Washington Mutual bank information

To: UCSC Community

From: Kirk Lew, Campus Controller

Yesterday the checking, savings, money market, CD and retirement accounts of Washington Mutual Bank customers were transferred to JP Morgan Chase Bank. The transition is expected to be seamless. All Washington Mutual Bank accounts are now JP Morgan Chase Bank accounts. Direct deposits, including UCSC payroll and expense reimbursement direct deposit payments, will continue to be processed to transferred accounts in the same way as before. An account holder does not need to take any action. The FDIC has a web page (http://www.fdic.gov/bank/individual/failed/wamu_q_and_a.html) devoted to answering questions related to the Washington Mutual Bank transition.

Because a few weeks lead time is needed to process a UCSC payroll direct deposit arrangement change, it is not possible to terminate or change a direct deposit arrangement involving an October 2008 payroll payment. Requests to terminate or change a direct deposit arrangement for a November 2008 payment need to be submitted to the Payroll Office by Friday, October 3, 2008. For more information about payroll direct deposit, please refer to the Financial Affairs web site (http://financial.ucsc.edu/Pages/Payroll_GettingPaidGuide.aspx#directfaq).