What is going to happen to WaMu credit cards?
I’ve read alot of question on here asking what’s going to happen to peoples mortgages, and checking and savings account, well what about credit cards and their balances. Everything I’ve read about the deal was that JPMorgan were only buying WaMu’s assets and not their debts. So what about the credit card debts that consumers have? Who are they paying? Are we paying the government since JPMorgan only took control of their assets? If WaMu doesn’t exist anymore, can they very well report on your credit report as delinquent?
Tags: Cards, Credit, Going, Government, Happen, Mortgages, Wamu
http://www.chase.com/welcomewamu/Frequently Asked Questions:
Q. What will happen to my account at WaMu? And to my branch?
A. It’s business as usual. As of September 25, 2008, JPMorgan Chase has assumed the deposit and loan accounts, and all branches, of Washington Mutual. You can continue to access your accounts just the way you’ve accessed them in the past: use your same branch, same debit, credit and ATM cards, same checks.
Credit card accounts ARE assets to the bank, not debts. Your WAMU credit card continues to function. It will eventually be replaced by a Chase card.