![\"user-pic\"](\"/mt-static/support/assets_c/userpics/userpic-291961-100x100.png\")
So, how long before they get rid of those \"teller stations\" in the middle of the floor, and switch to the old-fashioned teller windows?
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-257922-100x100.png\")
@GreatCaesarsGhost: I really hate that style. It makes me feel like I'm at a Verizon store, not a bank.
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-412309-100x100.png\")
Yeah.. .I dont like chase.. they screwed me once and now I'm on the hunt for another bank that liked me as a customer and not for \"How much im wanting to invest in Their bank.\" Wamu was all about making me feel I was investing in my future but not nickle and diming me for not having 4k in my savings account at all times.
Anyone know a good bank that has free checks. No insane ATM junk charges. And free Money Orders and wire transfers.
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-68654-100x100.png\")
@sinfuly Delicious: if you want my professional opinion, you're asking for a lot of free stuff. good luck getting that.
i know in my neck of the woods, there's a local mutual savings bank called liberty bank ([www.liberty-bank.com]) that offers a lot of what you're looking for (they claim no atm fees ever). of course, if you don't live along the i-91 corridor in CT, that's not going to be too convenient for you.
check out the mutual savings bank circuit in your area. i don't know about free money orders & free wire transfers - generally that's not something that you can command without establishing a pretty lucrative relationship with an institution. perhaps if you move a sizable amount of business their way (large deposit accounts AND/OR business accounts AND/OR mortgage...i think you get the idea), they might be able to work something out.
if you click over to liberty bank, check out their history. i love this story:
The Oldest Savings Account in AmericaOne of our favorite customer stories is about Frederick Sheffield, a young merchant from Old Saybrook. In 1844, Sheffield rode his horse to Middletown to deposit $8 in the bank. Six months later, he made an additional deposit of $18. He then moved away from the area, leaving his money on deposit at the bank. In 1994, Sheffield's descendents finally closed his account, which had grown through interest alone to more than $32,000 and was the oldest individually owned savings account in America.
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-409488-100x100.png\")
There aren't a lot of mutual savings banks left- most of them demutualized in the 90s. Mine sure did.
![\"user-pic\"](\"/css/images/default.gif\")
I would leave the banking system all together and join a local Credit Union. You become a shareholder in the bank, they're not for profit, you decide who runs it, your accounts are insured just like at a bank and interest rates are much lower. Best of all, your banking will now be local as opposed to the local branch of a global conglomerate that doesn't give a shit about you.
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-23360-100x100.png\")
@theutopian: Dang, you beat me to the required \"Credit Unions Rule!\" post. I will concur that credit unions are invariably more local. Some credit unions have been merged but they never get stupidly big like WaMu.
@sinfuly Delicious: National City has fee-free Checking accounts, and I believe they come with free checks for life. I just opened an account recently, so I don't really remember what they have (I haven't moved my funds yet).
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-119816-100x100.png\")
@sinfuly Delicious: Yes, I'd be interested as well. I went with WaMu to get away from banks like Chase.
BTW, excellent picture.
I saw this coming and already bailed. See ya WAMU.
What major banks are left now? It seems to be just BoA, Chase and Citi.
And, for all intents and purposes, Chase didn't buy anything; WaMu collapsed. The FDIC moved in to divest its assets and ordered Chase to absorb them into their company.
In this day and age, we don't have banks that collapse anymore. But the real question is how much longer can the FDIC afford to do this?
WAMU's purchase by chase cost the FDIC exactly $0. At this rate, the FDIC can continue to afford to do this forever.
@thewriteguy: Chase didn't get ordered to do anything. And Wells Fargo remains, depending on how much you like S&M relationships. Wachovia...
Chase took over Bank One, I guess it's been a couple years now (ugh, time all blurs together anymore). Honestly, it was pretty seamless in my experience and more or less how it was outlined above. Of course, I just have basic checking (didn't change... still free with Direct Deposit) and savings accounts, with no credit cards, mortgage, or other loans through them and do my banking primarily online. I do so little banking in person, I didn't notice anything different at all in that respect.
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-77175-100x100.png\")
@bluedragonfly: I keep seeing \"free with direct deposit\" how exactly does this work?
I have a job that I have direct deposit set up with, however I do not work here all the time. It could be over a month between paychecks, would it still be free?
@veronykah: Speak with a banker at a local branch if you can. I had a job with direct deposit and then took another at a small family-owned business that couldn't afford to use direct deposit (cost prohibitive as I was the only employee at the time). I was able to have an even more basic account set up that didn't incur any fees as if I had direct deposit. I don't think it was even an account advertised, but the rep I dealt with made it happen. I had the account for a couple years until I needed to change my account number.
Anyway, I'd talk to someone since I'm far from an expert... never hurts to ask! The way I look at it, direct deposit is direct deposit whether it's every week, every 2 weeks, once a month or however often it is for you in your situation.
@bluedragonfly:
Thats because the retail operation of Bank One was retained. Chase customers saw a bigger change than Bank One.
@GreatCaesarsGhost: That makes sense. I admit, my knowledge is limited but I can't complain as I don't have much more than basic checking and savings accounts and the few times I've needed to speak with a real person it's always been a decent experience. I realize for others that might be a different situation entirely (those with credit cards, loans, specific types of accounts, etc).
![\"user-pic\"](\"/mt-static/support/assets_c/userpics/userpic-538493-100x100.png\")
Best picture in Consumerist history, by the way.
I first opened my checking account over a decade ago when my bank was Merchant's Bank. Then they got bought by Old Kent. Then Old Kent got bought by Fifth Third. Its been Fifth Third for a while now, but I'm still using the original checks with Merchant's Bank on them. They work fine because the account number and routing numbers never changed.
Good old Ethel. No matter how hard the times get, she just keeps handing out those Tootsie Rolls.
Godspeed.
As an employee of the above mentioned purchasing bank, I still use my old Bank One checks. Plus since we are merging BEars Sterns right now, it wont be till end of 1st quater next year before anything starts.
People still go into their bank branches? I went into a local branch twice last year... but that was because I was getting a mortgage loan (no, not through WaMu).
@samurailynn: Came in to say this. Don't most Consumerists just use the ATM? I wouldn't know if my local branch had an \"Ethel\" anyway.
![\"user-pic\"](\"/mt-static/support/assets_c/userpics/userpic-6536-100x100.png\")
@bricklayer: Meh, you can't get quarters from the ATM. I need quarters for the bus and for the coin operated laundry machines (The facility does not have a change machine).
So I'm in my local branch every week to get change.
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-411202-100x100.png\")
How depressing...
I'm not looking forward to changing my account numbers everywhere. *sighs*
thewriteguy,
No worries about the FDIC affording this. It's not costing them a single penny. There's no deposits to repay. That will come from Chase, if people continue to withdraw. And you're forgetting another major bank, which will be listed as one of the 10 safest in the world in DC on October 13th by the IMF. Wells Fargo. BNP Paribas is also on that list, which wholly owns Bank of the West and First Hawaiian. You probably don't know about Bank of the West or First Hawaiian if you're on the east coast.
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-355903-100x100.png\")
I want my free checkings and savings... sigh... BoA is my only hope now.
@newdeepdan: BofA? Haha! I hope you have plenty of money to keep on deposit with them. They absolutely love to nickel and dime a person who doesn't keep money onboard. As a matter of fact, they've started charging me just to have an account with them. I'm going to go close it down after work.
Any recommendations for a good bank - free checking, no ATM fees, etc - in Southern California? I don't have a National City here, I don't like HSBC or B of A (been with them before), what other alternatives?
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-51621-100x100.png\")
@elisa:
First republic bank. Its on the corner of Ventura & Laurel Canyon. They have great online banking.
Alan Fishman who was hired by Wamu less than 3 weeks ago is getting a 20 million dollar payout. YES, he is getting 20 million dollars for less than 3 weeks of work. Wow. Just wow. I am floored.
And that is the PRIME reason no bail out should occur. If the bank had the available capitol and assets to pay these lunkheads this kind of loot then they can deal with this on their own.
Just what did this tool offer that was worth this kind of payoff? Is there a CEO in the ever loving world worth a cool mil?
Let em all burn in a fire.
None of these banks or financial organizations should receive a dime. All these CEOs should have to fund their own mistakes from their golden parachutes.
20 million dollars for 3 weeks of work??? I am so furious... and they want tax payers to bail them out??? They should go in and cease the bank accounts of all these executives (in the US and all of their little overseas accounts) until it is decided who committed fraud and who's dishonest little games helped bring this situation upon America. All their little bonuses and parachutes nicely tucked away in off shore accounts sure could be used help undo what they created.
I heard last night that all the bonuses handed on on Wall Street last year totaled MORE than the entire world gave to Africa to combat famine and disease.
Why are there no news crews parked in front of these executives houses haunting them like the paparazzi haunt celebrities trying to make them answer some questions? I'd like to hear some of these tools explain what made them so valuable and deserving of all they have taken.
GREED. Endless GREED.
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-442321-100x100.png\")
@vdragonmpc: true, but this wasn't a bailout. the feds seized WaMu because they didn't have enough money to back up their depositors anymore.
do you have a source for that? that is disgusting!
did you all read that WaMu failed specifically because 10% of depositers took out their money (totalling over 1 billion) so they no longer had enough assets to conduct business? bank runs!
Everyone loves the freebies (like the free safe deposit boxes) and bemoans the loss when a new company takes over, but no one seems to realize that stuff like this is part of why companies go under.
The banks themselves are making interest off my money in their bank... plus any overages... I hardly use checkes. Still on my first book. But to have a bank like chase charge me 5$ to get a money order from someone I do business with when I can go to HEB and get or for 1.50$?????
Ok, so in 6 months I get to move to Citibank. Oh well.
Chase's interest rates on savings and cd's are just pathetic. Goodbye Chase!
Love the picture
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-236523-100x100.png\")
Ok, awesome picture.
I just checked Chase's savings account rates and it's 0.10%. I'm serious, WTF? Hope they don't change the rate on my 5% WaMu account too quickly... :(
Still feel bad for the tellers, including Ethel.
\"...you don't know a soul in your old branch and it looks like any other Chase office.\"
Given my limited experience with WaMu, I fail to see how this is a bad thing.
![\"user-pic\"](\"/mt-static/support/assets_c/userpics/userpic-455957-100x100.png\")
So how long before I get stuck with Chase's outlandish fees and policies? For instance, their overdraft fee is higher, they have an extended overdraft fee, they don't have free checks or money orders, and they order overdrafts by amount to purposely rack up higher fees.
Got a SunTrust acct 2 weeks ago..suck it WaMu!
I can't tell you how my heart sank when I got a text message last night from a co-worker telling me that I am now officially a Chase employee... WaMu made some pretty stupid decisions and I won't justify their lending practices (I'm back office and never dealt with the mortgages) but I loved working for them. No joke - the best company I've ever worked for.
What is really pissing me off right now though is that because WaMu got so much negative media attention our customers panicked and we lost what was keeping us afloat - the deposit base. Now, in the middle of all the coverage of our failure and subsequent sale to Chase, is the speculation of who will be next. Wachovia will fail for sure if the fear-mongering and sensationalistic journalism doesn't stop.
two of three wamu's i knew of in my head recently closed, so going to the atm has become a pain in the ass. what i want to know is when can i sue chase atm's with my card and not be charged a fee? i generally only keep what i need to pay rent in my checking account there, so this buy-out/collapse doesn't mean much to me.
go with your local credit union!
Does anyone know for sure if Chase must keep established CD rates? Or can they change existing CD rates at will?
@SindhuElephino: Rates are going to stay the same until maturity, then you are subject to the rates offered at that time.
That's a big contributor to a bank failing, people pulling their money out. Didn't anyone learn from the Great Depression?
I left my money with Wamu because I knew that I wouldn't loose it as I have under $100,000, which is fully insured by the FDIC.
Now Chase is in the position of absorbing billions of dollars of bad loans that they'll be writing off.
Yep, this is what to expect. Good post, thanks.
As to WaMu's former CEO, here's an informative article:
http://www.reuters.com/article/ousiv/idUSTRE48P8LG20080926
Don't defile the fine spacevessel Cube with that mess. What an insult.
So, the Rockefellers end up with WaMu, too...They own Citi. Some may argue that they are merely the largest shareholders, but either way, it's theirs.
The super-rich get richer.
This is from the Wall Street Journal:
\"Alan Fishman may yet scoop the prize as this year's shortest-serving chief executive -- and possibly the most handsomely rewarded.
It is unclear how long that Mr. Fishman will stay now that Washington Mutual has been seized and sold off to J.P. Morgan Chase, or how much will be in the holding company's kitty to pay out. But his sign-on and termination payments entitle him to a total of $19 million. Based on the 19 days he had in the job until Thursday, he could end up earning $42,055 per hour, including his $1 million base salary.
Of course, he should emulate Robert Willumstad, the similarly briefly-tenured chief executive officer of American International Group, who refused a $22 million severance check.
But if he takes the money, the question will be: Which bank is safe enough these days for him to stash all that cash in?\"
Copyright 2008 Dow Jones & Company, Inc. All Rights Reserved
The URL to the article is: [online.wsj.com]
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-443783-100x100.png\")
Well, here's hoping Chase won't turn my 0% Wamu card into a 22% Chase Card.
![\"user-pic\"](\"http://consumerist.com/assets_c/userpics/userpic-326654-100x100.png\")
![\"user-pic\"](\"/mt-static/support/assets_c/userpics/userpic-350350-100x100.png\")
I know that in this day and age everything is a commodity, but in the old days, your bank was your bank for life and it still is supposed to feel that way (they have your money, after all). What's so difficult for Chase to keep a sub-brand going? They could at least keep it regional.
@mariospants: A big part of the attraction of a merger is maintaining only one brand. Designing and maintaining a brand (logo, printed materials, website, in-branch posters and EVERYTHING else) is very expensive. Even if it's not done in house, you've just cut that expense by a significant percentage for the combined company. (Note that I'm not saying this is good, just that it happens.)
@mariospants: I can see that, although at the same time they might be worried about new customers. That is to say, new people will be less likely to join their bank since it has the name of a company that failed, even if that's not really who has the brand anymore.
@mariospants:
That's a very good point.