The WaMu Buy Out - Does it affect you?

[j_absinthe]

Well, it sure effects me.

I've always loathed banks, and my first experience with one was Chase, one that led to losing alot of money in ridiculous overdraft fees and other hidden charges. Not only me, but my friends, my co-workers- with which Chase was unwilling to give back 10,000 dollars that was stolen from the company.

Now that WaMu has gone under and has been absorbed by Chase, I'm definitely on the hunt for a new bank. It's good to know my assets will be alright for the next 6 months or so, but I really don't want to have to deal with Chase's BS in any capacity.

Thoughts? Anyone else a WaMu account holder? If so, are you staying or going?

 

[*Stargazer*]

Re: The WaMu Buy Out - Does it effect you?

Are you eligible to join any credit unions? They are probably the only institutions that are going to emerge from this insanity unscathed.

 

[MAC_Whore]

Re: The WaMu Buy Out - Does it effect you?

Amen! I have been with my credit union for ages and they take great care of me. I always speak to a human being when I call with a question or request.

 

[Lapis]

Re: The WaMu Buy Out - Does it effect you?

We just had an avalanche of fees from Wachovia and moved over to a credit union, I'm VERY impressed today dh went for a cashier's cheque and it was free, we had grown accustomed to paying for them.
We have a WaMu cc but we are paying it off in chunks as money allows, we didn't have a very positive experience with them.

 

[aziajs]

Re: The WaMu Buy Out - Does it effect you?

I wish I could join a credit union. I was a part of one when I lived in Madison and loved it. I never had any problems. I just switched over to WaMu a couple days before it was announced that it was going under. Now, it's been bought out by Chase. I have serious reservations about Chase. I'll have to see what my options are.

 

[darkwater_soul]

Re: The WaMu Buy Out - Does it effect you?

Yes, WaMu has been absorbed, but WaMu will stay WaMu, and such. So Chase will have control over thier financial holdings, but nothing with Chase will change. They may downsize the number of locations and such,. but they will stay remain WaMu. Don't fret yet.

 

[aleksis210]

Re: The WaMu Buy Out - Does it effect you?

^good to know...

 

[MiCHiE]

Re: The WaMu Buy Out - Does it effect you?

They'll remain WaMu for now....Slowly, the name Chase will appear on everything, though. I would imagine that the accounts you have will be grandfathered in or you'll be given something comparable. That's what happened when Capital One took over Hibernia here and when Chase acquired Bank One.

 

[kimmy]

Re: The WaMu Buy Out - Does it effect you?

i love my credit union. loooove.

 

[aleksis210]

Re: The WaMu Buy Out - Does it effect you?

^I'll have to look into credit union, a lot of people seem to like it!

 

[MxAxC-_ATTACK]

Re: The WaMu Buy Out - Does it effect you?

I think I may switch over to a credit Union from bank of America.

I am a little worried about the charges that may come from using a ATM in another state.

 

[kaexbabey]

Re: The WaMu Buy Out - Does it effect you?

i'm with wamu and i'm going to change banks. just dont know when. just a question, what exactly is a credit union? i'm pretty sure it's a kind of bank b/c my mom said she transfered to one from wamu. yes, i'm naive with these kinds of things. all i know is that wamu is our bank, we pay bills online, and my husband does direct deposit so there's not much i pay attention to. i'm embarassed. hah!

 

[concertina]

Re: The WaMu Buy Out - Does it effect you?

I have USAA and have since I was 17. They keep reassuring us that they're fine, and I tend to believe them.

So no, this WaMu mess hasn't affected us....yet.

Of course, if you want to talk about my husband's 401K or our other investments...thats a *much* different story!!

 

[rbella]

Re: The WaMu Buy Out - Does it effect you?

Quote:

Originally Posted by aziajs I wish I could join a credit union. I was a part of one when I loved in Madison and loved it. I never had any problems. I just switched over to WaMu a couple days before it was announced it was going under. Now, it's been bought out by Chase. I have serious reservations about Chase. I'll have to see what my options are.

***hides in the corner for suggesting Wamu***

Seriously, Aziajs. I am SO sorry.

 

[aziajs]

Re: The WaMu Buy Out - Does it effect you?

Quote:

Originally Posted by rbella ***hides in the corner for suggesting Wamu*** Seriously, Aziajs. I am SO sorry.

LOL...that's ok. It's really just how my luck always goes.

 

[j_absinthe]

Re: The WaMu Buy Out - Does it effect you?

Credit Union, eh?

Call me green, but I don't know what that is exactly- though I have heard of it in passing.

As far as "WaMu will still be WaMu", they'll only be WaMu for about another 6 months until Chase absorbs them entirely, and with that their banking policies, which don't agree with me.

I wish I could just keep my money in a Zipoc bag again. Ah, those were simpler times...

 

[MAC_Whore]

Re: The WaMu Buy Out - Does it effect you?

Quote:

Originally Posted by j_absinthe Credit Union, eh? Call me green, but I don't know what that is exactly- though I have heard of it in passing. As far as "WaMu will still be WaMu", they'll only be WaMu for about another 6 months until Chase absorbs them entirely, and with that their banking policies, which don't agree with me. I wish I could just keep my money in a Zipoc bag again. Ah, those were simpler times...

Here's a page from CUNA (a credit union trade organization) that might help explain it: What is a credit union?

Here's how you can find one near you: Credit Union Locator

...and then there's the old stand-by: Credit union - Wikipedia, the free encyclopedia

Hope that helps. Good luck

 

[COBI]

Re: The WaMu Buy Out - Does it effect you?

The reason most people like credit unions is that they are still customer-oriented. The same can be said for most of your local community banks.

 

[j_absinthe]

Re: The WaMu Buy Out - Does it effect you?

With the way economy is going though, I that a lot of community banks will be going out of business.

 

[COBI]

Re: The WaMu Buy Out - Does it effect you?

Quote:

Originally Posted by j_absinthe With the way economy is going though, I that a lot of community banks will be going out of business.

It all depends on the management of the bank. For example, we are very stable and remain well-capitalized. Many community banks have remained conservative in their lending and investing and will weather the current economic downturn without issue.

In general, I don't think that community banks (as a whole) are any more at risk than any thing else.

That being said, there is speculation that through acquisitions and mergers, we will go from about 7,000 banks to about 3,500 within the next 5 years. But this consolidation speculation has been talked about for years (before the current environment.)