Chase integrates WaMu ATMs
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- October
- 8
Less than two weeks after JPMorgan Chase & Co. Inc. bought the banking business of Washington Mutual Inc. for $1.9 billion, the bank is quickly moving to integrate the 27-state network of automated teller machines at the combined institution.
Customers of either bank can now now make withdrawals and balance inquiries at any of 14,000 Chase or Washington Mutual ATMs in the United States without incurring a fee, according to Chase. Customers will eventually be able to make deposits at the combined network of ATMs and have access to a network of more than 5,400 branches as computer systems are converted.
“We wanted to provide almost immediate benefits to millions of our WaMu and Chase customers,†said Charlie Scharf, head of retail financial services for Chase.
The buyout made Chase the largest U.S. bank by deposits with a presence in some of the largest states, including California, Florida, New York, Texas and Illinois.
The combined bank also will be a powerhouse in the Lower Hudson Valley. As a result of the deal, Chase gained 22 Washington Mutual branches in Westchester and Rockland counties to add to an existing network of 135 branches in Westchester, Rockland and Putnam. The addition of Washington Mutual’s $1.31 billion in area deposits would bring Chase’s total in the region to $11.16 billion.While Chase is waiving ATM fees for customers at the combined bank, other aspects of the integration will take longer. For example, the Washington Mutual branches and ATMs will continue using the Washington Mutual brand for “some time,†according to Chase.
Seattle-based Washington Mutual was seized by federal regulators on Sept 25 in what was the largest bank failure in U.S. history. While taking control of the bank, regulators engineered the sale of its assets to JPMorgan Chase.
This entry was posted
on Wednesday, October 8th, 2008 at 12:21 pm by Jay Loomis.
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