Comments on: JPWaMu – What You Need to Know

By: Professor

Professor — Sun, 19 Oct 2008 15:06:51 +0000

I tried to do that one year cd at 5%.
WM made me do it online and they messed up with those microdeposits.
I just gave up and did a 3 year cd at 5% elsewhere. That credit union took the routing and account number and it was over. With WM it would never have happened in the 7 day period and I would have been locked in at 3%.
They are the worse bank I ever dealt with. I go past their branches every day and it would have been so easy to give them a check. But the branch said they can’t acept it while he online ’service’ tells me I can drop off the check. I hope JPM fires all of these morons.

By: jimmy

jimmy — Wed, 08 Oct 2008 04:30:40 +0000

@jason be careful they changed the rates today 7th down. you only have 7 calender days to fund the account otherwise you get the new rate. for the 12 month it is only 3%

By: surferdude

surferdude — Tue, 07 Oct 2008 02:03:09 +0000

Steve,

You will get $28.71 for a 1 month investment of $10,000.00 at the APY of 3.5% compounded daily.

By: Jason

Jason — Mon, 06 Oct 2008 04:16:07 +0000

Thanks for the tip. I’ve been following the posts on this site and this is such a valuable resource. Please keep up the great work.

I just opened a WAMU account this evening. I clicked the link in this posting and filled out the online application. I didn’t have any issues although I had to re-read their fees rates & schedules just to make sure. A posting by BA Fant above (9/27/08) indicated that a $25 checking was also required to open the account. Fortunately, I wasn’t prompted to do that.

I funded my account by online and entering my bank’s routing number. At the end of the app process, it said to wait until WAMU puts in 2 small deposits to confirm.

By: Lando

Lando — Fri, 03 Oct 2008 22:28:18 +0000

With the new bailout plan approved, I suppose that cap for FDIC insurance is now at $250K for individual account? I suppose this also applies to CD accounts?

By: Steve

Steve — Fri, 03 Oct 2008 22:18:29 +0000

Hello, first off I want to say what a great resource your site is, I have used it to learn about banks I never even heard of. I have a question about cd rates. I have been looking at short term 1month cd’s. What is the actual earnings on 3.50% apy cd for 30 days if I have $10,000 invested?

By: Michael

Michael — Fri, 03 Oct 2008 11:57:44 +0000

I applied to get a CD, got so far in the process and had to call WaMu…I was told that the best and fastest way to fund this CD was with a check. So I transfered money from a high yield MMA into my checking account, which takes 3-5 days…only to find out that once you get so far in the online CD process it indicates that you can fund the CD directly from any account. Again I call WaMu and this time I’m told that you can open as many CD as you’d like…Great…so, I try and open another CD and I get locked out for 7 days. Not impressed with customer service and not impressed with the information provided to me prior to starting the CD opening process. I’m actually glad that I wasn’t able to purchase the $CD, the rates are going up across the board anyway. JMO>

By: Ian

Ian — Mon, 29 Sep 2008 22:58:48 +0000

WaMu and JP Morgan COMBINED will have $905 billion in deposits and 5400 branches. WaMu itself had slightly less than $200 billion in deposits and 2239 branches. Additionally, JP Morgan’s market capitalization has nothing to do with its actual strength, it is simply the value of all its stock added together. There may be a correlation between market capitalization and the strength of an institution, but as WaMu proved, market cap can be one thing one day and entirely another thing in a couple of months. A better indication of strength is capital ratios and asset quality within JP Morgan’s portfolio. JP Morgan’s Tier 1 capital ratio is approximately 8.0%-8.5%, which is significantly above the regulatory minimum of 5%. JP Morgan has remained profitable, though not as profitable as they have been. This suggests that their asset quality is probably decreasing (since the cost of funds is generally down across the sector) but that it hasn’t decreased enough to make them unprofitable. You can probably find more information pretty easily by googling their ticker symbol, JPM.

Check out the following link for information regarding JP Morgan and WaMu:

http://seattlepi.nwsource.com/business/380607_wamu26.html

By: Roger

Roger — Mon, 29 Sep 2008 18:28:30 +0000

John and Dee… The 5% rate is fixed for the entire length of the CD. That is the point to most CDs, that is, the bank gets to lock up your money from you for a determined period. In return the bank gives you a higher interest rate. Remember, if you withdraw money before the end of the CD period, you will incur penalties. Usually the penalties are 3 months interest earned or unearned on money withdrawn for CDs up to a year and 6 months for CDs great than a year (watch out for those 13 month CDs – they usually fall under the 6 month penalty) And yes it is safe as longs as your deposit is FDIC insured and you follow the FDIC rules for deposit totals.

By: Dee

Dee — Mon, 29 Sep 2008 15:30:00 +0000

Hello, I am interested in opening a CD account for WAMU, this would be my first CD account and my question is, would this be a good investment? Will the rates change at all if I do a 12 month terms at 5.00 APY?

By: john

john — Mon, 29 Sep 2008 15:29:24 +0000

Is this safe to invest in 5% CD 1 Year at WaMu? How long will the rate last?

By: B A Fant

B A Fant — Sat, 27 Sep 2008 20:29:49 +0000

9.27.08 Just opened a WaMu 13 month CD at 5.00 APY. This in branch promo also require you to open a free checking account with a minimum deposit of $25. You can have the monthly interest deposited into the new account, an interest check mailed to your home monthly or just let it ride. JPMorgan Chase may reduce the rate at any time but the manager I dealt with said it is highly unlikely, as this great rate was designed to lure customers back that left WaMu recently