WaMu Trial Deposits Posted, Account Active
Tip It!On the heels of last night’s revelation that WaMu is being acquired by Chase, I just wanted to report that I’ve received the two test deposits in my external checking account. For those who haven’t been following along, these deposits stem from my decision to open a WaMu account.
As expected, it’s business as usual today at WaMu in the wake of the buyout by JP Morgan Chase. The transition appears to have been seamless, and I was able to activate my account by logging in, clicking on “External Accounts” in the left sidebar, and then simply following my nose. It appears that the FDIC was right, in that this was a total non-event for WaMu account holders.
Published on September 26th, 2008 - 8 Comments
Filed under: Banking
About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
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September 26th, 2008 at 9:07 am
Maybe those stodgy old bankers in their commercials had it right all along…
September 26th, 2008 at 11:41 am
I was worried about it this morning as I read the CNN article since WaMu is our primary bank. It does appear to be business as usual though. My husband’s paycheck was deposited this morning and everything’s fine. Chase has a blurb about the transition on their website. It doesn’t say a whole lot other than “keep doing what you normally do and we’ll alert you before any change.” It also sounds like it’ll be several months or more before anything visible to account holders happens.
I do wonder how long they’ll honor the online savings APY.
September 26th, 2008 at 11:46 am
Does Chase have to honor WaMu’s 4% interest rate or can they say, “No, we took over, we don’t like this and we’re dropping it?”
September 26th, 2008 at 1:16 pm
It looks like at least for now they will be honoring it as in the “about this account” of my WaMu Savings it still says I have a 4% APY. They are also still offering the 5% CD. I’m very glad and relieved with this non-event. If a bank must go down in flames, this is the way it should happen. Kudos to JP Morgan.
It is my hope that they keep most of what makes WaMu such a great institution to bank at.
September 26th, 2008 at 3:34 pm
Just in time too!
Mammy – Savings rates aren’t guaranteed… they can change anytime.
September 27th, 2008 at 10:27 am
…here’s some of the fine-print from the current WaMu website for online savings accounts:
“Interest rates and APYs may vary at any time, including after account is opened. We may change rates and APYs and/or make different changes, for some, but not all accounts of this type…. Fees may reduce earnings”
“Programs (including, without limit, fees, rates and features) are subject to change without notice.”
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” Nothing is more costly than chasing yield: For fixed-income investors, what matters most is not the return on your money, it’s the return of your money. Reaching down the risk curve for a few bits of additional yield is one of the dumbest things an investor can ever do. ”
(– Barry Ritholtz)
September 27th, 2008 at 1:23 pm
Fixed-rate CD’s are guaranteed for the term & rate under which you opened the account. So as long as they have the 5% emblazoned across their site, you can lock in the 5% rate for the next 12 months.
I like the idea of being able to earn 5% on money I’m not planning to use for the next year, but I don’t like the idea of having to open yet another set of accounts with yet another bank to get it.
September 27th, 2008 at 2:39 pm
Crandall: That Barry Ritholtz quote doesn’t apply to FDIC insured asvings, for which you are *guaranteed* to get your money back. You’re not moving “down the risk curve” if you obey the insurance limits.