Washington Mutual Rumors - Page 2

The FDIC/government seized Washington Mutual's assets and sold it off to JP Morgan Chase (the board of Washington Mutual didn't even know they were going to get seized). The new banker for Washington Mutual's customers are JP Morgan Chase.

Washington Mutual is the largest US bank failure in history. Hearing Wachovia is running into trouble too. Eek, we do need the bailout but hopefully it can be cut down from the $700 billion.

EDIT: History lesson: The FDIC was created as a response to bank failures that precipitated the Great Depression. Before the Great Depression, if a bank fails, you lost your money. Must have been a scary time to scramble to the bank to get your money out before everyone else (it was not assured that you can get your money out).

So in conclusion...is it time to panic and start running in circles yet?

^^ You're not going to lose your money. Your money is insured by the FDIC upto 100k. JP Morgan Chase bought all of WaMu's assets so your accounts are now controlled by JP Morgan Chase but don't expect to withdraw money from Chase ATMs yet. The operations haven't been merged yet.

For now, keep banking with your local WaMu branch. Its business as usual for customers.