Sets stage for conversion of all WaMu accounts, systems by end of year
Chase announced today it has successfully upgraded products and technology in the Pacific Northwest to link 343 former Washington Mutual branches with more than 3,200 other Chase branches.
The conversion of 2.9 million accounts in Washington, Oregon, Idaho and Utah follows the March conversion of 20 million credit card accounts onto Chase computer systems, increasing effectiveness and reducing costs in the process.
To ensure high-quality customer service, more than 1,100 Chase tellers and bankers traveled from around the country to work side by side with 6,300 counterparts in the Pacific Northwest, supplementing 100,000 hours of training on the new software and hardware.
"Our employees have done terrific work in converting 2.9 million accounts in record time -- just 33 weeks after we acquired WaMu’s banking operations,” said Charlie Scharf, head of Retail Financial Service at Chase, part of JPMorgan Chase & Co. "We are creating better service and convenience for our customers while becoming more efficient."
The Pacific Northwest conversion is the first of three retail conversions to bring all WaMu branches onto the Chase’s computer systems - and under the Chase brand. By the end of the year, customers will have full access to 25 million checking accounts at any of more than 5,000 Chase branches and 14,500 Chase ATMs across the country.
JPMorgan Chase acquired the banking operations of Washington Mutual from the Federal Deposit Insurance Corporation in September, 2008.
The conversion, completed over the past weekend, involved:
- The conversion of 2.9 million consumer banking, small business and other accounts onto a single deposit system. The accounts represent $20 billion in deposits.
- Preparations by 2,500 technology and business employees in the last six months.
- Hundreds of thousands of hours of programming and testing over seven months.
About Chase
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE:JPM), which operates more than 5,000 branches and 14,000 ATMs nationally under the Chase and WaMu brands. Chase has 168 million credit cards issued and serves consumers and small businesses through bank branches, ATMs and mortgage offices as well as through relationships with auto dealerships and schools and universities. It also serves more than 30,000 commercial banking clients, including corporations, municipalities, financial institutions and not-for-profit entities. More information about Chase is available at www.chase.com
Contacts:
Chase
Thomas Kelly, 312-732-7007
thomas.a.kelly@chase.com
