Similar name, different banks?

jennem · #1 (**permalink**) 04-22-2010, 01:09 PM

I had checking, savings, and IRA accounts with Washington Mutual, which is now JP Morgan Chase. When I look at bank ratings, I see that JPMORGAN CHASE BANK, DEARBORN has 4 stars, but JPMORGAN CHASE BANK, NATIONAL ASSOCIATION has only 2. How can I figure out which holds my account and judge the security?

I don't depend on FDIC insurance...have had too many banks fail on me and am tired of dealing with it

sapphirecapital · #2 (**permalink**) 04-23-2010, 02:38 AM

Its related, a commercial bank in Columbus Ohio, separate but under the same umbrella

jennem · #3 (**permalink**) 04-23-2010, 10:49 AM

But I'm finding the same situation over and over...I type a bank's name into Bankrate and find 2, 3, 4 with the same name. How do I determine which is which? The banks' websites never indicate anything.

jennem · #4 (**permalink**) 04-23-2010, 04:14 PM

But they all have completely different ratings. If none of them is in the state my branch is in, how do I know which one is my bank and hence my bank's rating?

sapphirecapital · #5 (**permalink**) 04-23-2010, 08:04 PM

man, do your homework, the headquarter has a broader basis so they can have a better rating, the subsidiary depends, when its a branch than they belong and share the financials of headquarters, if they are seperate subsidiaries than the main company may or may not own all the shares but it is a separate financial entity and so has its own rating.

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