Wachovia spokeswoman Christy Phillips-Brown said in an e-mail Sunday that the establishment doesn't exposition on union rumors. Phillips-Brown said the society is "aggressively addressing" its challenges. Here are answers to some questions about what Washington Mutual's failing and the sales marathon to JPMorgan Chase will skilled for savers, commendation Christmas card borrowers and mortgage holders: Q: I have a bank tale with Washington Mutual. How will the fusing alter me? A: For WaMu customers, it's point as usual.
You'll have the same chronicle numbers, passwords, branches and ATMs. Sometime in the future, you'll visit with the JPMorgan Chase prominence on your bank statements and solvency cards, and you'll walk off altered debit cards connection the Chase name. Q: What about my insured deposits with WaMu? A: They're still fully covered by the FDIC, up to $100,000 for personal depositors, $200,000 for experienced juncture accounts and $250,000 for retirement accounts. And because JPMorgan Chase bought all of WaMu's deposits, WaMu customers with uninsured deposits won't be beaten any money, either.
Q: I bought one of WaMu's one-year certificates of precipitate with a 5% rate. Will I still hear that measure until the CD matures? A: At a gathering colloquy nickname on Friday, Charlie Scharf, leading position of JPMorgan Chase's retail business, said rates for WaMu products will be left the same "as we worthy out how to amalgamate the companies." But it's distasteful that Chase will honor the merit on WaMu's 5% CD through maturity, says Greg McBride, elder analyst for Bankrate.com. Last week, the regular classify for a one-year CD was 2.45%, according to Bankrate.com. If Chase decides to crop the reprimand on WaMu CDs, customers will have the opportunity of holding on to their lower-paying CDs until readiness or redeeming their CDs without paying an early-withdrawal penalty, McBride says.
Q: I have CDs with JPMorgan Chase and WaMu. How will this combination lay hold of me? A: You won't have to do anything veracious away. WaMu CDs will be severally insured for six months after the merger, or until maturity. But if your combined deposits with WaMu and JPMorgan Chase overtake federal lay guaranty limits at the end of that period, you'll have occasion for to require some changes to make a stand for blinding coverage.
The easiest means to do this is to rouse some of your funds to another bank. Q: I have a WaMu faith car-card with a unhappy curiosity rate. Will that change? A: Over time, McBride says, JPMorgan Chase presumably will streamline some of its products with WaMu products, and terms of WaMu ascription cards could change.
"But that's not flourishing to happen overnight," he says. Q: What about my WaMu mortgage? A: All WaMu mortgages and other loans have been acquired by JPMorgan Chase. The terms of your mortgage won't change, so sustain to fix your monthly pay by the due date.
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