What’s next for WaMu customers?

Source: Sandra Block, USA Today

These are nail-biting times for bank customers. On Thursday, the Federal Deposit Insurance Corp. seized the assets of Washington Mutual, the nation's largest savings and loan, and brokered the sale of the company to JPMorgan Chase. The collapse of Washington Mutual — often called WaMu — is the largest bank failure in U.S. history. The WaMu failure sparked renewed worries that more big banks would fail. Shares of Wachovia plunged 27% Friday on concerns about its financial health. On Sunday, The Wall Street Journal, citing unnamed sources, reported on its website that Wachovia is talking to several potential buyers, including Wells Fargo, Citigroup and Banco Santander of Spain. Wachovia spokeswoman Christy Phillips-Brown said in an e-mail Sunday that the company doesn't comment on merger rumors. Phillips-Brown said the company is "aggressively addressing" its challenges.

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