October 1, 2008

WaMU is now JP Morgan Chase

Our checking and savings are with Wamu. As of September 25th the Washington Mutual bank deposits are now part of JP Morgan Chase. I went over to the Wamu website for the first time since JP Morgan bought them and found that they have this notice welcoming Wamu customers. So I am now officially a JP Morgan Chase customer. Or is it JP Morgan Chase Wamu now?

According to the announcement, things will remain 'business as usual' for the time being. My account numbers will not change and the bank account will operate as usual. Everything is still FDIC insured of course. Then later JP Morgan will gradually remove the Wamu name and replace it with Chase. I'll also then be able to use Chase bank branches and ATMs in addition to the Wamu ones. Overall I don't expect any problems with this transition. Banks by other banks now and then so this is nothing really special and I'd almost consider it 'business as usual'.

BUT.. right now our online savings with Wamu is at 4.0%. That is a pretty high rate for a savings account and Wamu was running such high rates to attract more customers to bolster their deposits. I suspect that sooner or later the return on our savings will drop significantly.

Graphic from Chase.com

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