Washington Mutual, WAMU Deposit Holds to Generate Overdraft Charges Los Angeles California
Problem: Washington Mutual routinely holds online direct transfers to generate overdraft charges.
This time, my deposit has not credited for 7 days and counting. This deposit was "paid and received" per another bank on 12/23, and was initiated on 12/21. I do these transfers regularly and they have NEVER taken longer than 2-3 days this month. I am now several hundred dollars overdrawn due to non-stop $30 charges on all automatic deposits. My money has not been accessible in either account for over a week.
TIP - make a deposit, print your account, and buy something. Print your account several times a day, and pay attention to the posting order. This doesn't make them return your money, but it makes them stop holding deposits for a couple of months. Then it starts again.
This happened two weeks ago when a deposit was listed as "pending" for 2 days - until the overdraft charges ate $300 down to about $50.
I have also had payroll direct deposits held for up to 7 days, so I now use another bank which credits the night before. What a difference!
WAMU operators are hostile, rude, and have told me it's "your responsibility to keep enough money in your account" before hanging up on me. Wish I wrote down the name.
I am going to close my account today since I finally got my new bank's checks. Expecting a fight since it's technically overdrawn because they've "never received" the deposit that has cause me to top $1,000 in charges for 2007.
BTW - I reported this to a federal banking oversight web site about 6-8 months ago with no response.
Jennie
Los Angeles, California
U.S.A.
1 Updates & Rebuttals
Jim
Anaheim,California,
U.S.A.
There Nothing The Oversight Committee Can do
#2Consumer Comment
Sat, December 29, 2007
First, I would consolidate your accounts - it seems like the entire situation is out of control. If your paycheck is deposited into one bank and going to a Mutual Bank, it would explain some of the delays. I don't know which is worse - the bank or WAMU (since banks can even be worse than WAMU), but if you're unhappy with WAMU, then just shut that down and transact all your business at one institution, whichever that is. If your balance is in the negative with WAMU, just go ahead and make it $0 and shut it. You don't need it affecting your credit at this point.
Second, I would shred the debit card. That stupid thing will incur more fees and make you poorer. Keep it simple with checks and cash. I'm not implying that you are simple - it's just the debit cards are just a way for the bank to make more fees with all of the stupidity they pull.