September 26, 2008
Posted: 01:24 PM ET
Today, news came of the biggest bank collapse in US history, when J.P. Morgan Chase bought out the bank Washington Mutual.
According to CNN Money, J.P. Morgan Chase acquired all of the banking assets of Washington Mutual late Thursday evening for $1.9 billion, after the troubled bank was seized by federal regulators.
Federal regulators have stressed that the transition for customers between banking under WaMu and J.P. Morgan Chase will be "seamless," but some customers are understandably still concerned.
Here, Jennifer Westhoven explains why the takeover occurred, who it will affect and how, and for whom, really, the transition could be seamless.
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