I used to think of Washington Mutual as the Trader Joes of banking. It seemed to be the alternative place where Angelenos would bank that didn’t suck you dry by charging for checks and account fees, and the staff was always nice. Unfortunately, it turned out that after getting that first overdraft fee waived, WaMu was just more like a new Ralphs, but no different than any other grocery store. Or bank. (I’m writing this while I’m hungry, so please forgive me).
Anyway, this really has nothing to do with the big news this week that Washington Mutual became the largest bank failure ever, as they were so nice they gave out way too many loans too easily, and people weren’t paying them back. As a result, the bank was pretty much going bankrupt, so the government swooped in, and sold WaMu to JP Morgan Chase, whose name will soon begin appearing on your banking statements, your checks and debit cards, and the bank itself.
Or something like that. Seriously, I’m mostly thinking about getting some food. Have a snack with me, then make the jump for more details… Continue reading Are you a WaMu customer? Get ready for a name change!