WaMu 3.75% FREE Online Checking Account

Posted in Money Market Rates by Johns Wu
June 1, 2008 11:59 AM - 93 Comments

Washington Mutual has a very nice 3.75% APY online savings account that comes with a free checking account! Interestingly, my savings account with the brick and mortar WaMu only pays 0.50% interest.

Online savings & checking account features:

Free ATM cash withdrawals
$1 opening balance
Cash back for debit purchases
Free checks for life
Free Overdraft/NSF Fee waiver each year
Free outbound wire transfers and more
High-yield 4.00% interest savings account

Wamu Online Banking has several great features that come with the services. There is an extremely easy process to sign up for an account. They have several different types of security features in order to better protect your personal data.

With WaMu, you have 24 hour a day 7 days a week access to your account information. So, no longer will you have to wait for your monthly statement to come in before you can balance your checkbook. Easily gain access to all of your important account history at the click of a mouse. Just one of the many wonderful features that are offered to WaMu customers at no charge.

Another feature that many people enjoy having through Wamu is the bill pay online. For added incentive, they offer this feature at no cost to the account holder. Along with this feature, an account holder can schedule days for certain bills to be automatically paid. From one bill one time to all bills every month.

When you are running low on paper checks, as easy as 1 2 3, you can log on and purchase your checks. An ideal feature for those that can not make it to the bank during business hours. A few of the other features that seem to be enjoyed by many Wamu account holders is the online stop payment on a check, get a copy of a paper check that has been written as well as update your address.

With free features and high quality customer service, it is no wonder why so many people are taking their accounts to online banking at WaMu. Regardless of their banking needs, Wamu seems to cater to all individual banking requirements.

Click here to learn more @ WaMu.com

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Add New Comment

Han said:
on May 11th at 02:22 am

my wife and i signed up for a joint account. it was a very quick and painless application.
Lester said:
on May 11th at 09:16 am

Sweet! I was just about to sign up for the Citi bank’s version of this deal, which pays only 4.75% APY.

good thing i found this
Danny said:
on May 12th at 05:10 pm

This is nice, but I’d still stay with my ING checking account paying me 5.30%
Bankaholic Admin said:
on May 12th at 06:30 pm

Danny, are you talking about the ING Electric Orange account? Wow, don’t you need $100k for that rate? Thats pretty high roller.
neol said:
on May 13th at 01:46 pm

Really competitive raes and excellent services.
Danny said:
on May 14th at 01:56 pm

Ah, you are completely right, I forgot about that requirement. It’s still 5.05% for balances of what, $40k+? Which makes this offer a lot more attractive than I first thought.
Cho said:
on May 16th at 10:30 am

the washington mutual free online checking account rate will be valid for how long?

is it 5% APY interest rate forever?
Bankaholic.com said:
on May 17th at 04:43 am

The WaMu checking account interest rate is variable. However, all interest rates on liquid bank accounts tend to variable.
J said:
on May 18th at 05:53 pm

This headline and WaMu’s advertisements of “add 5% to our free checking” isn’t particularly accurate. More specifically, the offer is for a no-interest checking account and a separate savings account with a 5% apy (which is quite good for savings). However, one would have to keep enough funds in the checking account to cover any debits/purchases, or risk being subjected to overdraft fees - and any funds sitting in the checking account won’t be earning interest. I’ve also noticed that WaMu automatically signs you up for their automatic savings plan that transfers $25 automatically from checking to savings per month, so you better have enough in the checking to cover that transfer as well.
Kris said:
on May 18th at 08:53 pm

Does anyone know how long is this offer going to be available?
Kate said:
on May 19th at 05:15 am

just signed up, not bad for online chekcing
tenacious D said:
on May 21st at 12:38 am

nice find, just signed up
freddy the ripper said:
on May 22nd at 12:11 am

nice, ive been looking for something like this.

online banking is da way 2 go
geeba said:
on May 31st at 03:39 am

the wamu free online checking account is definite
Drew said:
on June 1st at 03:04 pm

I don’t like WaMu because it sounds too much like Shamu the killer whale.

Also, other than that, higher interest rates can be had elsewhere.
eagleboy said:
on June 2nd at 12:17 am

Has anyone checked out UnivestDirect.com? Better savings and checking than WAMU.
Duc Trinh said:
on June 2nd at 12:56 am

i just like wamu bank cus of their funny commercials =)
H. Busch said:
on June 14th at 05:36 am

Only trouble with their online account is that you have to use your social security number,to enroll and that lends to idenity theft.
Other banks or brokerage let you make up a customer I.d. and password and you don’t have to use your social security number. Not good internal control. Be carefull.
Bankaholic.com said:
on June 14th at 07:02 pm

LOL
I dont think its safe to use fake SS #s for banks. I’d hate to imagine the kind of trouble the IRS is going to give you.

I think its OK to trust a big bank like Washington Mutual with your SS
small time investor said:
on July 20th at 07:23 am

seems like a good deal… although its kinda funny that the online savings/cd’s are a higher rate than their original products of traditional CD’s, liquid CD’s, or money market funds.
lily said:
on July 22nd at 04:50 pm

small time investor,
the reason high interest online savings accounts have higher interest rates than traditional bank cds is that the yield curve for the federal reserve is inverted.

longterm interest rates are actually projected to be lower than current interest rates.

blame greenspan and bernanke!
L said:
on July 24th at 03:00 am

WaMu also offers 9 month cd for 5.35 % APY and 10 month cd for 5.45% APY. In branches.
Bankaholic.com said:
on July 24th at 03:35 am

Thanks for the heads up on the CD rates L!
Gerard said:
on July 26th at 12:29 pm

I’m confused……

I can’t find this offer anywhere at wamu.com - only through the http://wamu.atdmt-host.com/checking/ link mentioned in this blog post. The main domain for this would be atdmt-host.com …. With every security expert in the business telling you not to conduct ANY business at a domain that resolves to anything other than the main bank site - what’s this all about? I know when you go to apply it takes you to WAMU, but it sems stupid of Washington Mutual to have these “exclusive” offers at a site other than wamu.com ….
Bankaholic.com said:
on July 27th at 12:13 am

Hi Gerard,
ATDMT-HOST is atlassolutions.com, a hosting provider for Washington Mutual. Basically, they count the # of times that the ad is clicked, and the # of people that sign up for this bank account.

They track statistics so that the WaMu advertising team can better strategize on how to market this bank offer.

You can trust that domain.

If you are still skeptical, look at up this.
Thinh said:
on July 28th at 12:09 am

I tried signing up for it and my dad tried as well. In the end it asks questions like: what streets did you live in, what city have you lived in, what county, etc. and we answered it right for sure. But it declined us. Stupid wamu.
P.S. I already have a regular checking/savings with them but I want this offer with the online savings.
Bankaholic.com said:
on July 28th at 05:50 pm

Hi Thinh,
Those answered are based on information on your credit report.

Try calling their customer support at 800.788.7000
geomark said:
on August 5th at 10:39 am

I signed up with WaMu because I needed a bank that wouldn’t stiff me on overseas ATM withdrawal fees. I was using Citibank and they jacked their fees up to 3% of the withdrawal amount - outrageous.

WaMu charges a competitive 1% “foreign transaction” fee and no ATM fee (on the checking account, $3 ATM fee for overseas withdrawals from the Online Savings account). There are a couple other financial institutions that actually charge 0% but they are special situations so not everybody can take advantage. I have a good review of the options in an article I wrote after investigating all this at http://medicaltravelsite.com/blog/2007/05/29/money-matters-foreign-money-fees/
Neil said:
on August 11th at 10:15 pm

I opened a savings account online, then tried to open a checking account as well to get the 5% interest rate. On the checking account, I wasn’t able to link an external funding account: In short, I spent hours on the phone with customer service to no avail. Their web site is buggy, and the customer service people aren’t capable of dealing with such issues.

I’m taking my business elsewhere!
malsr said:
on August 23rd at 02:29 pm

http://salemfivedirect.com/ has a better interest rate and, unlike Wamu, it offers this rate for its checking account. Plus they pay for the other banks atm fees, not just their own.
Joey said:
on August 27th at 07:23 pm

thanks malsr, The salemfivedirect is so much better than this wamu checking. 5% Interest on checking account, no atm fees at any atm, no min required and its safe. I have the ing orange checking but pays less interest and they don’t give you paper checks. So i am swithing today.
Anonymous said:
on August 30th at 01:44 am

washingtonmutual bank washing mutual bank
Alice said:
on September 5th at 03:59 pm

Hi! i’m a newbie college student– If I sign up for this do they do a hard credit check? I really don’t know that much - but it sounds like credit check are not cool…

I am currently with Bank of America..
Bankaholic.com said:
on September 9th at 11:17 pm

Hi Alice,
I don’t believe that WaMu will do a hard pull on your credit file since you are depositing money (not borrowing).

However, to be safe, you should call their customer service at 800.788.7000.

Hope that helps!
JooliaGoolia said:
on October 4th at 07:16 am

This was a great tip! Thank you Bankaholic.com.

I signed up for the WaMu 5.00% Savings and it was very easy. I already have an existing free checking so I just linked it to the savings account to get the 5.00%. Easy as pie.

I’ll update again in a month, when my interest posts to confirm I really am getting 5.00% apy.

Thanks again. I love this website!
ps99472 said:
on October 5th at 03:41 pm

I just tried signing up, website was unresponsive at the last step of creating my login/password for online access. So I did not get confirmation if my account was created correctly. I tried calling customer service, hold time was 13 minutes. I tried applying again but the system said unable to proceed. I’m probably stuck in limbo land where I don’t have an account number and can’t apply again. Frustrating..
ps99472 said:
on October 8th at 04:55 pm

Just tried it again and was able to sign up… customer service was still a 13 minute hold..
travis said:
on October 10th at 11:43 pm

Don’t know the fuss, I just opened the savings account - I already had the checking, transfered money in and saving all in under 20 minutes!

enjoy!
Travis Davis said:
on October 18th at 07:19 pm

Wamu rocks always
Bankaholic.com said:
on October 25th at 12:36 am
mika said:
on October 25th at 11:13 am

this account is good if you don’t do anything but save money. i’ve had this account for almost a year, and had nothing but headaches because they charge you fees for every little thing. they charge you $10 for every transfer you make between your savings to your checking account in excess of 6 transfers a month. they call it *excess activity fee* the point of an online account is the convenience of doing things online. but they punish you for making transfers online but not in the branch office. so i’m getting charged excess activity fees for transferring money. since i’m scared of making transfers, there are times when i didn’t make enough transfers to cover the checks i wrote, which then i got charged overdraft fee. although they tell you they have overdraft protection, you have to cover that overdraft the same day, or else you’d lose the protection. but they don’t tell you when you’re overdrafted. so it’s a lose lose situation for you. you transfer funds, you get charged, you don’t transfer funds, you overdraft. not worth the interest rate.
Linda said:
on October 31st at 03:23 am

I signed up on line and now I have been waiting for almost a week for confirmation. The sent me an account number but there has been no confirmation of funds transfered from another account. Not sure if this is going to work or if it is even reputable.
Bankaholic.com said:
on October 31st at 05:26 am

Linda,
That’s strange… Try calling their customer service. WaMu is usually known for their stellar service.
Cindy said:
on November 10th at 04:21 pm

I opened an online CD with WAMU on 8/15. My account didn’t get funded until 9/10 after calls after calls to them. They told me to wait until finally the banker has to push the transaction. When my account finally got funded, it was on a lower rate than when I opened it eventhough the phone bankers where telling me it will be funded at the rate I applied for at the time. So I called and called to get the rate corrected. Each call has a different story from the banker saying that the process to correct the problem was not done right by the previous banker who helped me. I finally got referred to their product service specialist. Almost another month passed by and the rate was corrected but the interest paid the first month was not corrected. So I called the product services specialist but the number they gave me goes to voicemail all the time. They never call me back and up to this day, the insterest paid for the first month hasn’t been corrected.

Wamu has to train their customer service representatives including phone bankers, online bankers and product services specialist. Some of them are rude, some doesn’t know what the process is to correct a problem. do not return phone calls, and gives false information. For a bank this big, which is the reason why I chose WAMU to open an online CD, ytheir phone/online bankers needs to be trainied a lot better to serve their customers.
Thai said:
on November 11th at 11:45 pm

Looks like whoever wrote this article didn’t take the time to look at the site after posting the article.

Today (11-Nov-07) at the top of the page is an advertisment from WaMu saying the “Onine Savings” account pays 5:00% APY, however that has been cut to 4.75% APY.

My Liquid CD at IndyMac pays 5.40% APY, with interest paid weekly and deposits/withdrawls also available weekly.

The WaMu “Online Savings” is no longer a good deal.
Frank said:
on November 12th at 05:10 pm

I live in Canada and I wish to find the best interest rate possible to invest my american funds
Thai said:
on November 12th at 06:23 pm

Frank - If you want/need maximum security for your principle, then U.S. Government Bonds or FDIC (Federal Deposit Insurance Corporation) institutional instrument, such as a CD’s, Money Market or Savings Account are your best bet.

If your willing to risk possible loss of some principal, then there are many instruments, such as Money Market Fund Accounts (ie: Fidelity) which pay higher returns than many FDIC insured bank accounts.

Then there are corporate issued instruments, such as Bonds or Preferred Stock, which pay upward of 7-10% dividends.

If both inflation protection and security are wanted, take a look at the U.S. Treasury’s “TIPS” (Treasury Inflation-Protected Securities) available directly from the US Treasury, Banks and other financial institutions. (For more on TIPS see: http://www.treasurydirect.gov/indiv/products/prod_tips_glance.htm)

Good luck.
Frank said:
on December 3rd at 08:50 pm

I applied on 11/5/07 as a joint account with my wife. At the end of the application, I got a “review number”and instructions that I would be contacted in 3-5 days. Two weeks later, I called and was told our application was denied and would be getting a letter in the mail soon. On the 27th, I called again and was told that we were denied and that there is no way of knowing why until the letter comes (still have not received any letter). He suggested I try reapplying as an individual. When I applied as an individual, I got both checking and savings account numbers at the end of the process. I then verified the link to my current checking account and requested that both checking and savings accounts be funded with $1. After a couple days, I signed into my account online and could see the checking account, but could not see the savings account. I called again, and this time was told that I actually did have a joint account with both checking and savings which were only waiting to be funded, and that the individual account did not show a savings account. When I gave them the individual savings account number I had received after the second application online, they said there was no record of that account ever. I was told to go into the branch to fund the joint accounts and cancel the individual checking. When I went into the branch, the person there told me (after about 30 minutes of being on the phone) that there was a “hold” on the joint accounts (unknown reason) and that I should reapply a third time to try to get a new savings account linked to the individual checking account. I went home and set up an ING checking account in less than two minutes (including funding it from). I went back to the branch to close the individual checking account and found out that they could not close it since there was a hold on my $1 deposit. They also cannot close the joint accounts since they technically do not exist. They are hoping that after 30 days, the joint accounts will close on their own.

If this is the type of experience you want, by all means, apply with WaMu. By far the worst customer service I’ve ever received from a bank. No one knew much of anything nor were they able to find out anything.

Oh, and did I mention that their online service was “not available” for several hours when I tried to check on my accounts?

Good luck!
jacmac said:
on January 9th at 06:22 pm

WAMU is offering a $75 gift check for opening up their free checking account. Some of the features you get w/ this account are:

Free checks for life.
No minimum balance.
Free Debit MasterCart w/ Rewards (ea. yr. you get 3 cents for every purchase made with card up to $250
One overdraft or bounced check fee waived every year.

The letter I got said you can sign up at free.wamu.com, (they won’t offer it at any other URL) but that URL won’t open up for me in Mozilla Firefox, so you can also do it by phone: 1-800-685-1644

The Promo Code is 0380-ACGP-8481

You need to fund the account with $30 and just keep the account current (no over draft) for eight weeks, and they’ll mail the check to you.

It took me about 5 mins to sign up!
Hans said:
on January 18th at 03:09 am

Posted WaMu Promo Code has been used and won’t be accepted. Any leads on good promo codes?
Calimero said:
on January 20th at 05:58 am

What about a 4% checking account with no minimum deposit and all services free. I mean, for the rest of us who do not have 40k to block in checking… give up a little of % and still have a life

http://a15.g.akamai.net/f/15/5616/5s/schwab.download.akamai.com/5616/m/q307/hyic/index.html?src=nhx

Calimero
Bankaholic.com said:
on January 30th at 04:47 am

Rate dropped to 4.25% APY today.
Donis said:
on February 1st at 11:07 pm

Customer service is horrific
WAMU.COM said:
on February 2nd at 06:39 am

WAMU . COM
Hugh said:
on February 3rd at 01:29 am

Customer service is just horrible. I tried signing up and got the “Your application was cancelled due to security issues” message.

Okay, can’t sign up for an account, no big deal… EXCEPT THEY STILL CHARGED ME $200 FOR THE INITIAL TRANSFER!

So I don’t have an account with them due to security issues, but they still take my money for some reason…
Mr. Ron said:
on February 3rd at 11:16 am

Hugh,
1-800-788-7000…. they are very helpful … if you need face to face call one of their branches and ask to speak with a manager… they’re focus for this year is customer service so they’ll be more than willing to work with ya’ to resolve this issue.
Mr. Ron said:
on February 3rd at 11:18 am

oh… and Hugh, I meant to add that the face to face, you can go into their branches and they’ll work on this with you…
Mo Money Mo Problems said:
on February 9th at 04:57 pm

Its still a good deal! No problems whatsoever!! i’m getting 300 a month on my money stashed here….! helps cover the bills!!!!
Continuum said:
on March 8th at 08:47 pm

DO NOT BUY a CD from this bank. They take your money quick enough but are slow to pay it back. I’ve had 5 CD’s with WaMu. When I requested funds, they remove the money from account the same day. But, they do not mail the funds until about 5 days later. Usually forcing a weekend in between so that they hold the money for another 2 days. The last time I requested funds, the clerk filled the paper work incorrectly and the funds were never sent. No one notified me. After a week I called the bank to find out where my funds were and discovered that the clerk had filed the wrong paperwork. Although assured the funds would be sent the same day, it is now 5 days later and I am still waiting. Oh, yes, the funds were removed from my account the same day I requested but they were not mailed to me. I am still waiting. I repeat, DO NOT BUY a CD from WaMu.
NON Interest Purgatory said:
on March 12th at 06:23 pm

Look out. WaMu plays a trick on you when you make your first deposit. My contacts with WaMu so far have been very disappointing. I opened the account via the internet. I mailed a deposit of several thousand dollars for the savings account. I mailed this to the address and listed the account number that WaMu says MUST be used for the first deposit.

I got an email stating that the money had been received and placed in the checking account that is NOT interest bearing. I have now called them up twice, spoken to three different person including “Lucy”, a manager and they will not transfer the money over to the interest bearing account.

I continue to endeavor to transfer the funds over to the interest bearing account but it will not transfer. On the second call, the WaMu person informed me that I will not be able to transfer those funds over to the interest bearing account until I send in another deposit and vest the interest paying account.
rob barber said:
on March 13th at 12:11 am

You folks who say this only takes seven minutes are out of your mind. Did you read the 4 agreements you are making? of course not, it would take 3 or 4 hours. there’s 750 kbytes of agreements there that detail tons of fees you might have to pay. It’s probably okay not to read them, depending on your situation, but i wouldn’t sign my money away like that. I gave up. I’ll put my money at zionsbank, where i already have a money market account and it didn’t take me all night to read their agreements.
April said:
on March 15th at 01:19 pm

This is a Great program. I love it!
Laura said:
on March 22nd at 09:51 pm

I had a horrible experience with this bank trying to give them a LARGE amount of money. When I reached the end of the online application process and “failed” a security question, my application was rejected. Upon calling the bank and being passed from person to person the final answer was “try again online aftre 7 days have passed to see if you get lucky with a different security question”. Never again.
Mellanis said:
on March 27th at 07:10 pm

Avoid WaMu like its the Asian Bird Flu! I opened my account when it was 4.0%, the next day it dropped to 3.55%. That’s still a good rate, however, their customer service leaves a lot to be desired! My account states that it is active, but I’m not able to transfer any money to it. I’ve called and sent emails, only to be told it will be fixed ‘tomorrow’. Well, tomorrow always comes, and my account still isn’t ‘fully activated’. They have some issues at WaMu, and aren’t in any hurry o fix them. Also, if you send them emails, you only get form letters in reply. I am about to close my account and move on. Any suggestions on a better bank??
Sue Temple said:
on March 31st at 12:44 am

I will never use WAMU and I would let anyone know how horrible their customer service is in the Val;rico Florida area. My husband and I have fought with them over getting our money out to another lower interest bank. They stated the money would be transferred and they lied. When all was said and done we ended up owing them money for some unbelievable transfer fee. Never were we told anything about this fee. The bank manager does not know any more than the teller. Customer service 1-800 that–is- a– joke. I have never and will never again deal with WAMU. It is there to take money easily but help you when it may be convenient for them!!!! When transferring the money to another bank, that Manager told me she had never dealt with a more unresponsive group of individuals. BEWARE!!!
Hong Nguyen said:
on April 2nd at 01:40 am

stupid Wamu when I tried 2 open a Cd account but like they sent me a whole bunch of papers 4 me 2 fill out until i finish then return it then my CD will start but I havent return those paper yet & my Cd account already started & so I need to get some cash so I went & widrawal money I was get charge for it because the account wasn’t mature & i called the bank they said that shouldn’t happen so they try contacting the guy who set that account up but they couldn’t contact the guy & still i’m getting charge anyway it was about $50 for each time taking out the money i got charge for like 2-3 times
Franny B said:
on April 2nd at 03:53 am

WAMU has the worst type of customer service I have ever received!!! and I mean ever. They charge fees (which they now advertise they dont) that you have no clue where they come from. On my saving account they charged me that “excesss activity fee” when I specifically asked about it before openning my savings and was told there wouldnt be any if I set up an automatic transfer monthly. And so I did… well now they charged me about $30 dollars of fees because of that. Everytime I have had issued with WAMu they have been nothing but a dissapointment to me. When I call their 1800-788-7000 number they are nothing but rude ( and I have called quite a number of times due to their mistakes). Even talking to managers I get nothing but the worst cold customer service treatment I have ever received. I work with customers I am a claims adjuster so I know how customers can be pretty unreasonable sometimes but when someone asks you a plain specific question and gets a lie as reponse and then the bank stands on it even though they know missinformed me then there is nothing else left to know about them. I do not want a bank that lies to get me to open accounts and then takes my money. Dont know why anybody would want one. BE AWARE!!! Even if they look so nice when youjust get in there. They are nothing but trouble and I’ve been their customer for 5 years now. Looking for a new bank but is so hard to trust any.
Harry said:
on April 15th at 05:11 pm

I have been trying to close my accont and get my money out for the last 4 months. they say they will close the account but they just closed my savings and haven’t closed the checking and i haven’t received a cheque back yet. there customer service was ok at certain branches, but some of the others were arrogant and had no knowledge. I would never open another account with wamu, provided i am successful in getting out of this mess first. good luck and BEWARE
Alden said:
on April 20th at 12:11 am

My online savings account apps. has been denied twice over the past 8 days. Not sure what the problem is, my financials and credit are very strong. When I reached out to the phone representatives they couldn’t tell me what the problem was either but encouraged me to go to the bank and fill out the application…..of course the physical bank is only offering .50% APR instead of the 3.30% APR advertised for the online application. I wonder if this is a case bait and switch?
Tyler said:
on April 25th at 06:22 pm

I’m really confused because I signed up for WaMu’s online savings and free checking account when they were offering 4.5% and about a month after opening my account my APY was only 3.30%…is this some kind of scam they are pulling?? Customer service is no help either.
Sue Temple said:
on April 29th at 12:17 am

Obviously Bankaholic.com–Thai–Geomark–DucTrinh–JooliaGoolia and Han are fans of this infamously known screw-up bank. Do you think they may work there?? For all eyes, just look at the names. Give me a break. I lost over $450.00 to that bank becasue we transferred an equity loan to another really good serviceable bank. Because they delayed the check it cost me that much more due to the additional time. Give me a break. The manager at this Valrico
Bank in Florida definitely has hidden agenda’s and they are not customer service oriented. Do you think after all this on the web any one would call me to make things right?? NO NO NO. They just eat up any persons hard earned money. Pleas do not listen to thes wierd named people. They either work there or are just made up people. Actually anthing on the web site for WAMU that is favorable I would doubt.
John said:
on May 4th at 06:06 am

Alden, I have been having the exact same problem. I have a Wamu checking account but every time I try to open the online savings account, my application is denied due to “security reasons.” I spent HOURS on the phone with customer service to try to fix the problem but no one is able to tell me what the problem is. No one is able to help me. I have tried to open the online savings account for MONTHS and I regularly call customer service to see if they can help. Horrible, horrible service and no one is in a position of authority enough to really get down to the bottom of my problem.
ANTIWAMU said:
on May 9th at 02:40 am

My wife Miel and I have had numerous problems with Washington Mutual. Namely, these have been related to problems integrating our on-line mortgage and checking accounts. We have also had problems with their on-line and telephone customer service.

After hassling with those guys for over 2 year, I would say AVOID WASHINGTON MUTUAL AT ALL COSTS.

You’ll definitely run into problems with that company and its just not worth the hassle.
Brian said:
on May 22nd at 03:16 am

There are several high interest online savings accounts options out there. The primary “advantage” that set WAMU’s apart for me was the free outgoing wire transfers. However, it was less than obvious (buried in the fine print as far as I could tell) that the only way to initiate an outgoing transfer was to do it in person at a local branch. Since I am in a part of the country untouched by a WAMU brick and mortar facade, this is not an option for me. This is very disappointing that a selling point used to market this product nationwide is inherently useless to much of the country (unless you do not care about such things). This is deceptive advertising in my book.
shraz said:
on May 22nd at 08:06 am

I just found out that when a CD matures, on the account summary you will see a big bold text saying: “This CD has reached its Maturity Date!” under the matured. They give you a bunch of information and even let you close and transfer to your checking/savings. AWESOME! WAMU is becoming a nice online site.
Travis said:
on June 1st at 02:26 am

John, Alden, I had the same problems, it took me like 10 tries to get approved past the security questions. I think the reason mine failed was because I listed my cell phone and home phone as the same number, since Im away at college. So when the question of “what is the number u gave us?” I was guaranteed to be wrong if I answered cell or home line. Be sure to list your home number even if u don’t use it, and answer the question as home number because they wont let u give your cell number as your contact number. Very stupid.
Also I think if your online savings balance goes under 300 for one day out of the month you get a $4 fee.
Frustrated said:
on June 7th at 06:27 pm

WAMU phone automation is horrible!!! Good luck getting someone on the phone. 0 and # do not work. Once a human answers they are very nice and helpful. I had to contact the loan phone number, which was staffed, (they know where the money is made) and have them switch me to a line for CDs.
V said:
on August 3rd at 12:58 am

I can not find that ING checking rate???They are only in the 3’s
Dan Tanner said:
on August 6th at 04:54 am

Well well you never know unless you ask. So I went into the branch and pushed the envelope. I asked them whats the maximum rate they have and to my surprise the lady pointed me to a big sign near the teller window. They have 4% in- branch money market rates.

They DO NOT advertise these rates on the web site. It differs from branch to branch and the financial centers have the best deal. Go inside and ask.
Janna said:
on August 6th at 08:34 am

Dan, I have WaMu branches in Texas, may I ask what state you are in with that rate? thanks
B said:
on August 12th at 04:22 pm

I don’t get it. Can someone clarify this for me?

WaMu Free Checking(tm):

“Free ATM cash withdrawals worldwide: Withdraw cash from your WaMu Free Checking account at any ATM and we won’t charge you a fee. Sadly, other ATM operators may still charge you a nonrefundable fee and foreign currency exchange and transaction fees may apply”
(located on website at http://www.wamu.com/personal/checking_account/wamu_free_checking/default.asp#1 as of 20080812 10:55AM US Central Time)

But then by clicking on the .pdf called “Our Fees and Frees” on that same page it reads under section titled “ATM & Debit Card”

“Non-WaMu ATMS, Domestic & International Transactions— $2 /each”
(located on website at http://www.wamu.com/NR/rdonlyres/E58D9C54-1024-49DE-878A-661CC5518942/0/OurFeesandFrees_060108.pdf as of 20080812 10:55AM US Central Time)

I called WaMu at 866.236.7766 to ask this question on 20080812 10:55AM US Central Time and talked to 3 reps:

1st Rep: stated that fees had recently been added to non-WaMu ATM withdrawals for said account

2nd Rep: concurred that fees had recently been added to non-WaMu ATM withdrawals for said account

Account Manager: stated that the website verbage (no fee) was correct and that aforementioned .pdf was for “all WaMu accounts”– ie, not specifically for WaMu Free Checking(tm).

When asked where the fine print could be found to support his (and WaMu’s current website’s) claim of no fees, he said that the only way was to go to a brick/mortar or start opening an account to see the exact terms.

Note that on the claim “Free ATM cash withdrawals worldwide…” found on the WaMu Free Checking(tm) webpage (see above), there is not a footnote or reference to other fine print that could qualify the claim that states “ANY atm”.

I would prefer not to go to a branch to clarify this, so if anyone has any insight…

Note, however, if for WaMu Free Checking(tm) accounts WaMu does charge fees ($2 each) for ATM withdrawals from non WaMu ATMs, isn’t this fraud and couldn’t users petition for refunds of those fees until the website verbage is changed?

Whatever the case, considering WaMu’s stock dive from a year ago and the fact that WaMu representives disagree on this simple (highly advertised) selling point, I’m thinking I’ll go elsewhere.

Thanks to the folks for hosting this site– it’s a useful one.
Happy Banking,
-B
BASHARAT said:
on August 24th at 04:32 pm

WAMU is offering 5% APY 12 month CD
gd said:
on August 28th at 08:55 pm

the service with WaMu is absolutely sub-par. i regret opening an account with them. the time to complete transfer is well over a week. it’s now been a month that the account has been funded. in a message from an online representative, i was told that a debit card was mailed to be on august 15th. i had not received so i followed up. today they told me that they can’t send anything out to me….even though they have my money. this is ridiculous!
M said:
on August 29th at 05:20 pm

About the ATM fees: They don’t charge the fee for WITHDRAWING money from the Free Checking account at a non-WaMu ATM. I have done it a couple of times and have never been charged for it.
However, if you do something different from withdrawing money, like checking your balance, they’ll charge the fee. I learned this the hard way.
None of the documents they gave me when I opened the account state this “feature” which I thought was odd, but it turned out to be true.
kay said:
on August 30th at 07:09 pm

3.75% interest rate per month?

$ 5000.00 plus profit for 187.50 per month? Right????? I need to know.
Tyler said:
on September 5th at 11:20 pm

No that’s $187.50 in one year.
Jen said:
on September 6th at 11:08 pm

I love WaMu. I opened a free checking account back in 2004. Last month, I open the online saving account and loving it. I love the fact that I can link the Online saving to my debit card for quick access from the ATM.

The web site is fast and easy.
Johny said:
on September 17th at 06:12 pm

Let me tell you guys, the latest news are: CHASE IS BUYING WAMU…. REMOVE ALL YOUR CD’S AND SECURE IT SOMEWHERE ELSE. FDIC Insured cds usually take 1 year to get the money if the bank files bankruptcy or anything like that. Dont invest in WAMU…Thanks.

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