Okay my last post was about WaMu and the way they intentionally target people who may be living hand-to-mouth -- those that tend to bounce checks. Feel free to read it here. I don't mean to bore my readers with more of the same stuff, but I've got a little more. This will be the last time I write about this lousy bank...I hope to be rid of them forever.
After they charged me hundreds of dollars (over $300 so far) for bounced checks, I vowed to close my account. In fact, I intended to do it the day I wrote my last post. However, I had some outgoing payments coming from the WaMu account, and I just wanted to wait until the next billing cycle.
Here's what the jerks did to me this time:
The first time they nailed me with bounced check fees, it was because they put a hold on a direct wire transfer from my Bank of America account. That's right: I made my initial deposit with a wire transfer. It might as well have been cash. Why put a hold on it? So they could charge me all kinds of bounced check fees, that's why!
My next deposit was a direct deposit from the IRS. It was about $1500.
Altogether, I had about $2600, including the $1500 that was freshly deposited from our government. Anybody ever hear of putting a hold on a government check? Heck, the pawn shops will cash government checks on the spot. Apparently, pawn shops have a better check cashing policy than WaMu does.
I needed to put some money into my Bank of America checking account, to cover some checks. So I wrote myself a $1500 check against the $2600 in my WaMu account. Again, every cent in my WaMu account is from some sort of wire transfer or direct deposit.
As you can see below, WaMu did not pay on my $1500 check-- although I had plenty to cover it-- and I incurred 5 bounced check fees from Bank of America.
That came to $125. Bank of America charges $25 for a bounced check; Washington Mutual-- with their "one free bounced check per year"-- charges $34.
Above is a condensed version of my Bank of America statement. Due to Washington Mutual's bogus policy, I went into the red by $907 and I was charged for 5 overdrafts.
So what was a girl to do?
I called Bank of America on June 20th and told them exactly what happened. I explained how WaMu screwed me and put a hold on wire transfered funds.
What did Bank of America do?
On June 23rd, Bank of America reversed all five bounced check fees, even though-- as far as they were concerned, I was in the "red." They were polite, courteous, and more than willing to help.
WaMu on the other hand... Well, when I called them, they referred to their commercial and told me they would waive one fee per year. I said, "Considering the ridiculous circumstances, is that really the best you can do?"
She assured me that WaMu would only give me back $34 of the hundreds they stole from me.
But guess what? I have yet to see the $34 credit. WaMu has not even given me the "one ISF fee waived per year" that they advertise.
In all my life, this is the worst banking experience I have had. Oh, and as a mortgage broker, I can also tell you that their are many, many banks with lower rates than WaMu. I wouldn't even consider them if I were in the market for a mortgage.