WaMu Branches Successfully Integrated into Chase Banking System
On the conclusion of a 13 month long process, Chase has announced that it has completed the integration of 822 branches of Washington Mutual, the bank that it acquired last September, into its computer systems.
WaMu Credit Card Accounts Fully Migrate to Chase System March 9
Effective March 9, 2009 WaMu credit card holders can no longer access their accounts from the wamucards.com site, and will instead be moving to Chase OnlineSM. In line with this, WaMu credit card customers were advised of some important dates and activities that should be undertaken during the conversion process:
It’s Not Too Late to Join the “WaMu Doubles Your Deposit” Sweepstakes
Here's great news for all Washington Mutual account holders! You still have over a month to join the WaMu Doubles Your Deposit Sweepstakes which ends March 31, 2009. Now under the management of JP Morgan Chase, Washington Mutual or WaMu has an ongoing promo that makes saving up more exciting. For those who have yet to participate in this Sweepstakes, read on for the details.
JP Morgan Chase Expands on Its Loans
During the first week of October 2008, JP Morgan Chase, one of the oldest and biggest New York financial institutions, became the latest major banking institutions to expand on its loan modification program in the hope of helping their borrowers avoid foreclosure. To understand how JP Morgan Chase became riddled with troubled mortgage loans despite its reputation as an investment company, it is important to look back on its recent history and acquisitions.
The Year That Was 2008: A Rundown of the Major Financial Events That Rocked the Nation
Even with the New Year revelry still ringing in our ears, one can never fully take on the challenges that lie ahead in 2009 without reflecting on the year just gone. Certainly, the year 2008 will go down in history as the start of one of the country’s worst recessions since the Great Depression in the 1940’s. Bankruptcies plagued banks and investment houses, and many industries, most notable of which are the finance and auto industries, were now pinning their hopes of surviving more on the bailouts that the government was handing out like candy, than on the likelihood that the economy would put itself right in the near future.
Rising Number of Bank Failures Reflects the Signs of the Times
Perhaps one of the most telling signs of an economy on a downward spiral is the rapid dissolution of its banking industry. For the US, there definitely is a trend that not even the government’s $700 billion bailout package can stop. In fact, the latest news to hit the stands is the rescue package that the government has agreed to release to ailing banking giant Citigroup to the tune of $326 billion, $20 billion in direct investments and $306 billion to guarantee the company’s troubled assets. This crucial deal is one more of the many government moves to support the financial sector, and more importantly, avoid a much-dread collapse of the Citigroup which would further damage investor and consumer confidence in the entire US banking system. The deluge of financial woes on the once largest bank in the US is testament to the reality that even the biggest of them are not immune to the possibility of a bank failure.
WaMu is the largest bank to fail in US history
The FDIC seized Washington Mutuals deposits last night and within hours JPMorgan Chase announced the purchase of WaMu's assets for $1.9 billion. For all you WaMu customers, this means you'll soon be Chase customers. "For all depositors and other customers of Washington Mutual Bank, this is simply a combination of two banks," FDIC Chairman Sheila Bair said in a statement. "For bank customers, it will be a seamless transition. There will be no interruption in services and bank customers should expect business as usual come Friday morning." This economy is tough to navigate. WaMu's customers didn't choose to be Chase customers. This is the consequence of consolidation. For all JPMorgan Chase stockholders, congrats! They are getting a great deal. JPMorgan Chase stock is up over 7% is premarket trading. Coincidentally, they failed on the 119th anniversary of it's founding in Seattle, Washington. Source: http://biz.yahoo.com/ap/080926/washington_mutual_future.html Source: http://www.reuters.com/article/mergersNews/idUSN2519733720080926
Merrill Lynch, Morgan Stanley Battle Independent Brokerages For Wealthy Investors
U.S. Bank Acquires FBOP Corporation’s 9 Failed Banking Subsidiaries
Assessing the Impact of the FDIC’s Temporary Liquidity Guarantee Program
FDIC Chairman Shelia Bair on The State of American Banking – Summary and Analysis
Citibank Credit Card Interest Skyrockets In Anticipation of Federal Regulation
Commerce Bank of Southwest Florida Fails, Becomes 123 Bank to Close in 2009
ING Direct Black Friday Special: Save ‘Til You Drop
Savers Left With Fewer Options as Hudson City Savings Lowers Top CD Rates
Wells Fargo Settles $1.4 Billion Lawsuit Regarding Auction-Rate Securities
‘Too Big To Fail’ Firms May Be Broken Down To Smaller Size
