Lets say one has only a checking account with WaMu

[UndertheOcean]

and has his paycheck directly deposited there......

Will he/she have access to their account ? soon ? in time to pay rent for next month ? how will that work.

Personally I am with Suntrust , should I cancel direct deposit now and get my checks directly from the department , is that safer ?

[napi21]

1. There shouldn't be any disruption at all. Not to worry. n/t

[beachmom]

2. Nope it's fine. The FDIC is there for a reason. nt

[burythehatchet]

9. FDIC is an insurance company. Insurance companies fail as well.

nothing's guaranteed

[Critters2]

3. Anderson just said everything'll be just fine.

Says your account is intact, account number won't change, nothing you notice will change.

That's what Anderson says.

[DJ13]

4. Go to your boss (or whoever handles payroll) and move the direct deposit

....to another bank.

Pronto.

[MNDemNY]

6. Nonesense, FDIC, and Chase will keep operations as is.

[tritsofme]

7. Why should he do that?

We have a system of government protections in this country, such extreme measures are not necessary.

The FDIC is in charge, and all deposits are secure.

[MNDemNY]

5. Relax, go shopping.

[Fenris]

8. You would be fine.

Although you would soon be an account holder with JPMorganChase.

[lifesbeautifulmagic]

10. the way I see it, as I also bank at WAMU,

I am going to have to change sooner than later, if only because I don't want to do any business at all with a bank called anything close to JP Morgan Chase. BECU just sounds better.

[Sebastian Doyle]

11. Short term, you'll probably be alright.

Long term, if you don't like being an "involuntary" customer of MorganChase, you might want to look into a credit union. (Long term if for no other reason than the fact that it usually takes 2 or 3 payroll cycles for a change in direct deposit paperwork to complete, which would mean you would either have to keep both accounts open for a while, or get paid by check.)

[More_liberal_than_mo]

12. Netbank went under last year.

My payroll checks went to Netbank and I did 90 per cent of my banking with them up until the FDIC took them over and sold Netbank to ING Direct September 2007. They announced it Friday evening (they always do it after hours Fridays) and by Monday morning I was able to withdraw funds, pay bills just as normal. Everything stayed as normal under the Netbank name until December when the accounts were merged with the new ING accounts that were opened in the interim. As long as you have less than $100k in your account you have nothing to worry about.

[frazzled]

13. We don't bank there, but our mortgage is with them

We make automatic payments withdrawn from our checking account. I assume we don't need to do anything, but I am really not sure. Will J.P. Morgan now hold our mortgage ... or someone else?

Hey, maybe we don't have to pay our mortgage anymore?