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strength and security? Yeah ok.
strength and security? Yeah ok.
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Hah, that picture is perfect.
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Okay...good. So how come I come home from work everyday and see a WAMU \"You've been approved for a credit card you didn't apply for!\" piece of junk mail in my mailbox. Will this finally stop!? Please?
@3drage: Hopefully my credit spam will be cut in half because I usually get equal parts Chase and WAMU.
@Donavenn:
The only IDs thefts I've had are for 2 WaMu credit cards that they sent to addresses I hadn't lived at for years.
Oddly enough they were sending me the applications at my new address at the same time they were at my old address (3 years after I had moved).
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I moved to WAMU because Chase was such a pain. Um, Woot?
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I'm pissed about WaMu tanking, but Chase does have some snazzy looking debit (that I would of course use as credit) cards.
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Great. Time to find a new bank -- Chase would not have been my first choice.
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I just switched to Wamu a couple of months ago because I liked all their free things on their checking accounts.. I guess all of that stuff will stop \"eventually\". I wonder what will happen to the money I've earned with my Wamu debit card..
I guess it's time to start shopping for another new bank.. Ugh.
@Kimaroo: yeah, I'm already looking into a few credit unions around my job and home so that I can transfer my accounts and my do a transfer balance on my WaMu credit card acct. This sucks...and I was hoping that they wouldn't tank. I liked their service, and they've been really nice about pretty much anything. *sigh* Guess I'll go to a credit union after I get off of work to ask around.
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Is there a resource to find \"stable\" banks for those of us who want to move?
After having been with the \"Smaller\" Banks, I've found the big banks are good as long as you balance your check book. then if the occasional NSF fee does happen, they will waive it.
For Example, I don't pay an NSF fee at Chase until the Negative Balance exceeds the price of the NSF fee. National City charges me an over draft on an item that came in the same day as a direct deposit, because the withdrawl came in earlier in the day than the Direct Deposit. Paid them $204 in overdrafts in the last month because of their games. Moved back to Chase. WaMu encouraged fraudsters to steal WaMu debit cards because the client could never get their funds recovered.
p.s. Credit Unions are still a viable choice depending on what kind of home loans they do, and how well their reserves are.
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Q. What will happen to my account at WaMu? And to my branch?
A. It's business as usual for now. But come six months, your account will be converted to one of ours with more fees, increased amount of fees for those categories that already had fees under WaMu, a ludicrously high minimum balance requirements, a mandatory direct deposit requirement and all around account that will suck even more than the accounts that were offered by JPMorgan Chase prior to the WaMu acquisition. Enjoy the ride!
Does this mean I don't have to pay my mortgage payment to WaMu this month? If so, yeah! Free mortgages for everyone! Oh, sorry, this is how we got in this mess, isn't it?
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Does anyone know if we can close CDs without a penalty (as you could with the Indymac failure)?
Everybody's gotta call (800) 788-7000 and hear how unexcited the pre-recorded message is about having become part of Chase.
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@CrispinAbderus:
Wow. She sounds less convincing than a ransom victim telling the video camera that her captors are taking great care of her.
In other words, it sounds like someone being forced to read something at gunpoint.
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TD Banknorth FTW!
@loquaciousmusic: I've opened an account with Commerce Bank last October with the plans of using it as a secondary convenience account (to get fee-free ATM access in areas without a WaMu presence).
Who'd have thunk that TD Bank would've bought it. Who else would've figured that it just might be my primary checking account after all, once Chase trashes the rather generous WaMu policies.
Can Consumerist put together a ranking of alternative banks? I would like to know what everyone else thinks is a good bank. I was always so happy with WaMu. With their kiosks and their money dispensers and someone always answering the phone when I call at 2am to find out why my deposit didn't go through.
I'm trying to choose between Wachovia, USBank, Compass, and a credit union.
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@SonikaAchelous: USBank needs to stop calling me and trying to give me long polls about their customer service (it's happened twice now). Their ATMs kept breaking where I used to live, and their online banking isn't as nice as chase's (I have a credit card with Chase).
Now I live in Hawaii and do my business with a credit union. Their online banking is hideous and outdated (though they claim they're changing it soon), but at least the ATM works, they networked with a local bank to allow us to use that bank's ATMs without fees, and they're not calling me all the time.
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Wow - I bailed out on Washington Mutual on the 24th - looks like I nailed that one on the head! Local credit union for the win!
@El_Fez:
\"Washington Mutual customers withdrew $16.7 billion in cash from the thrift in the past nine days, a huge outflow that led to the largest bank failure in U.S. history, the institution's regulator said Friday.\"
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@glitch44: I wish people would stop blaming the customers who are just looking out for their own money for this failure. IF WaMu hadn't had A LOT OF BAD investments there wouldn't have been customers feeling a little bit insecure in keeping their money with WaMu. As someone else said, why should customers act all \"It's a Wonderful Life\"? The banks wouldn't and don't treat small customers with that much respect.
And this is my concern how exactly? When it comes to having my entire life savings on the line, fuck 'em - I am going to look out for #1 and not big business.
You have to watch your back, because nobody else will.
Believe me, you don't want TD Banknorth. I've had my business account with them for 2 years and have NEVER had so many problems with a bank due to incomptence before
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So I'm assuming that the general consensus here is that Chase sucks and that I should be looking for a new bank right away. Right?
So I have my auto insurance through USAA. Anyone have any experience with their banking? I'm a bit nervous about banking with a company that doesn't have any branches in my area. How does that work for everyone?
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@Corydon:
All banks suck, but in different areas.
/which is why I have accounts at 4 different institutions.
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@zibby: Uh..JP Morgan is just Chase under a different name. That's why they're called JP Morgan Chase.
@Corydon: Corydon-- I'm jealous of you being eligible for USAA. Their banking is supposed to be great-- they even have an option to deposit checks by scanning them at home and sending in the scan. I wish I could join for that option alone.
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As soon as I can I'm changing to a non profit Credit Union. I chose not to bank with Chase years ago, I'm not going to start now.
JP Morgan Chase is taking over WaMu Investments, too right? It was a subsidiary of WaMu, but I can't find anything specifically saying they took over WaMu Investments, too.
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I got free checking at BCCI!
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@Corydon: I just switched from Wamu to USAA myself. I lust for their \"Deposit@home\" feature, but I don't qualify since I don't have/want a loan or credit card with them.
I've heard nothing but good things though. So as long as you have a local bank to funnell your deposits into USAA, you shouldn't have any problems. (Or you could try mailing in your deposits as they suggest. Would you trust that method?)
Also of note, USAA gives a pretty good discount on auto insurance premiums when you add a checking account. My discount was in the neighborhood of 5%. Not too shabby! Maybe that will be incentive enough for you to try them out.
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I asked this on the previous thread, but just in case, does anyone know whether or not my current WaMu checks are still good? Or are they now useless until I get my new Chase checks?
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@spikespeigel: I would guess that by lack of mention, it would be a non-issue and they would work just the same as a WaMu debit card. Best of luck!
@ajlei: I just got off the line with WaMu and it's pretty much business as usual. Fingers crossed, because I pay for my Friday bowling league with a check. I'd hate to start paying cash money! It's a sports superstition thing. Really it is.
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I wonder how long it is until Chase changes the fixed 7.99% APR I have on my Providian/WaMu/Now Chase credit card.
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Sigh, I suppose it's only a matter of time before the 4.00% APY interest savings gets taken over by Chase too.
Giving away everything for free apparently didn't work so well...I know everyone hates on Chase because they are so big and don't care about little people but they must be doing something right. They are the strongest bank our there financially. Buying bank after bank at fire sale prices seems to work well for them.
I'll take the minority view here... I'm very, very pleased with how this worked out, and I'm pleased that it was JPM-Chase that did it. I'm already a Chase customer-- they already hold my mortgage and one of my credit cards. But I have never had a deposit account there because they didn't have a useful present here in San Diego.
But then, I'm odd. I use and like BofA, too.
To whoever was asking about the penalty for pulling your CD early: call 'em and ask 'em. They'll tell you. They recently quoted me a penalty of $200 on a 55k, 7 month CD, but waived the penalty when I rolled it over into a longer term higher yield CD. But that was a couple of weeks ago, so they may not be as willing to jump through hoops to keep your money now.
Live through this before people ... Coast Federal Savings was taken over by Home Savings of America which was taken over by WaMu.
If the past is an indication of the future, your checks and other things will be good for a year. Then they will force a new routing number down your throat, and all of your automatic payments, deposits, and checks will need to be changed to reflect the new routing number. They will tell you that they are sorry for the inconvenience.
But right now they will project nothing but rainbows and sunshine, and you can continue going as you used to with no change! (for now)
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Hey Consumerist, a few people have already mentioned this but could you PLEASE do a post for those of us who had the unfortunate experience of being PART of this WaMu mess, or the Indy Mac mess or the inpending Wachovia mess? I'd love to be able to find a website that compares banks in my area the same way they compare credit cards.
I doubt I'll stay with Chase, I already have an ING savings & checking but need a bricks and mortar bank to make deposits to transfer to ING...haven't lived in LA long so I'm not even sure where or what banks are here let alone the ones that aren't ready to go under.
I probably hate Chase more than most other people. My wife works there, and has for a long time. But facts are facts. As much as you might think they suck, they have the money to step in and buy WaMu, Bear Stearns and may have another card up their sleeve. So if you're looking for security, as much as Chase sucks, so do most big banks. At least they'll be there tomorrow, and my money is as safe as it's going to be anywhere.
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Hope they don't drop the rate too quickly on that WaMu 5% online savings account I just signed up for this month!
Damn money-pulling-out-of-the-bank-run-causing customers! A 10% run on WaMu over the past 2 weeks helped pushed it over the edge. Good going, Consumerist!
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@ZukeZuke: The fact that WaMu was weak was not the fault of its customers, and why should customers not do what is best for themselves, to benefit a company who would have no qualms about doing what's best for themselves in other circumstances?
You're blaming the wrong people.
p.s. Always had good service from WaMu and lots of free goodies on my accounts. Hope Chase treats their customers just as good. I feel bad for the WaMu bank tellers, secretaries, etc. but not the loan officers or executives.
:( I moved to WAMU when my last bank was taken over by Chase and everything went to shit. Now, I'm getting out as soon as possible. I'm going to miss my savings account, the interest rocked!
Now that WaMu is Chase... keep a very close watch on the \"fees\" from Chase on credit cards, bank accounts etc. That little 'merger' agreed to pay ALL of those WaMu employees they kept at (hang on), DOUBLE their current salary to transition. That does not include moving costs, insurance and a hefty severence if they choose to leave. Many at WaMu are highly paid $75,000 and up, and now have that amount DOUBLED! 'Who' will feel that increase folks?
I banked at wamu never had any problems. Friday deposited my pay roll check it has go up in smoke. went to one branch that had a line that it took you 1/2 hour to get through the teller told that I didnt make the deposit at that branch so i had to drive 15 miles to the one I had before closing time. New teller at next bank still coulnt find my depost sat down with a rep took 45 min to find the depost said it would be posted today but still poof it isnt there! Great way to get me to stay! Even better i couldnt go out of town for the long weekend because of this.
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I love how they include \"the strength of Chase\".
What happened to the \"strength of WaMu\"??
@Chols: It's been assimilated by Chase.