Washington Mutual review: Anyone that considers opening accounts with them should beware! 103

I saw a couple of other similar complaints as I do so I thought it was worth complaining so people will not get caught off guard.

I received a 5% APY CD offer from Washington Mutual in September so I went ahead and signed up for it. I waited for micro deposits to show on my bank account for about three days but they never did so I had to email and call WaMu asking when they were going to make those deposits. Only did they then make the deposits and once I verified funding for the new account it took another three weeks for them to transfer my funds. Meanwhile I repeatedly called them and sent them emails to find out what was happening with the account, without any of their representatives giving me one single satisfying answer. It took about a month for the funds to be transferred and I actually did not realize that my rate had been lowered. I'm in law school and I was busy preparing for finals so when I received an email message that the funds had been transferred I naturally thought I would get the 5%.

I only found out that my rate is now 2.96% and I've been trying to get a hold of one of their product representatives via email, phone, what not but they all keep saying the same thing over and over and over that it cannot be changed because I failed to fund the account within 7 days.

I just think this kind of deceptive behaviors by financial institutes are what got us into this kind of mess that we are experiencing. I just wish that no one else falls for WaMu's deceptive offer. I don't think I will ever deal with the bank again once my account reaches its maturity.

I am very impressed that you did all those steps to show intent and your timely consideration to WaMu as well. I am sorry to hear for your stress. Are they still selling your home? That is awful !~

Hang in there

Seattle Peggy

THIS GUY SENT ME AN EMAIL SAYING THAT HE IS GOING TO OFFER ME A JOB OF A MYSTERY SHOPPER. AT THE TIME I NEEDED A JOB SO I FELT FOR IT AND TWO DAYS LATER A CHECK OF 3, 800 CAME TO MY DOOR THROUGH UPS AND I SIGN THE PAPER. THE DEAL WAS TO GET THE CHECK SEND IT TO SOMEONE ALONG WITH DETAILS OF HOW THE CASHIER/ATTENDANT REACTED IF I WOULD BE EVALUATING HIM/HER. TURNED OUT WHEN I DEPOSITED THE CHECK IN MY WASHINGTON MUTUAL ACCOUNT, THE CHECK TURNED OUT TO BE COUNTERFIET AND NOW THE BANK HAS SHUTTED ME OUT OF THIER SYSTEM FOREVER I THINK. AND ON MY PART IT IS NOT FAIR BECAUSE I AM CONSIDERED A SCAM VICITIM IN THIS SITUATION. THE BANK SHUTTED ME OUT OF THIER SYSTEM AND I CANT BANK THEM FOR A WHILE NOW WHICH I THINK IS NOT FAIR ON ME. I THINK SOMETHING NEEDS TO BE DONE.

There are no scam victims, only idiots who think they can get something for nothing.

I will not do business with Washington Mutual as 2 years ago I opened an account with them and they lost 2 of my deposits in the amount $1, 100.00 and I fought like hell to get them to investigate this and to find out where they put my money. It took them almost 2 months to find my money. They then sent me a credit card and then started charging me all these ridiculus fees each month, so I closed it out and paid it off in full. Then just the other day I get another credit card in the mail from them and I immediately cut it up. No way will I ever do business with them!

yea i open the acct and was told 0% on all purchase bought some things then my first bill has fc charges called them and they said it was on balance transfer fax them the paper that said prucases they said it was a mis print not my fault so of course transfer the bal off that acct and use my capital one visa love them

Wa Mutual raised my credit card interest rate from 16.99% to 29.99% for no other reason than
I've been told 'they did sent me a notice about rate'll jump'
I have never been late, over the limit, and I often make more than the minimum payment.
I am also not late or over the limit on any other cards or accounts.
This is outrageous!If there is a class action lawsuit count us in. My email is "songisabel@hotmail.com."

Once again I have tried to find out what will happen to my loan when it is paid off May 1, 2009. I have auto pay. My last payment will not be as much as my auto pay has been. Do I need to cancell further payments at the bank or will WaMu stop taking money out of my account once my May payment has been made? There is no number on the phone answering tree at WaMu that addresses pay off. There are no live people to talk to, only machines. I sent an email from the web site and got this reply:

On Sat, Mar 7, 2009 at 6:28 PM, Personal Banking wrote:

Please visit Chase.com at http://www.chase.com to refinance, apply for a
new home loan, check mortgage rates or talk with a Mortgage Consultant.

If your inquiry is regarding your existing WaMu Home Loan, please
contact Customer Service at (866) WAMU-YES. Thank you for your
business.

EQUAL HOUSING LENDER

Privacy & Security: To access the Washington Mutual privacy policy go
to:
http://www.wamu.com/customer_service/questions_answers/security_privacy/default.asp

Please note that you are unable to respond directly to this message. If
you have any questions about your account or need further assistance,
please contact Washington Mutual Customer Service. Products and services
offered by JPMorgan Chase Bank, N.A.

JPMorgan Chase Bank, N.A. and its affiliates are not responsible for and
do not endorse any information, advice, opinions, or services from
third-party news information or service providers. Washington Mutual, a
division of JPMorgan Chase Bank, N.A.

All products are subject to credit and property approval. Rates,
program terms and conditions are subject to change at any time without
notice. Not all products are available in all states or for all
amounts. Other restrictions and limitations apply. © 2009 JPMorgan
Chase & Co.

I received a check from my aunt a few years ago for my birthday. It was a Chase check, as she works for Chase. I brought it to my Washington Mutual bank and deposited it, then made some purchases. I got a letter in the mail the next week stating that the check had not cleared in the account and that several of my purchases were overdrafts because of it. I went to the bank and paid the $100+ that they told me I owed them, but resolved to look into the issue more.

I called my aunt and explained what happened. She asked me why the check had not cleared and when I read the whole letter from the bank, they said that they could not find the account it was coming from. She said this was impossible and that I should call Washington Mutual. I called their headquarters and explained the situation, but was told that Chase's stamp was on the check, making it their fault.

I relayed this information to my aunt and she investigated the matter further, talking to several high up managers in her Chase office. They said that it was most certainly not their fault, and that Wamu had affixed their stamp to the check. This went back and forth several times and I spent countless hours at my Washington Mutual branch and on the phone with many managers from Wamu. I never got a firm answer from Washington Mutual and they refused to refund my money.

To this day, they haven't corrected the problem.

We have also been Washington Mutual for over 5/7 years and we also have been trying to get the PMI deleted but they will not take it off. I worked in banking for over 15 years and I know this can be done if everything is in compliance.. (as we are also) but still they refuse to remove it.. Anyone else have any solutions..? or have you had your PMI removed by them?

My father is very old school and loves to keep his money under the mattress but I told him it would be better to open up a checking account, that way he wouldn't need to buy money orders to pay his bills and he can get checks and his refunds directly deposited into the bank. He did that. He still doesn't really go into the bank so I usually do his banking and I do have access to his debit card information. In Feb of this year, my father was a victim of fraud. They were 4 ATM transactions withdrawing a total of $1000. He didn't by the way even have that money available so how the thief was able to get it out still confuses me. Anyhow, I placed a fraud claim and he received the provisional credit. After their "supposed" investigation they came to the conclusion that it wasn't fraud and they reversed the credit. They want me to have my father fill out a police report but the police report won't help because they say those funds are FDIC insured and we should deal with the bank.

I'm so frustrated and honestly don't know what to do.

Any suggestions?

i had a business account & a personal account with wamu much to my surprize they jacked my interest rate to 26.26. i have never been late .i payed over min. & never went over limit. I called them .since I closed my accounts they said there was nothing they could or would do. they told me they did this because the company needed to do this for more money. i would think this would be illegal. how about any lawyers out there willing to let us know if they CAN do this

Why do you have 2940 things to through to make a payment on my credit card? This kind of crap has cost me probably hundreds of $$$
and I cant make any headway getting this paid off.

Like many Americans that find the economy squeezing our pocket books, I am even more overwhelmed when my credit card companies arbitrarily raise interest rates to painfully high amounts on existing balances. Recently I was raised to an interest rate of 23.85% on my Washington Mutual credit card, which has now been taken over by Chase. This occurred during a time when my credit score was rising into the higher range of “average". I have never missed or been late on a payment, and I always pay more than the minimum payment due.

When I spoke to two supervisors in the credit card department of Washington Mutual/Chase, I was told that they “are unable to negotiate interest rates." They said that they monitor their client's accounts constantly and “IF" an offer for a lower interest rate comes up, I will be contacted. This is a joke. I have never received an offer for a reduction in interest rate on an existing balance. Usually the only offers for lower interest rates come from competing credit card companies trying to lure me away from other companies. They offer misleading rates which jump tremendously when the honeymoon is over. After reading online comments at numerous sites, I find myself almost feeling lucky to be asked to pay “only" 23.85% on this Washington Mutual Credit Card, because for some are going even higher. This interest rate is more than 10% above any other card I hold. I fully expect to hear from other companies that just haven't yet gotten around to raising the interest on my other cards. They want to get their shot in before new rules take effect in 2010. It's like telling a criminal that he's going to have to stop stealing in 18 month, so he better get to it.

I was told by one supervisor that I had received a notice that this raise would occur if I didn't “opt out" by a date that has now passed. We check our mail carefully and if we received such a notice it must have been very well hidden in the fine print. These practices by banking companies have to be regulated and controlled before 2010. I am hopeful that The Credit Cardholder's Bill of Rights: Balanced Reform, will pass and take effect quickly. Please do all that you can to help those of us that find ourselves at our wit's end in this very tough economy. The very companies our tax dollars have been given to without restriction are now gouging us for every cent they can. Only you in Congress have the power to stop them.

I made a double payment when I was informed that chase was taking over wamu and the website would be down a few days (chase did not process it as I requested and said I missed mays payment) then I recd my bill with a $39 late fee and my apr raised to 29.9% from 9.5% they said they would not even discuss chasnging my terms UNTIL I brought the acct current with a mandatory payment of $224 (which i did) then was told the late fee would remain but my apr would adjust back to 10.2 the following bil...it DID NOT and they will not change it as promised also stating that i rec d a notice of enrollment thaty if i sign up by june 30...i will pay new rate of 23% and if good history for 12 mos. it will revert back to 10.2%...

IS this DEAL or NO DEAL and LEGAL

I received a letter in late January from Washington Mutual stating they would be changing our service over to Chase Bank so I thought maybe the billing cycle date was going to change as well and I never received a bill. Then I get a letter in the mail stating it was a friendly reminder to send a payment, at which I immediately called to let them know I did not receive my bill so I made a electronic payment as I always do thru my checking account for the amount they were requesting in the letter that same day.

When I asked if I would be charged a late fee I was told they could not do anything about it because my payment was late. So, I paid the bill and then waited 5 days (as I was instructed to do) for the payment to be posted to my account. Then I call back andget a extremely rude rep on the phone that said they could not help me and did not offer me any options as far as disputing or appeling this decision, rather he said he would just cancel my account.

I called back and asked to speak to a supervisor and they told me they couldn't help either. I then sent a written appeal disputing the late charge and was again told I would not be credited. I have asked them to send me a copy of the statement that I never received, and to this day I have not received anything. My statement date on one bill is closing date 12-3-08, then the next one with the late charge is dated 2-3-09.

In response to my written dispute from Chase Bank they sent me a letter with 'tips for avoiding late fees'. Did they even review anything I sent? I doubt it! I am appalled that they can not understand why my payment was late. It obiviously wouldn't have been late had they sent me a bill in the first palce. I realize there are people that may call in saying they never received their bill, but if they looked at my payment history they would find that I have never been late with a payment once!

I really thought that Chase Bank would be more considerate than Washington Mutual was to me since they might have been losing their jobs, because I have never had a credit card company NOT fight to keep my business until now. Its only 39.00 but it is the principal and I still do not no what was on my credit card for the month of January.

Here is what I got in the mail today and new right away to visit this web site first before going to the bank with the "Mystery Shopper's check". I received a letter in the mail (USA mail service) and the letter went along these lines: Here is a check for $3980.00 and our company, Frank W. Kerr Company, (listed with the better Business Bureau) is a service provider for the mystery shopping industry. When actually Frank W. Kerr Company is one of the largest, independent wholesalers in the county (USA) distributing brand and generic pharmacies and specialty pharmacy providers to cooperatives, chain drug stores, chain drug warehouses, grocery and mass merchandisers, in short, Key Word "PHARMACEUTICALS".
( I just www.BING.com the name.)

So when this letter went on and said : As one of our possible research personnel selected for this program, you will be under cover and visit selected businesses in your area and pretend to be an average customer. While there, you will secretly evaluate things like customer service, store cleanliness and product quality. If you accept this offer, the current consumer services evaluation you are undertaking will attract a pay of $300.00 a week to you. " that sentence makes know sense at all, " and this paragraph is me quoting the letter word for word".

Anyway, the letter goes on and gives me a break-down of what to do after I deposit the check.
"Please find enclosed a check bearing the required funds to cover your first week's assignment. It must be expended as follows:"
1. Your first week pay...$300.00
2. your first assignment, to evaluate Western Union or Money Gram money transfer system...$3, 410.00
3. Estimate sender's fees, to be paid to Western union or Money Gram...$175.00
4. Your second assignment-shopping (you will choose the merchandize(not my spelling of the word merchandise) to buy, they are yours to keep)...$95.00
Total...$3, 980.00

The bottom line:
If I (you) deposit this check into my (your) bank and then withdraw $3, 410.00 of it and send it to the person(s) they (who ever wrote this letter) gave me in the letter to send this amount too, I'm responsible for covering that withdraw by every law in this county, and I'm not going to do that for anybody including my own family, no less, someone who just up and send me a letter anonymously. Sure, Frank W. Kerr company is a real company but, the list of names of people in that letter they sent was, WHO? And I'm suppose to go and send one of these people money, I think not.

Just so the above letter I received is clear. Someone wants me to send $3, 410.00 to a person from or out of this check I am to deposit in my bank-account and mine you, withdraw off of. Yeah right, and who thinks this is right to do and not be responsible for the withdrawal when the bank find out the check is fake. The letter has some names and addresses to pick from toward who you choose to send this withdrawal too. I have tried to up-load the letter so you could read all that it said but, I keep losing the web page. This letter was a job offer to be a Mystery Shopper and there are people who do this very thing as a job. But everyone knows or should know Western Union and Money Gram can't be tested because they are the only way to go if and when a person wants to send money from State to State or country to country, testing them is not going to do anything but have you pay for the service like it or not. Don't be GREEDY for money were you risk your neck for an anonymous person who just wants you to go in the hole so they can get rich and leave you to cry, "poor me. The true don't need to hurt you, you can do that all by yourself said secondson2002

Stay away from WAMU (now Chase).
BBB gave WAMU an 'F' rating, with many consumer complaints filed.

There are so many better banks and lending institutions out there.

I once had a mortgage with WaMu a few years back before the housing market plummeted. I have since sold that home and I did not get my new mortgage (or checking/savings) with WaMu because they cheated me out of $700 on the mortgage for my previous home. I didn't forget what they pulled on me. On my first home, WaMu required I pay a penalty of $189 PMI, monthly in addition to my mortgage payment even though I had a very high credit score because I only put 20% down. I didn't think it was all that unreasonable because it was spelled at for me before the closing so this wasn't a surprise. It was clearly stated in the purchase docs that they would remove the PMI as soon as I had a little more equity in the home, based on the LTV ratio.

BUT ... when the price of my home and others in the area suddenly skyrocketed only one year later after the closing, they refused to remove the PMI. I had also made double mortgage payments during this year to pay down the loan and never once had a late payment. My income increased and my credit score was still very high. So, there was no excuse for this whatsoever. They didn't believe the price jumped that high and that I went from little equity to a lot of equity in such a short time. They also would not take the double mortgage payments into consideration. Major pubs, such as Newsweek, Times, etc ran articles about the housing shortage in CA and skyrocketing home prices. At the time, housing prices in Silicon Valley, CA jumped in a very short time. I provided lots of proof of this but they refused to listen to me. After 7 months of arguing, I refinanced instead of continuing to pay PMI on a home with lots of equity.

I refinanced at a lower % rate and no PMI with no problem. Although this happened many years ago, they lost a good customer because of unethical business practices. My current mortgage, as well as my checking and savings, are now with a more reputable bank. I will never do biz with them again.

Greedy people are also stupid.

So you think you money is safe in the bank. better think again it may be much safer in your sock drawer. I May of this year I opened a CD at Washington Mutual with $75, 000 from the sale of my last home. The CD was in my name alone since I was single when I purchased the house and had just gotten married when I sold it. In California we call this separate property.

It never occurred to me that the funds might not be safe or that someone could remove them without my permission but that is exactly what happened. Beginning in August my then wife systematically transferred the funds out of the CD and quite without my knowledge. She did this over the phone by simply calling Washington Mutual and making the transfers. I had a joint family account with her in order to pay our mutual bills that she managed and it was to this account she initially transferred the funds before removing or spending them.

During this period I never received any communication with Washington Mutual regarding this CD. I went long my happy way secure in the fact that my money was safe in such a wonderful institution. When I discovered the loss I immediately went to the local branch and spoke with the manager. She determined that my wife had committed Bank fraud and had even deposited a bad check for 75, 000 dollars to try and hide it from me. he indicated to me that if I filed for bank fraud they would prosecute my wife. I chose to do exactly that and to my surprise the banks fraud department determined that because the funds were transfer to a joint account I had received benefit from the transactions and the problem was between my wife and me. Ridiculous as this seems the bank denied my appeal on the same basis.

I have since filed a complaint with the Department of thrift supervision but for 6 months I can get no response out of the OTC. Now I come to learn that the CEO of Washington Mutual is on OTCs' board “Wow talk about the fox guarding the chicken coop”.

get a lawyer on it !
completely illegal.

WaMu Fraud is the top news headlines. But Washington Mutual securities fraud is a separate cause of action from what many shareholders presume. Shareholders are in the hole and are desperate to recover their losses.

A law suit filed by an individual investor in Los Angeles County fails to state cause of action. The crux of the case is, a shareholder who left without his investment sued Washington Mutual and JP Morgan Chase in Municipal Court of Los Angeles, Santa Monica Branch. The law suit that was filed alleges fraud on the part of both companies involved in the Washington Mutual and JP Morgan Chase merger.