Money Beat

WAMU is dying. A slow death made by bad bad decisions topped by a worst decision to get death spiral financing. http://seekingalpha.com/article/86462-citi-merrill-wamu-death-spiral-financing

Wa Mu has been such a poor business to deal with that I wrote them a year ago that my goal was to cost them one customer a week so it gladdens my heart to have stories like out there now to help me. Poor service and poor attitude should result in failure!

Good bye and good riddance:

About 15 years ago, I had the misfortune of having a WaMu savings account. WaMu had taken over my savings and loan and I thought nothing of it. I left the savings account intact and went about my business, figuring it was the same terms as before (I was never notified of a change in account terms) And expected it would continue to earn interest. It wasn't much, a little under $100.00, but it was all I had in savings.

What happened, instead, was the new, unannounced and uninformed $3.00/month (might have been $5.00/month) account maintenance fee ate it all. I didn't know any of this because I didn't get statements sent (their error, nbot mine) and only learned of it when my checking account was hit for a deduction I didn't authorize. They had the gall to say I owed them the balance of the fee when it ate more than I had in the account.

I believe my response was an extended upright middle finger and closed my checking account, telling them I'm leaving the other open just so they have a book-keeping issue forever.

As far as I'm concerned Karma is catching up to these morons and this bank can go under with my blessings.

Don't know much about this S&L, but from the comments I've read it sounds like they were real bad.

Hmmm. I have an account with WAMU and I don't remember any bad experiences with them. I assume probably 10 years or more before they were not very flexible I would say but recently I had bad experiences with other banks that are top in the market.

Don't believe the media hype. I've been in the finance business for years and I work for WaMu. Over here, it's business as usual. Banking isn't like GM where you make too many cars and they don't sell.

Banks thrive on liqudity. When you have a period of bad loans, it takes years to shake those bad loans off your books. In the mean time, money has to come from somewhere, so we simply beefed-up our interest rates.

The stock price can't get much lower. You wouldn't have much to lose. Once the company gets back to profitability, the stock price will probably go back to $30 range, which means if you invest $3000 in stock, it will probably be worth $30,000 in 2011.

Been with WaMu for close to 15 years and not had a single problem. Before them I had Wachovia (they sucked), and Sun Trust in FL (they sucked ever more)

My mortgage was sold to WaMu several years ago. I have had good and prompt service from them with all questions and concerns.

I currently bank with WAMU and would hate to see them go. They have always provided great products and service. What I like best is their business model. They are challenging they way banks do business from their community involvement to their retail layout. As a marketing professional its a pleasure to see a fresh, new approach.

WAMU? You bet it's karma. I'd tell you the entire story of their long series of screwups, but it's long and complicated. WAMU's right hand doesn't know what its left hand is doing and their customer service is the absolute *worst* I have ever encountered, in my 47 years of dealings with lots of different banks and businesses.

I'm also a long-time customer doing all my business with a wonderful reliable co.The people of WAMU take the time to explain your questions without dis I'm not savvy about all finances, stocks and loans,BUT I know I would trust WAMU any time. A little tidbit: If I could afford the money I'd invest in stocks and have no worries about retirment.

Don't even get me started on Wamu. We are having a terrible time with them. Everytime we call no one can look up our account and see notes on the previous conversation. If they don't learn how to provide better customer service they WILL lose everything. You can bet that I am passing the word along to my friends. I would not recommend them to my best friend or worst enemy.

My original mortgager sold to WAMU and I was happy to sell my home and I will NEVER deal with them again! They had horrible customer service and they're mandatory repayment plans were very frustrating.

Let us all remember this when WaMu goes belly up. I give it two months. GO GET YOUR MONEY NOW!

We're probably going to get our money out. The majority of times they have been good, but there were 2 incidents where they were pretty awful. See ya WaMu at the unemployment line.

ABC, I do believe the bank's name is "Washington Mutual", not "WaMu". Or maybe I should call you "AmeriBroad"?

Wamu is an excellent company with morals and values. Right now every bank is losing money and NO BANK at this time is turning profits due to the mortgage crisis in America. Leave Wamu alone!!!!What people should really be doing is focusing on the election!!! Choose a candidate WHO will benefit you not hurt you like BUSH!!!

My husband and I have banked with WAMU for eight years and have never had a problem with them. We are very happy customers. This is the best bank we've ever dealt with so I am surprised at the disparaging comments here. I suspect many people who don't handle money well or don't manage their accounts would rather blame their bank than take responsibility for themselves.

When someone says something like "their customer service is the absolute *worst* I have ever encountered, in my 47 years of dealings with lots of different banks and businesses." Lots of different banks?
Why so many banks? It sounds to me like you are a person that is a financial failure and you have the need to blame others.

I've been with Washington Mutual since they open a branch in my town 9 years ago. I only switched to them because my original bank bellied up. I have both my personal and business account with them. When I have a need to go into the branch 3 or 4 times a year, they still greet me by name. How bad can that be?

Whiners need to get some REAL financial training. Learn to take charge of your finances, not let your finances control you and then blame the bank.

I knew a Loan Originator who worked @ Wamu in Illinois and she told me their Underwriters were racist. When a qualified mortgage applicant with a ethic surname would apply, the Underwriters would simply not approve. She said they always found a reason to deny the application but noticed applicants with non-ethic surnames and even lower FICO scores were always approved.

I have all my business with WaMu. Since 2002 I should clarify, but by far they are the best of all the previous I had.
And I went through all the big fella' ones=ripoffs.
WaMu?: very ok! Nice and comprehensive Customer Service. Simple and straightforward services.
We need more of these instead of those. Believe me.
Hope they clear out the everyplace clouds.

Tristan said, "Why so many banks? It sounds to me like you are a person that is a financial failure and you have the need to blame others."

Hardly. My finances are in fine shape. Have you never moved to a different city/state? Have you never purchased more than one home? Have you never had accounts in different banks? Aren't there better interest rates or plans elsewhere sometimes? How much is insured by FDIC at any one bank?

I don't understand why you don't consider that I *might* be speaking honestly and nondefensively when I say that WAMU has very, very poor customer service. Why else would I feel compelled to write this?

Why would you try to blame someone mistreated by WAMU instead of assuming that anyone mistreated by a company must have done something to deserve it? Do you work for WAMU PR? Are you attempting to do damage control? [Strange how the supporting emails on this thread are written suspiciously similarly...]

Instead of calling individuals names, think about their perspectives.

I banked with them in Houston before moving to the east coast and never had a bad experience.

Then again, different people have different experiences and expectations of what good customer service is.

Wamu is and will continue to be one of the best companies I have ever worked with as an account holder and investor in Washington mutual securities. I would suggest you do some home work on the company, Money talks people and they have plenty of it.

WAMU is our bank. We have always been treated well by them. One time a direct deposit didn't get deposited and we had fifteen or twenty bounced checks with the resulting fees for each check.
They actually covered the checks and then they reversed all the fees for us!
We banked with them a long time and they
knew us.
We are in WA, so we know the real WAMU, not the other banks they acquired.
I think they took over too many banks.
When they aquired Providian, I thought wow, the isn' their type of banking!!
I hope they survive.