WaMu customers uneasy after bank's purchase
JPMorgan Chase's $2 billion purchase of Washington Mutual has left customers uneasy about the state of their savings.
WaMu customers have been told to expect a "seamless transition." On the bank's Web site, JPMorgan Chase explained the purchase and guaranteed customers WaMu deposits will be fully backed by Chase.
New Jersey residents who bank with WaMu are still leery their money is safe. Ameriprise financial advisor Bill Munn says nobody should be panicking.
"Absolutely don't make a run on the bank," says Munn. "That's not gonna help anyone. What you should do is make sure you have FDIC insurance for anything that's at the bank."
Chase says it will insure customers who have accounts with both banks for at least the next six months. Customers like Mike and Sandra Straub still need assurance, however.
"It's been taken over by Chase, and we have money in there too," says Sandra. "We're concerned about how much the FDIC will cover us."