Complaint Review: Washington Mutual Bank - WAMU - Salem Oregon

I just want to say thank you to those that have supported me and offer some solutions, it really means alot to me. It has been a long, hard battle this last year and a half. I know some of you that responded believed that it was probably because I was irresponsible and did not keep enough money in my account to cover checks I wrote. That was not the case at all. The fact being is that the bank withheld my money without good cause. They viewed me as a new customer, when in fact I have more less been a customer through my job over the past 6 years and this was a personal account I set up that they did this to. Anyway, today I had discovered the bank reversed all their erreonous charges to my account in the amount of $900 and some odd dollars and put my account back into a positive state. But this was only after I forwarded my complaint to Geoff Darling from the Department of Justice here in Oregon in which he then forwarded it to the Office of Thrift Supervision who oversees the banking industry. It still does not make up for the humilation I went through, my house ending up going into foreclosure as part of it, time with my children and family lost nor my sanity for that matter! It is just wrong that they even could do what they have done! It is wrong that they are doing this to other people and usually it is those of us that are living hand to mouth anyway and this is what causes most of us to land in the poor house and on the streets. Don't you think we would love nothing more than to have an account we could put overflow monies in to as a safety net? Well, the most of us do not make that kind of money nor have the resources to do that. But even so, one wouldn't think a bank would try and steal from you. To begin with, we have trusted them with are hard earned money to begin with and you would think they were thankful we even brought our business to them in the first place. Another thing, they didn't even apologize to me for what they had done, no phone call, no email, no letter...nothing. They just reversed and that was it. My biggest hope after all of this is that it makes people look at this issue more closely and that something can be done about banks being able to charge these kind of fees One would think the banks would have the power to begin with to not even let this happen, if there is no money in the account, why would they even let it go through. I don't think we should be charged for that and the banks know most of us can't afford it anyway. I am not saying that we should get away with overdrafting our accounts either, I just believe that the charges are a bit ridiculous and when a bank sees activity that leads to astronomical charges like my case, wouldn't it make a person wonder what was actually going on, especially when I flooded them with emails daily about the charges and that I was disputing them! Anyway, I am so happy not to at least be in the red at this point, but it doesn't make up for what I owe now and what I have lost! I must commend the Department of Justice here in Oregon for the work they have done, for not ignoring my complaints. It is nice to see that our justice system does work and a real relief to me. My faith in the system was hanging by a thread, and I am happy that they have restored it!!!

First of all, my sympathy goes out to you and your girls missing out on Christmas. That is most unfortunate. I understand these times following divorce can be stressful. Now, a few facts for future reference: Banks lend money they do not have. It is a proven fact. If you think a paper or gold dollar exists for every stated dollar on the balance sheet, we wouldnt have any trees left. If 10% of any major bank's customers walked in on the same day and closed their accounts, demanding cash, the bank would not have the cash (Collectively at all branches across the nation) to cover the withdrawals. They refer to this as a "run on the bank." It has happened a couple of times before. Therefore, they magically create debt for their customers with a simple keystroke on the computer by issuing loans. There are many resources on the web that document this process so I wont get into it here. Let's just say the problem has worsened in the advent of electronic funds. You the bank customer are NOT allowed to spend money you do not have. In doing so, you are charged NSFs. I understand your predicament and I will address that. They seem like they are kicking you while you are down, but that is just the way it is. So yes, there is a double standard here that we are all going to have to live with. You are not allowed to spend money you dont have, but the banks are allowed to loan money they dont have. Oh, and that fairy tale about gold at Fort Knox and Federal Reserves and all that? Phooey... Ive got a timeshare you might be interested in if you believe that crap. The only way around it is to pass a law requiring every virtual dollar be accountted for by a treasury note or coin - meaning we can all revert back to the old days where people pushed their currency to market in a wheelbarrow. It doesnt make sense, so we wont do it. Live with it. Depositing money into an ATM is just not smart. ATMs get boosted all the time. You see video footage on the news of ATMs being hauled away with a chain tied to the bumper of a pickup truck. When depositing large sums of money (over $1000), I would suggest you go inside the bank and do it right there with a live person. First of all, any holds will be announced immediately. Secondly, I have experience with this dilemma at WAMU. Each time, I simply asked the manager to release the hold. A few simple keystrokes later, my funds are immediately available. They need to verify funds from time to time, especially when one deposit is greater than the usual. But they have always released my funds when I asked. Writing checks ahead of a posted deposit is like playing with a ticking time bomb. Eventually, it will blow up in your face. Try not writing checks until the deposit is posted. I know everyone wants their money, but you cant give them money you dont have. Waiting 9 days to write a check to the mortgage company does not lead to foreclosure. Months of not paying mortgage leads to foreclosure. WAMU did not cause this problem. Perhaps you got yourself into a jam and WAMU drew your last straw in this matter. But they didnt cause this. From the way your report is written, the TWO days it took them to notify you of the hold includes a Sunday, seeing how you made this deposit (at an ATM) on Saturday. This is not a business day and every bank ATM clearly states that deposits made are not received until the next business day. So it was Monday before WAMU even got your deposit. ATMs are for dispensing money, not depositing. I know they say you can do it, but why would you trust it? I stood in line behind an old lady who claimed to have deposited nearly $10,000 in the ATM. Hearing that makes me want to strangle people for not thinking things through.

Random Thoughts, if you're going to debate on these pages, try to bring SOME game to the table with you. Whining about my FACTS and accusing me of being a BOA employee shows everyone here just what your motivations are. I am a Bank of America CUSTOMER (I wrote that in CAPS so you can understand), not an employee. I am, however, M.P.A. educated and can grasp the concept of NOT SPENDING MONEY YOU DO NOT HAVE AVAILABLE IN YOUR ACCOUNT. If that separates my intelligence from yours, my apologies for the disgrace that reality brings you. You sealed your fate when you wrote: 'Now don't go into the whole blah, blah, blah, overdraft fees, my experience parallels what everyone goes through BS. You know very well that the reason why so many, '99%' in your words, reports for overdrafts are filed is because of holds placed on deposits and THEN the irresponsible person uses what they don't have.' Ding! Ding! Ding! We have a winner! From his own keyboard, Random Joe admits that 99% of the reports against BOA due to overdraft fee whining/complaining are due to irresponsible customers spending 'what they don't have' (HIS words) YOUR OWN WORDS have hung you on this thread...sad, but TRUE. As far as changing my login name, sorry but it isn't going to happen...EVER. I write 100% truth about the banks in question - and the TRUTH is, Bank of America is a TERRIFIC bank for responsible, educated customers. Random Thoughts, you may now sell crazy someplace else - because no one is buying your logic here.

How many banks does BofA have and how many does WAMU have? This website is NOT a good representation because not everybody is using this site that uses these banks, so the population is flawed. The complaints are not tied to stupid deposit law, which was the ORIGINAL complaint about this bank. So take your little pom poms somewhere else.

"Random Joe", Those numbers are in proportion to the size of the bank. BofA is the largest bank in the United States, therefore, logic would dictate the number of complaints would be higher. Just like WalMart is the largest employer in the United States and also has the highest number of labor charges against them. Also keep in mind that the number of complaints means nothing as most of them are frivolous regarding NSF fees. Most reports here on ROR regarding NSF fees are from people who simply do not use a checkbook register and/or "float" transactions. Most of these fees are self inflicted, therefore, no basis for a complaint. Just as is the case with this complaint on WAMU. The OP failed to read and understand the funds availability policy. And, she failed to check to see if the funds were posted and available prior to writing other checks. Poor account management. Not a rip off. >>> Submitted: 4/7/2008 10:00:49 PM Modified: 4/7/2008 10:22:18 PM Random Joe Carol Stream, Illinois U.S.A. Choice? Please Truth, the choice for BoA would be horrible. I don't want to appear too educated for you, so you can still thrash me for something, therefore I'll just place statistics here. Ripoff Reports filed against: US Bank - 223 Washington Mutual - 348 Wachovia - 395 Wells Fargo - 785 and a drumroll please............ BANK OF AMERICA - 834 >>>

Please Truth, the choice for BoA would be horrible. I don't want to appear too educated for you, so you can still thrash me for something, therefore I'll just place statistics here. Ripoff Reports filed against: US Bank - 223 Washington Mutual - 348 Wachovia - 395 Wells Fargo - 785 and a drumroll please............ BANK OF AMERICA - 834 Now don't go into the whole blah, blah, blah, overdraft fees, my experience parallels what everyone goes through BS. You know very well that the reason why so many, '99%' in your words, reports for overdrafts are filed is because of holds placed on deposits and THEN the irresponsible person uses what they don't have. This is the same thing that happened here. Except for the irresponsible part. Kristina, you were put in a tough position and were fed incorrect information. For that, I'm sorry. But Truth, even you went back on your word. 04/06/2008 - and they have NEVER placed any type of hold on my deposits or refused to cash a check that was written to me. 04/07/2008 - In all the years I have banked with them, they have NEVER held a deposit more than a business day - regardless of what type of deposit is was You probably work there too don't you, you snake. My advice for you Kristina. Try to find a credit union. They are going to treat you better because you are a member and actually own a part of the institution. And for you Truth, you can talk up your experience as much as you want but until you accept all the real truth out there about holds and OD fees, your experience doesn't mean a thing. Most of the people who do those RORs are in the same boat as Kristina, trying to make it paycheck to paycheck, while trying to navigate around black holes like national banks. Take your filth from this site, by the way, JD Power ranked you BoA among the bottom half of banks in the Pacific/West Division in the 2007 Retail Banking Customer Satisfaction Survey. RORs don't lie and neither do I. Change your Log-In name.

Was reading the paper this mornibg and what do I see? A full color page ad by WaMu. Now those ads aren't cheap, probably a couple of thousand dollars. The ads says; We understand people make mistakes. That's why we will waive ONE overdraft or bounce check fee PER YEAR. What nice guys.

Evidently, Random Joe has a learning impairment and cannot read simple words. I was speaking of MY OWN experience with BOA. In all the years I have banked with them, they have NEVER held a deposit more than a business day - regardless of what type of deposit is was. I also acknowledged that BOA, like EVERY NATIONAL BANK, has reports on ROR. However, I find it interesting that Random Joe chose to overlook the basis of 99% of BOA's complaints here - which center on overdraft fees THEY INCURRED due to THEIR IRRESPONSIBILITY (not applicable to Kristina). Therefore, the 'beam' has been pointed appropriately and proper advice delivered to this OP. As national banks go, BOA is the best in my EXPERIENCE. Kristina, you may or may not wish to take your money to BOA. You can either listen to this hyperbole king, Randon Joe, and his 'thoughts' on Bank of America - or you may take the advice of one who has banked with them for years. The choice is yours.

Maybe you should take one, Truth Detector... Before you start shopping around with banks, Kristina, let me set a couple things straight. First, don't listen to truth detector. Second, look at all the posts Bank of America has. BoA is a horrible institution. I don't care if one person says 'I've had a great time with them!' The truth is, and I quote from the bank of america website: 'Occasionally we may place a hold on a deposit you make. This means that, although we've received your deposit, you won't be able to use the funds until the hold period has expired....When we place a hold on a deposit, you'll be able to access the funds when the hold expires (generally within 3-5 days)' Unfortunately, no matter who you bank with, there will be holds. You can always have direct deposit for your paycheck which, to my knowledge, shouldn't have a hold placed, but whenever you bring in a tangible check, there will be holds. The 3-5 days that BoA proclaims is for special instances but it ends up being around 7-10 days. (banks lie to make themselves seem more customer friendly) Truth Detector, point that beam at yourself next time before you try to ruin someone else's life. Kristina, you were put in a bad situation that only got worse. I hope that you will be able to pull out of this and continue to provide loving care and support for your family.

They play more games with your money than any bank I have ever dealt with. My first payroll check I deposited with this pitiful bank was placed on hold for over 2 weeks (seemed like it was 20 days from my recollection). Who has the funds available to cover living expenses, let alone pay mortgages, car payments and such while these morons use their flimsy new customer excuse to hold a check THAT long? Real nice guys this outfit is. They allowed me to use $100 (big deal). I was going to set up direct deposit but I canceled that after seeing this bank's practices. That is total BS with the modern technology available, it shouldn't take longer that 3 business days. This is not Bangledesh or Nairobi. And for Mr Bank employee, it was YOUR insane policy that caused this lady to overdraft, you bunch of heartless, gutless bunch of incompetent ninnys.

You wrote: 'To get around this, you may cash checks at the bank in which the check is drawn off of. Most banks will cash the check for you for 2 forms of ID and a thumbprint. Sometimes other banks will charge a 5 dollar fee, but that sounds much better than the 10% you lose annually to check cashing places like Western Union.' ARE YOU SERIOUS? As a WAMU employee, are you advising a customer to pay an additional fee to have her checks cashed at OTHER BANKS? What is the point of having a valid account with a bank if you cannot even CASH checks there? Kristina, I would withdraw my money from these idiots IMMEDIATELY. Then, open an account with a more customer-friendly bank. In fact, according to my information there are two Bank of America locations in Salem, OR. I have banked with these folks for years - and they have NEVER placed any type of hold on my deposits or refused to cash a check that was written to me. Yes, yes I know...there are ROR reports about this (and every) bank. However, most of those reports center on the overdraft ordering process - which is a direct result of their own irresponsibility. Your case reflects a greedy bank that held your money for the sole purpose of charging you fees - which is reprehensible.

When you first opened your account at your home branch, the PFR should have informed you of the 7 day new customer hold. With every account opened, an account disclosures packet is given out, stating this policy as well. Every check deposit, no matter how much, will be placed on hold for 7 business days. This is to verify funds and for you to build history to prove to the bank that we can release funds the same day without having the check coming back. There are also signs at each teller station stating that your check can be subject to a hold. Also, every time a supervisor releases funds the same day against the will of the system, that supervisor is putting their job at risk; if your check comes back and the supervisor has provided an override of the hold, they can be fired for bad judgment. On every ATM we are mandated to place placards, usually on the bottom left corner of the ATM stating that all funds deposited into the ATM will be placed on a 2 day hold unless the amount of the deposit is $100 or less. This is once again to verify funds and save the bank from a loss. As you continue to overdraft your account and write checks off of the account for amounts you do not have, the system sees that you are consistently inconsistent; maintaining an account in the negative and bouncing checks, therefore resulting in a hold on any check that is deposited into the account. To get around this, you may cash checks at the bank in which the check is drawn off of. Most banks will cash the check for you for 2 forms of ID and a thumbprint. Sometimes other banks will charge a 5 dollar fee, but that sounds much better than the 10% you lose annually to check cashing places like Western Union.