Washington Mutual (which is often cutely referred to as "WaMu") went under overnight and was bought up by JP Morgan Chase. I have a secondary checking account with WaMu so I consulted a story on Marketwatch to see what the deal was going to be with my funds.
There is a list of questions people might ask including, "I just wrote a check out. Will it clear?"and "What about my debit card?" Both are fine and basically nothing different will happen. One question stood out from the others by asking, "I already had an account with J.P. Morgan Chase and now my combined balances exceed the $100,000 FDIC insured limit. What do I do?"
... This, sadly, was not one of my concerns.
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2 comments:
Does this mean we get to wear top hats and be steel barons?
yeah, my friend warned me wamu was going under and i meant to do something, and then didn't. if i go bankrupt, i only have myself to blame.
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