WaMu Deposits Already Taken Over By JP Morgan Chase

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I received a check in the mail today, an electronic payment written on a Washington Mutual account last Friday. It arrived with JP Morgan Chase as the signatory. At the top of the check was the phrase: PLEASE POST THIS PAYMENT FOR OUR MUTUAL CUSTOMER.

Apparently the buying of WaMu deposits by JP Morgan Chase is not in process, as was announced a few hours ago. It looks like a done deal.

Perhaps it's time for an account at a fully capitalized credit union. Meaning, your money stays in the bank. (Yes, really.) No collateralized debt obligations, no sub-prime mortgages, no morally questionable investments poised to send the market atumble.

 
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