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Follow Us on Twitter!Washington Mutual Collapses…Are Your Deposits Safe?
The major news today is the takeover of Washington Mutual by the FDIC. After hopes were high for a financial bailout of Wall Street on Thursday, reality set in last night as no settlement was reached. Washington Mutual was forced to face the music after an FDIC takeover and forced to sell of some assets to JPMorgan Chase, making it the largest bank failure in history. JPMorgan Chase will acquire all of Washington Mutual’s banking operations including $307 billion in assets and $188 billion in deposits.
Both insured and uninsured deposits are safe because they have been purchased by JPMorgan Chase according to the FDIC. Washington Mutual depositors will experience a seamless transition according to Federal regulators.
"There will be no interruption in services and bank customers should expect business as usual come Friday morning," FDIC Chairman Sheila Bair said in a statement.
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