Complaint Review: Washington Mutual - WAMU

This is one company I regret getting involved with. It has been nothing but a battle to keep interest rates down.

Since the beginning, with Washington Mutual (a.k.a WAMU), it appeared to be a good deal. Low interest rate for the amount of the transfers history. But that was the further from the truth. My first mistake was to presume that payment, like most cc companies, are due on the date on the statement. Incorrect, WAMU requires you to post your payment 7 business days prior. Not realizing this immediately, they said payment was late. Here's your late fee and your interest rate went from below 10% to 31.99%. Sounds typical to everyone elses I have read.

After monthly phone calls I finally got the interest rate lowered to 18.99%. A few more months of ON TIME PAYMENTS the interest rate was lowered to 9.99%.

Then, when it hit the fan, national news announced that the CEO was in trouble. WAMU sent out a letter stating all interest rates, or maybe just mine, are going to 31.99% unless you either pay it off or close the account to hold your rate.

Knowing that having a balance on a closed account is bad for credit rating. I called WAMU to talk about this and was told that I need not worry my account is in good standing. 8 months of on time, paying beyond minimum payment.

Well guess what kids, it is back to 31.99%. This after Chase took over. No explanation as to why. I/WE get punished for trying to get the account paid off.

DON'T ROLL OVER, that is what they want. Together we must fight this company that is raping its customers. They know that the goverment isn't helping us so they will keep on doing it.

David sha
fort wayne, Indiana
U.S.A.