So I was wrong and Wamu has crashed and has been bought by JP Morgan Chase. Our personal accounts and business accounts are at Wamu.
I'm not worried about the personal accounts (about $1K total). Wamu was nothing special there, and it's all electronic anyway. I guess I should change my direct deposit. But I am worried about the business accounts ($5K).
The Taxes
Fiance paid his business quarterly taxes with an $8K certified check from Wamu. I have no idea if that check has been cashed. I have no idea what happens to a certified check from a bank that no longer exists. This kept me up at night last night.
Really, what happens to a certified check (or a regular check) from a bank that doesn't exist?
Business Checking
Wamu business checking was something special. It was totally free. Fiance wrote a bunch of small checks to vendors. He cashed all the checks from customers at convenient local branches. He BillPayed the rest. It is going to difficult, maybe impossible, to get a free business account with as many features as Wamu's. For now, we're holding the business checks until we see how "seamless" this transition is.
Friday, September 26, 2008
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3 comments:
I was under the impression that normal depositors would be just fine. I am hoping so, as my account is with WaMu as well.
Just wanted to post this web site from the Chase web site. It does look like things will remain the same for regular depositors:
http://www.chase.com/welcomewamu/
I don't know about this buyout, but I was a Netbank customer when they failed and were taken over by the FDIC. They were sold to ING over the weekend and reopened monday as ING, but FDIC rules say that they have to honor the old (Netbank) checks, both certified and personal, for something like six months. I suspect a similar thing would happen here.
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