JP Morgan Chase Paying 5% APY on 1 Year (12 Month) Certificate of Deposit (CD)

Article Submitted by: Sam Cass
Savings - Checking - CDs


It's already been written on the site but I wanted to reiterate thie deal. Washington Mutual, which was just purcased by JP Morgan Chase, is offering a 12 month CD for 5%. Opening the CD with WaMu is now like opening it at Chase. Get it while you can.

 

Submitted: Sep 26, 2008    Views: 2612    Comments: 2    Likes: 1   


It's already been written on the site but I wanted to reiterate this deal.   JP Morgan Chase  today tought Washington Mutual.  Washington Mutual is offering a 12 month CD for 5%.  Opening the CD with WaMu is now like opening it at Chase.  Get it while you can.

 




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Comments Received:

Fuming from the NW
(Unregistered)

Sam, I just lost a bundle as a bond holder in WaMu; never thought that could happen! Now I (like everyone) am diving for some short term solace in high cd rates. Do you really think that Chase will honor WaMu's cd rates for the long term (13 months). Five % is awfully attractive, but it seems a bit worrisome that Chase got all the assets and none of the debts... What do you think?

Posted: Oct 1, 2008

Author/Submitter Response:

Chase got the debts. They expect to write down $31 billion in bad debt out of the WaMu loan portfolio. So, the purchase price was really $33 billion but shareholders only got the 2 billion of it.

I do think they will honor WaMu CDs. My experience has been that banks typically honor these when they convert customers.

Bob
(Unregistered)

Aloha Sam,
Three Months ago I Paid several thousand dollars in early withrawal penalties on CD's we had with WAMU. I banked with Wamu for 35 years from our home in California. All my prior contacts at WAMU were gone including the manager I worked with for 12 years.
The new Manager of WAMU would not allow me transfer my funds to our bank in Hawaii where we have retired. A call from my Bank Manager in Hawaii,a letter from my Notary with my signature,verification of all my private banking information, were all unacceptable to this new Manager to transfer my funds. We were even told that we had to go to the American Embassy to get a signed letter from them to transfer funds. Wrong,wrong wrong.
My Wife and I had to pay for an emergency flight to La,pay for a hotel,pay for a rental car and visit the new Manager in person to have our money transferred.
The early Cd penalty after 35 years of banking with Wamu was an insult but the cost to do this in person was totally unneccessary. Incompetent,scared to death,new Manager at Wamu.
Is there any way I can get at least the travel money back?
Mahalo,
Bob

Posted: Oct 23, 2008

Author/Submitter Response:

Hi Bob,

I'd certainly write a letter to WAMU or Chase management explaining the situation. Based on what you have written it sounds like you are in the right and should be compensated. Transfers happen all of the time where the person isn't present - phone, Internet. But I'd have to know the specifics of the cd agreement. If you're still having trouble, shoot me an email - sam (at) bestcashcow.com.

Sam



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