old days when the local beauty queen, last scion of the largest landowner in the county, would get maimed in a horrible combine accident and the town elders would trot her catatonic body around to arrange a marriage so all her fields wouldn’t turn fallow and destroy the local economy for years to come. Wasn’t that given treatment in Faulkner? As I Lay Hemmoraghing Equity?