tag:blogger.com,1999:blog-4314102819018674464.post6895723796017613844..comments2023-04-28T07:58:46.620-07:00Comments on Latest Rants: WaMu Tries to Sell Itself.Maddoghttp://www.blogger.com/profile/01140266747394510071noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-4314102819018674464.post-15685249121094619942008-09-17T23:23:00.000-07:002008-09-17T23:23:00.000-07:00WAMU has a new business practice I learned about t...WAMU has a new business practice I learned about today when I deposited about $22k into my business account. This deposit consisted of six different checks from customers. To my surprise, my deposit receipt said that I could only access $100.03 and that on 4.25 they would allow me to have another $4,900. On 5.2 the receipt says I can have another $781, and that the balance (more than $17k) would not be accessible until May 8, two weeks after the initial deposit. I asked the teller about it and she couldn't explain it, other than to say that because I made such a large deposit the bank was limiting access.<BR/><BR/>I called the branch to talk to the branch supervisor. This is when I learned that WAMU just started this unfriendly banking practice. The branch supervisor said that this is a new process and that any check over $5k would now be placed on hold for a certain amount of time. I advised her that out of my deposit, only two checks were in excess of $5k, so I wanted to know how WAMU justified holding all of my money ransom. Of course, I didn't receive a logical answer.<BR/><BR/>What bothers me is how WAMU can claim it will take two weeks for these funds to clear. I thought we were in the electronic banking era? I know most of the checks I write to companies clear within a matter of days of receipt.<BR/><BR/>WAMU business customers be forwarned that depositing money into this bank doesn't guarantee that you can access it to pay your bills, suppliers, employees, etc. in a timely manner.<BR/><BR/>I've been a WAMU customer for more than 5 years, but it appears it is time for a change.Anonymousnoreply@blogger.com