JP Morgan Chase buying WAMU: Offset question

[Lajazz947]

I got burned by Wells Fargo when they took $3500 out of my account and offset it against a credit card bill.

I now use WAMU. If JP Morgan Chase buys WAMU is my WAMU account subject to an offset by Chase?

It may not matter since I will be filing first week of October and I doubt that a deal can close that fast but then again who knows.

Advice?

[fltoo]

It's a done deal. I think your timing is fine.

[liz417]

Oh, good question. I owe Chase appox $24k and I have direct deposit with Wamu. I will be unable to file until Nov (trying to save $$ to pay attorney last payment). Anyway, I hope someone can answer this for us.....

[Reddrocket07]

Can a creditor withdrawl from your checking account if they are not affiliated with the bank? Im worried Chase will try to withdrawl from my National City Account

[liz417]

Can a creditor withdrawl from your checking account if they are not affiliated with the bank? Im worried Chase will try to withdrawl from my National City Account

Hi RedR,
As far as I know, No. They have to be within the same company. For example: I am filing bk on 2 BofA credit cards and *if* I banked with BofA, they may attempt to "cross collaterize" and withdraw $$ from my bank account to pay ccs. Hope this helps.

[Reddrocket07]

Thanks for the help Liz. Its been a while since I posted last. Ive been busy with work, then the internet was out for a week from that wind storm!

[Banko]

Right of offset

Its called right of offset or right to offset when they pull money (seize deposited funds) from your account to pay delinquent loans. Most all banks have this somewhere in their fine print. There are some limitations. Each state may have different laws referencing it. Some require notices to be sent others may not.

[No Gravy]

Oh, good question. I owe Chase appox $24k and I have direct deposit with Wamu. I will be unable to file until Nov (trying to save $$ to pay attorney last payment). Anyway, I hope someone can answer this for us.....

Same situation here, too. I'm wondering if November is going to be too long to wait, or if I should switch banks now.

Maaaaan, what a PITA.

[magyar123]

I have two credit cards with Wamu, a Visa with a limit of $2500, and a Mastercard with the same limit. Balances right now, on both, hover around $1100 on each.
Back in 2004 when I filed bankruptcy I included two Chase cards and burned Chase to the tune of about $15,000.
What are the chances of Chase cancelling my Wamu cards once their computer systems are merged?

[Flamingo]

I have two credit cards with Wamu, a Visa with a limit of $2500, and a Mastercard with the same limit. Balances right now, on both, hover around $1100 on each.
Back in 2004 when I filed bankruptcy I included two Chase cards and burned Chase to the tune of about $15,000.
What are the chances of Chase cancelling my Wamu cards once their computer systems are merged?

I asked the same question in another WAMU thread....we included Chase in our Chapter 13 filing in 2002; we obtained a WAMU Visa in January 2007 after our discharge in August 2006. Never any late or nonpayments, small balance, either paid in full or way more than minimum payment sent monthly when used (use for car repairs and household repairs). Limit increased twice since initial acceptance at $3,500. Would anyone with any credit card and buyout knowledge know if our cards will survive or be cancelled out after this buyout?

[No Gravy]

I asked the same question in another WAMU thread....we included Chase in our Chapter 13 filing in 2002; we obtained a WAMU Visa in January 2007 after our discharge in August 2006. Never any late or nonpayments, small balance, either paid in full or way more than minimum payment sent monthly when used (use for car repairs and household repairs). Limit increased twice since initial acceptance at $3,500. Would anyone with any credit card and buyout knowledge know if our cards will survive or be cancelled out after this buyout?

The information in this article may be helpful. The Consumerist had several articles on the WaMu buy-out on Thursday and Friday. It looks like at minimum things will be OK for 3-6 months, with no real substantial changes for a year.

It may very well depend on how the economy fairs over the next year, also. I know that doesn't directly answer your question, but that article has good general info.

[liz417]

The information in this article may be helpful. The Consumerist had several articles on the WaMu buy-out on Thursday and Friday. It looks like at minimum things will be OK for 3-6 months, with no real substantial changes for a year.

It may very well depend on how the economy fairs over the next year, also. I know that doesn't directly answer your question, but that article has good general info.

Thanks 'no gravy' for the informative article!

[adaughter]

think about an attorney trust

so we were also worried about getting our bank accounts taken by the creditors without knowing....so our attorney offered us an attorney trust client account where he would hold the funds for us and it would be safe there. also the attorney is not allowed to take any funds etc. he just holds it for us I think thats a pretty safe bet where everyone can sleep at night knowing their funds are in a safe place dont you guys think? have any of you guys heard of this?

oh also one additional question-do you guys think it would be safer for money to be kept in a community credit union or a attorney trust account?

[PoorGrammyinBK7]

Lajazz,

Not sure any of us really know the answer to this and so many other questions regarding the current financial mess - I would just say this: if I were you, I wouldn't take the chance - especially in light of what happened to you already.

[No Gravy]

Thanks 'no gravy' for the informative article!

You're welcome

It was nice to see that even people who aren't a step away from bankruptcy weren't happy about banking with Chase. It was like validation for me, that I'm not over-reacting.

I was never thrilled with certain aspects of WaMu...for instance their bill pay/online banking is retarded to the max...but I'd grown used to their warts. Now I have to start over with yet another bank...and hope *they* don't get bought out, too.