Washington Mutual customers now JPMorgan Chase customers

Should I close my checking acct?

Type your comment here...What I would be worried about is if I had a mortgage application in with them good luck getting that closed.

I am sickened to think that I have to deal with Chase as my banker after the fantastic customer service that I received as a customer of Washington Mutual Bank.

Fortunately, I have had a little "rainy day" account at a local credit union. If (or should I say when) Chase begins to nickel and dime us for all the fees that they can think of, I will take my money and move it to the CU, where they continue to serve our community with "fee free" (yes, that's what I said, fee free) checking and savings account for the middle class family like us.

We don't make enough money to even make a ripple in this big pool of money, so I'm sure that my moving my money from Chase won't change their ways, but it will give me peace of mind that my money is being cared for in my best interest and not just padding the pockets of the incredibly overpaid banking executives at Chase.

The interesting thing is how JP Morgan chase implicitly predicts housing. The writedowns they are talking about predict a really substantial drop in house prices nationwide beyond what they are now. The worst is in the obvious places, but that's not to say Mass is immune by any meands

What happens with a customer who has a Washington Mutual credit card?

First it was residential downfall, next it was small businesses, now even larger businesses are being taken over. Soon there will be five or six corperations running all of the countries business. SCARY!!!

I don't have an account, but I'm a shareholder. Is there any value left?

I just moved to Michigan from Canada, and had to move my money over too, I don't have much, but it is my entire life's savings in a CD with Washington Mutual. I'm being told it is FDIC insured, but in the grand scheme of things, is anything really insured, safe, or guarranteed? I can't believe my luck.

people with accounts CDs mortgages etc. with WaMu are fine - they now have the same thing, only with Chase.

Its not an FDIC situation for the average customer.

There is no money for shareholders - they just went to zero. And bondholders are unlikely to get much either.

charles, JP Morgan's nationwide base case scenario is a further 8% fall in prices (25% total peak to trough). They have two other worse cases if the economy does worse. Basically it depends on how high unemployment goes. (See HousingWire site.)

Another eight percent isn't pretty, but it isn't 20% either. This isn't to say they're right, and let's face it the economy could go belly up and change everything. But for the moment let's say they're right. It isn't unreasonable to think that Boston would do slightly better than 8%, since that has been the pattern thusfar. I know, sunshine and lollipops. But geez, someone has to be a stubborn (very relative) optimist in this sea of darkness. ;-)

my response to AL #10 was lost? ah well, no profundities denied to the ages really. In short

AL, I disagree with you, but once again find your logic valid and you may well be right. Certainly there is nothing concrete out there showing I am more right than you are on this - we are just focusing on different parts of the same probability pattern.

I have a business checking and business credit line with WAMU that I've had since it belonged to Great Western and WAMU took over. I've never liked WAMU, Maybe now when I make an additional principal payment it WILL BE APPLIED TO THE PRINCIPAL. For about 2 years, I've had problems with them applying an additional principal payment to interest !! It never gets corrected unless I call in and complain.