Washington Mutual Home Page
Here at Savings Accounts 411, we are still getting messages from people asking why the Washington Mutual home page has changed and what this means for their accounts and the bank. So we thought we should answer these WaMu home page questions here on the site.
On September 25, 2008, the United States Office of Thrift Supervision (OTS) seized Washington Mutual Bank from Washington Mutual, Inc. (it’s corporate owner) and placed it into receivership status with the Federal Deposit Insurance Corporation (FDIC). This happened because deposits at the bank over ten days during the beginnings of the financial crisis totaled $16.4 billion, which was 9% of the total deposits on hand as of June, 2008.
That bank run nearly shut down the bank’s monetary operations, as cash on hand (cash not tied up in loans or trades) was nearly gone. This put the bank in default of it’s FDIC insurance requirements.
The secured assets of the bank were sold to JPMorgan Chase in a somewhat controversial sale at $1.9 billion, estimated to be only about a quarter of the bank’s true value. JPMorgan Chase opened the WaMu home page and offices the next day, resuming operations and hoping to keep current customers from jumping ship.
It took a few days for the home page of Washington Mutual to reflect this as well as for WaMu customers to receive notice of the ownership change.
Washington Mutual was the sixth largest bank in the nation before seizure by the OTS/FDIC. It’s parent company, Washington Mutual, Inc., filed for Chapter 11 bankruptcy the day after the bank was seized, having lost most of its assets and funds.
In March of this year, on the WaMu home page (which now displays the Chase symbol), an announcement was made that the newly-reformed Washington Mutual, Inc. (out of bankruptcy) had filed suit against the FDIC and OTS for unlawful seizure, seeking damage of $13 billion for both the seizure and the non-negotiated, lowball sale price to Chase.
The Washington Mutual home page now displays the Chase home page and redirects customers to the new banking services offered by Chase.