Literally. Washington Mutual put itself up for auction today in an attempt to avoid being the next bank failure.
I tried to balance my checking account at WaMu last Saturday and this is what happened.
1. I called the Customer Service Center and there was no option to talk to a real person.
2. The folks at my local branch did not know how to get and operator on the line. "Press 0####, no wait, maybe it's 0#0#0#0#."
3. When I got a hold of a "Customer Service Specialist" (I still do not know how that happened), they could not answer any question I posed. They were polite though.
4. Wamu could not tell me how much I had in my checking account. They offered the following choices:
a. -73.25 from their website.
b. 46.10 from the phone service.
c. -32.46 also from the website. It changed from -73.25 with absolutely no activity.
d. Still -32.46 after depositing $120.
e. 84.96 from the screen that the Customer Service Rep was using.
5. My ATM card still does not work and they're not sure why.
Gur agrees,,,Wamu sucks.
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17 September, 2008
WaMu Tries to Sell Itself.
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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.
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.
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.
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.
I've been a WAMU customer for more than 5 years, but it appears it is time for a change.
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