I'm currently holding 4 checks written on WaMu. Any point in

[jannyk]

depositing them - anyone know? Four of my six tenants have WaMu accounts - will the checks clear or be bounced back? Will Chase honor them?

Was it a takeover or a collapse? My tenants are also scared that they won't be able to access their accounts tomorrow. Anyone with the financial smarts to deny/confirm their fears? We're all watching John Stewart and eating pizza together and discussing the days many events.

[On the Road]

1. You Can Call Washington Mutual Before Depositing

to verify that funds are in the account.

I would expect that the bank will be open and money in the accounts will be available, but you never know.

[UndertheOcean]

2. I was told on another thread not to worry , everything should keep

running smoothly

[lifesbeautifulmagic]

3. deposit them, and WAMU has a page at the

FDIC site, goggle it and it will answer all your questions.

[Davis_X_Machina]

4. Deposit them. Nothing for the retail..

...user, depositor or payee, will have changed.

See FDIC for details.

[Sebastian Doyle]

5. As long as none of them are over $100,000 you should be OK

They aren't going to be closing WaMu branches tomorrow. Though most of them will probably get new signs that say "Chase" fairly soon.

[nonconformist]

6. They said on CNN that your WaMu accounts would remain exactly the same, even the account #

So I assume that also means that the checks would be honored as before.

[whistle]

7. Yes take them to a branch, JP Morgan will honor them otherwise send them To Sec. Paulson

[Blue Diadem]

8. Link here to what FDIC chairman said:

http://www.msnbc.msn.com/id/26893612

Chairman Sheila Bair told reporters in a conference call.

"For all depositors and other customers of Washington Mutual Bank, this is simply a combination of two banks," Bair said in a statement. "For bank customers, it will be a seamless transition. There will be no interruption in services and bank customers should expect business as usual come Friday morning."

[jannyk]

9. Thank you everyone - all here much happier. Too much

happening today to get a good grasp of it all. The NYT article we read on WaMu said it was a 'seizure' - we didn't know if that gummed up the flow for a while or whether it would be like any other takeover.

Thanks for the insight and allaying our concerns.

[Davis_X_Machina]

10. JPM took over the bank end of WAMU...

...and the casino end is consigned to the dust-heap of history.

So far as you were using their ATM vestibule, and not their video poker parlor, everything's tickety-boo.

[roamer65]

11. Deposit them.

If the accounts themselves are in good standing, they will clear.

JP Morgan Chase is basically the commercial wing of the Federal Reserve now.

[AZBlue]

12. They're fine b/c of the FDIC.

[Suich]

13. Checks are fine; business as usual tomorrow.

Did you see this thread?

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4093130

[TexasObserver]

14. Make copies of them, front and back, and deposit them, saving the copies.

Don't show the deposit in your account balance, however, until you verify with your bank they have received such funds. Probably a few days. If there is any problem, you have copies of the checks, front and back, for use in following up.

They should go through, however.

[WillowTree]

15. It's a buyout.

Deposit the checks and go about your business.

[Neshanic]

16. Ifthe rent is $100,001.00 I would cash in the morning. Otherwise you are fine.