Old Washington Mutual commercial advertising it’s free checking account. This commercial aired about one year before the banks collapse.
In September of 2008 Washington Mutual was seized by the Office of Thrift Supervision (OTS). Responsibility of the institution was handed over to the Federal Deposit Insurance corporation (FDIC). This action was taken after a 10-day bank run resulting in the withdrawal of $16.4 billion in deposits. Washington Mutual was sold to JPMorgan Chase for a slime price of $1.9 billion.
The OTS was established in 1989 in response to the savings and loan crisis. On television, President George H. W. Bush said this about the agency, “never again will America allow any insured institution operate without enough money.”