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Washington Mutual closed: how do I pull out my money in checking now?
Old 09-27-2008, 03:25 PM   #1
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Washington Mutual closed: how do I pull out my money in checking now?

Do I write a check to a bank or credit union on Washington Mutual checks or what? I know WaMu is now J.P. Morgan, the small amount is safe, but HOW do I get it out on Monday? Just never faced a failing bank and withdrawing money problem before.
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Old 09-27-2008, 03:41 PM   #2
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On the WaMu website it says they are now Chase and will honor all checks and account numbers without change.
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Old 09-27-2008, 03:43 PM   #3
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Not sure why you want to pull your money out . . . I say sit tight and enjoy your new Chase checking account (that's what I'm doing).

From the WaMu site:

Quote:
Continue to bank just as you usually do:
  • same account numbers,
  • same Washington Mutual name on your account,
  • same checks, debit cards, credit cards, deposit slips,
  • same online banking website and passwords,
  • same branches & ATMs,
  • same familiar bankers, and
  • same great service!
Welcome WaMu
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Old 09-27-2008, 03:43 PM   #4
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Remain calm. I have had money in Chase for a couple of years. You may find you like them just fine. All of your checks, ATM, etc ought to work just fine. WaMu was sold, not your money. Below is the text from the Chase website. Hang in there. I will miss WaMu, too, as had accounts there as a kid.

Frequently Asked Questions:

Q. What will happen to my account at WaMu? And to my branch?
A. It's business as usual. As of September 25, 2008, JPMorgan Chase has assumed the deposit and loan accounts, and all branches, of Washington Mutual. You can continue to access your accounts just the way you've accessed them in the past: use your same branch, same debit, credit and ATM cards, same checks.

Q. Is my money safe?
A. Yes; in addition to FDIC insurance, now you're assured your bank is backed by the strength and security of JPMorgan Chase. If you have money in both banks, your deposits have separate FDIC insurance for up to six months. Come see us and we can help you review your coverage.

Q. What if I have more than $100,000 at WaMu?
A. Your money is secure and now protected by the strength of Chase. Chase assumed all deposits of Washington Mutual.

Q. When can I bank at Chase branches in my area?
A. We'll be working hard to combine systems as quickly as possible so you can begin to enjoy expanded branch convenience in your area, and we expect system changes to begin late next year. We'll let you know in advance of any changes; in the meantime, simply continue to bank at WaMu branches as you do today.

Q. Do my direct deposit, automated payments and transfers remain the same?
A. Yes. These services all continue for you without interruption or action on your part.

Q. Where do I send my credit card and loan payments?
A. There is no change in how or where you make payments; payment instructions and addresses remain unchanged.

Q. I have a Chase credit card, car loan, and mortgage. Can I make payments at a WaMu branch now?
A. Not yet! We'll let you know when you can make Chase credit card, car loan, mortgage or other loan payments at WaMu branches, or vice versa.

Q. I have deposit accounts at both WaMu and Chase. Are both of my accounts insured?
A. Yes! Your deposits are insured separately today just as they were yesterday, and generally will be for another six months. At that time, your deposits will be insured by the FDIC for up to $100,000 per depositor (with an additional $250,000 for self-directed retirement accounts), and will continue to be backed by the strength and security of JPMorgan Chase.
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Old 09-27-2008, 03:45 PM   #5
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If the system is "working" you should see no immediate change.

From Welcome WaMu

WaMu customer deposits — including checking accounts, savings accounts and certificates of deposit — are now backed by the strength and security of JPMorgan Chase. JPMorgan Chase has more than $2 trillion in assets and is the largest depository bank in America.




What stays the same? Continue to bank just as you usually do:
  • same account numbers,
  • same Washington Mutual name on your account,
  • same checks, debit cards, credit cards, deposit slips,
  • same online banking website and passwords,
  • same branches & ATMs,
  • same familiar bankers, and
  • same great service!
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Old 09-27-2008, 03:58 PM   #6
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Thank you, folks, for all that valuable information. I knew I could count on the good and informed people here to know all the right answers.
I have kept this account open--despite no WaMu anywhere around me distancewise. It's just not convenient, really, since I opened it in Chicago and am 3 hours away from there now. There may be WaMu's closer, but nothing short of over an hour I suspect, so it's just something I meant to do ages ago but didn't.
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Old 09-27-2008, 04:00 PM   #7
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Quote:
Originally Posted by Orchidflower View Post
I have kept this account open--despite no WaMu anywhere around me distancewise.
Well this might just be an upgrade for you then . . .

Quote:
Soon
  • You'll be able to use over 9,300 Chase ATMs fee-free - jointly, that's 14,000 ATMs for your banking convenience!
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Old 09-27-2008, 04:17 PM   #8
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A checking account I opened in 1974 went thru this process as did about four other checking accounts. As usual, I plan to just use up my supply of WaMu checks and then get new checks with the new bank name but with the old account number. I imagine some of the convenient WaMu branches will close. JPM/Chase is happy to finally get into the West Coast market.

Will JPM/Chase charge for new checks?
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Old 09-27-2008, 04:27 PM   #9
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Originally Posted by CuppaJoe View Post
Will JPM/Chase charge for new checks?
My guess is that "Free Checks for Life" referred to WaMu's life.
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Old 09-27-2008, 04:31 PM   #10
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my guess is that "free checks for life" referred to wamu's life.
lol!
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Old 09-27-2008, 06:08 PM   #11
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Guess we've seen the last of that gal in the pink outfit in bobsled, "Whoo Hoo!!"
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Old 09-27-2008, 06:32 PM   #12
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Quote:
Originally Posted by Orchidflower View Post
Thank you, folks, for all that valuable information. I knew I could count on the good and informed people here to know all the right answers.
I have kept this account open--despite no WaMu anywhere around me distancewise. It's just not convenient, really, since I opened it in Chicago and am 3 hours away from there now. There may be WaMu's closer, but nothing short of over an hour I suspect, so it's just something I meant to do ages ago but didn't.
FWIW, I've banked with USAA for over 22 years now and they have no branches at all. The only time I've gone into a bank in all that time is with my MIL.

In this day and age you really don't have to go into a bank anymore, although I realize that some people are more comfortable doing so for various reasons. USAA makes it very easy to do so, probably more so than many other banks.
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Old 09-27-2008, 06:34 PM   #13
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Hah. I've only been in a bank branch once in the last ~17 years. For 15 of those I was with a credit union that only had a handful of branches and none of them anywhere near where I lived.
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Old 09-27-2008, 06:54 PM   #14
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Well, my bank here in SW Oregon (Umpqua Bank) has free coffee, a nice big TV monitor with Bloomberg on all the time, very comfy chairs, internet access and subscriptions to all the major financial papers and magazines... Jeez - almost makes it worthwile to ride my horse to town...
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Old 09-27-2008, 07:16 PM   #15
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Those of us old enough to remember the 80's should recall the S&L collapse. You'd drive by one day and discover the name on the building is different than it was yesterday. But I don't recall any hiccups, they just kept consolidating and the gov't kept the money flowing ($100 billion plus). You got your money from the same people in the same buildings, just a different name. It was so common that the next "failure" didn't make the front page. (Yes, I also remember newspapers printed on paper).
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Old 09-27-2008, 07:53 PM   #16
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Quote:
Originally Posted by CuppaJoe View Post
A checking account I opened in 1974 went thru this process as did about four other checking accounts. As usual, I plan to just use up my supply of WaMu checks and then get new checks with the new bank name but with the old account number. I imagine some of the convenient WaMu branches will close. JPM/Chase is happy to finally get into the West Coast market.

Will JPM/Chase charge for new checks?

just buy checks from costco or checks-in-the-mail or some third party. just a piece of paper
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