Washington Mutual Deception in overdraft fees Seattle Washington
I have been a loyal WaMu customer for six years now. I have been patient with their Mom and Pop banking, their often broken ATMs and their pension to hold checks for an entire week. This being said, WaMu, the BANK OF THE PEOPLE, use their own particular form of word-speak when they refer to what they call OVERDRAFT PROTECTION,
FACT: WaMu protects you with $1000.00 in overdraft.
FACT: If you dip into that "protection" they will charge you a fee every time.
I went SEVEN DOLLARS into the red, deposited my paycheck the next day and STILL GOT two charges of $33.00 each. When I called their 800 number I couldn't even get a person on the phone. They hide their telephone bankers in the mortgage and loans dept and expect us to find all our answers on-line.
Upon getting a supervisor, which took 35 minutes, she could barely articulate the policy let alone tell me why I had TWO CHARGES for ONE "OVERDRAFT".
So you know, this is what they call "protection":
They give you a thousand bucks in case you need it but charge you everytime they dip into it. It's the same as credit card companies charging outrageous fees or parking enforcement ticketing to fill quotas. It's money-lending with interest. You've be better of with Don Corleone. Pardon my French, but they might as well piss on my back and tell me it's raining.
It's not so much the fee rather the BS language they use and call us protected. It's a tax, a fee, a penalty. They say, "We're here to help but It'll cost you!".
Not the bank of the people.
This whole experience has soured me with WaMu and I might move my moneys to Wells Fargo now. BUT what's so upsetting is I moved from B of A for WaMu...
Helenhar
W. Hollywood, California
U.S.A.
4 Updates & Rebuttals
Allie36
Salem,Oregon,
U.S.A.
switch to a credit union
#5Consumer Comment
Thu, August 21, 2008
I truly feel your pain on this one. I was a Washington Mutual customer for 4 years. I thought they were great to start with.
The problem I ran across is they would allow me to overdraw my account and charge me a fee but pay the item. In a way it was helpful because I did not have checks returned but the problem was, I got in the habit of spending money I did not have. I knew they would pay the item so I would spend money and by the time it was payday most of my check was taken up in fees. I am ashamed of what I did. I was pretty young then and definitely have learned my lesson.
That being said, Credit unions don't allow you to overdraw your account. With the exception of checks going through. I do have a $300 overdraft tolerance on my account that I have not used. If I use my debit or credit card and there is not enough money in my account to cover it, the card is declined. Credit unions are so much more user friendly and look out for you.
While Washington Mutual was not a good bank for me Us Bank tops the worst ever.
They post the most expensive items first and then the smaller ones. If you are even a penny off they charge you fees. They get away with it because bottom line people should balance their check book and it honestly is not their fault legally. Ethically it is wrong because they truly are fee driven. A managers bonus is part of the fees he collects for overdrawn accounts.
Contact BECU in the Seattle area. I was a member for a long time until I moved to Oregon. They will treat you right.
Good luck and don't switch to a bank, they have most of the same practices and credit unions don't.
Allie36
Salem,Oregon,
U.S.A.
switch to a credit union
#5Consumer Comment
Thu, August 21, 2008
I truly feel your pain on this one. I was a Washington Mutual customer for 4 years. I thought they were great to start with.
The problem I ran across is they would allow me to overdraw my account and charge me a fee but pay the item. In a way it was helpful because I did not have checks returned but the problem was, I got in the habit of spending money I did not have. I knew they would pay the item so I would spend money and by the time it was payday most of my check was taken up in fees. I am ashamed of what I did. I was pretty young then and definitely have learned my lesson.
That being said, Credit unions don't allow you to overdraw your account. With the exception of checks going through. I do have a $300 overdraft tolerance on my account that I have not used. If I use my debit or credit card and there is not enough money in my account to cover it, the card is declined. Credit unions are so much more user friendly and look out for you.
While Washington Mutual was not a good bank for me Us Bank tops the worst ever.
They post the most expensive items first and then the smaller ones. If you are even a penny off they charge you fees. They get away with it because bottom line people should balance their check book and it honestly is not their fault legally. Ethically it is wrong because they truly are fee driven. A managers bonus is part of the fees he collects for overdrawn accounts.
Contact BECU in the Seattle area. I was a member for a long time until I moved to Oregon. They will treat you right.
Good luck and don't switch to a bank, they have most of the same practices and credit unions don't.
Allie36
Salem,Oregon,
U.S.A.
switch to a credit union
#5Consumer Comment
Thu, August 21, 2008
I truly feel your pain on this one. I was a Washington Mutual customer for 4 years. I thought they were great to start with.
The problem I ran across is they would allow me to overdraw my account and charge me a fee but pay the item. In a way it was helpful because I did not have checks returned but the problem was, I got in the habit of spending money I did not have. I knew they would pay the item so I would spend money and by the time it was payday most of my check was taken up in fees. I am ashamed of what I did. I was pretty young then and definitely have learned my lesson.
That being said, Credit unions don't allow you to overdraw your account. With the exception of checks going through. I do have a $300 overdraft tolerance on my account that I have not used. If I use my debit or credit card and there is not enough money in my account to cover it, the card is declined. Credit unions are so much more user friendly and look out for you.
While Washington Mutual was not a good bank for me Us Bank tops the worst ever.
They post the most expensive items first and then the smaller ones. If you are even a penny off they charge you fees. They get away with it because bottom line people should balance their check book and it honestly is not their fault legally. Ethically it is wrong because they truly are fee driven. A managers bonus is part of the fees he collects for overdrawn accounts.
Contact BECU in the Seattle area. I was a member for a long time until I moved to Oregon. They will treat you right.
Good luck and don't switch to a bank, they have most of the same practices and credit unions don't.
Jim
Anaheim,California,
U.S.A.
They're All The Same
#5Consumer Comment
Thu, August 21, 2008
Helen, if you want to move your account - that's your decision but don't do it if you think WAMU is different than any other institution. They're all the same.
Usually there are two transactions that will trigger two fees. But, there is a time where there might be two NSF fees, one that puts the balance into the negative and another for being negative for the day. When your paycheck went in, it stopped the clock on the fees. Had you not deposited the check, it would have dinged off another NSF fee. It's all part of the account agreement that gives them the right to do it.
Helen, there are no banks for the people, or against them. It's a myth. It's your money and who you decide to bank with is up to you. Just make certain you do not go into the red anymore.
Best of luck to you.