More random interest rate increases

Christine writes:

“Boy am I angry right now. I am having the same problems with WaMu that everyone else seems to be having.

I too have been a loyal customer for 2 years and have always paid my bills ontime. I take pride in having perfect credit. During the past 2 months my APR has kept going up! In July my APR was 13.99%. My August bill arrived with a 23.99% APR. My September bill was 25.99%. My bill was 193.00. Of that, 135.00 was finance charges! I called WaMu’s customer service and all they said was that there was nothing they could do because there was a change in the terms and they were sorry for the inconvenience. I asked to speak with a manager and he also told me the same story. I asked him if WaMu rewards their on-time paying customers by raising their rates to ridiculous levels. All he said is that they sent me a letter regarding this change and that they will send me another one. I got absolutely nowhere with them. I am in the process right now of applying for other cards so that I can transfer the balance and cancel my card with WaMu. I will never do business with them again and I urge others not too either.

The manager that I spoke with said that they considered me more of a risk to pay my bill because I have a high balance on my card. I owe 5,000 on my card. I also make 65,000+ per year. I told him that was ridiculous. I have never been late on my payments. Also I don’t charge on this card. I only pay it down. That is probably why they are raising my rates. I asked him why they would raise the rates on someone because they thought they might be a risk. He said, “because that is what WaMu does”. So, if WaMu considers you more of a risk to pay your bills because you carry a high balance, aren’t they making you more of a risk by making your payments higher????? Sounds like they are setting you up to fail. So anyone who has a WaMu credit card, be forewarned!!! Don’t make any purchases on your card. If you do, you will be considered more of a payment risk because your balance is higher. And if WaMu considers you more of a risk….they will raise your rates! I DON’T GET IT!!!!”

Update:

“9/16/08

I have been a Washington Mutual Customer for almost two years. I had a bit of bad luck and had some monetary problems. My account with them did go into the negative. But I did go in to take care of on 9-15-08 with $7,495.00.

I lost my job and cashed out my 401k account. I took it to Washington Mutual Bank in the Melbourne Square Mall location in Melbourne, Florida on 9-15-08. They originally told me there would be an 11 day hold. I explained I was out of work and really needed to get some bills paid. The check was drawn on a check from Chase Manhattan Bank. They told me they might be able to help me. I got the number from Pay Chex and gave the teller Melba the phone. The paychex employee was able to give her the number to call and verify funds. The manager came over and took the hold off the account. I walked out of the bank with an AVAILABLE balance of $2,750.12 in checking and $4000.00 in savings.

I went home and paid $739.00 to Honda, $105.00 to Geico and $209.00 to T-Mobile plus a check written today for $189.00 none of which WAMU will pay. I was informed when I went into the bank today that my account was froze due to the check. They will not pay the bills that I paid last night online and will not give me money back. Now they are claiming the check has not gone through even though yesterday they verified funds and lifted the hold.

I was also told as of 9-29 my account was going to be closed. I was not going to have anyway of knowing that until a “letter” they would send out came to me. In the meantime I would have been writing check and paying bills and none would be paid. I was also told that WAMU is possibly going bankrupt? Will I ever be able to retrieve funds?

I contacted their corporate office and was told that the branch had no way of knowing that they would be freezing my account. My argument there was that they should have left the hold on then or pay what I paid online on 9-15-08 when they told me I had the money available and they refuse to help me. Meanwhile I will be racking up NSF fees to the bills I have paid.

9/18/08

I wanted to add some more to my story. I called WAMU yesterday to see if they have taken the hold off my check and was told they told me I could call myself because they did not want to deal with it. This is the Melbourne Square Branch, Melbourne, FL. I was given this number to call 866-513-9186 and spoke to a lady named Lynn. First she informed me the manager should have never taken the hold off the check even though they verified funds with Chase Manhattan on my 401k check. She also informed me it could be a fraudulent check. Also my account was being investigated because I had not had any large deposits made and then I make one for $7495.00. I explained for the 100th time I AM OUT OF WORK AND CASHED OUT MY 401K. She said their are no notes there. I told the branch people my whole story none of which they notated. So then she goes on to tell me its suspicious that I make this large deposit and then put a large amount in savings- HELLO is that not what the bank is for????

So I said seems how you just told me your manager in that branch made a mistake I said you need to pay for the bills I paid because I have the receipts showing that I had money in the bank. Still said no. Meanwhile I have to play clean up crew and call all my debtors and tell them this long drawn out story. So now I have been accused of depositing a fraudulent check, its suspicious because I dont make large deposits and I put money in savings.

I call a different branch today on 9-18 and I am told they are no holds money is available and I can come close account out. I get there and they tell me sorry this branch made a mistake because they did not see the notes regarding my account. They called Chase again and verified the funds but wont release the money but shows I have $4008 in savings and $2,396 in checking but I cant close account or even withdraw a dollar for that matter. I was told sorry that Melbourne branch made a mistake the manager never should have done that and sorry our branch told you that you could come in and close account. SO I left there again with nothing. Also another note of interest my account was supposed to be frozen so that would mean they would not pay anything- well they paid Tmobile and Geico. I asked why did they pay thought this money was not available? She said it must have been because on Monday when I left the money was available but I paid my car payment that night and they are not paying that one.

After all this she said I have to call Chase myself and have them write on Chase letterhead that the funds have cleared and provide a point of contact and then they will let me close my account and get my money. She then had the audacity to ask if she could get this cleared up would I keep my account with them—— I said you must be kidding right? Stay far away from this bank they dont know their heads from a hole in the ground!!!!!!!!!!!!!!!!!!!!!!

9/23/08

I was finally able to get my money out of that building they call a “bank”.

Funny thing though I closed my account myself on 9-20 and I get a letter in the mail yesterday telling me that they are closing my account on 9-29 and any remaining funds would be mailed to me. The thing that sucks about that is imagine if I had been writing checks since 9-15 when I deposited that large check and never got the letter. The postal service is not perfect. They would not have paid any of my bills. Then yesterday I get a new debit card in the mail. They have some real rocket scientists working there!!!”

WaMu on consumeraffairs.com

For even more WaMu nightmare stories, see consumeraffairs.com.

Other WaMu sucks sites

This is the site I found first when looking for information on how to deal with WaMu.  That poor guy have just about everything go wrong with his mortgage with WaMu.

WaMu’s CEO fired!

WaMu’s CEO got his walking papers today (WSJ story). While I am sure this is because of WaMu’s bad subprime lending history, I hope the new CEO will address their poor customer service as well.

Plenty of funds but no payments

Marisa writes:

“They are refusinfg to pay my checks and scheduled online payments
even though I have enough funds in my account.
This is costing me a LOT of money in “returned check fees”

This bank SUCKS!”

Account compromise nightmare

Paul writes:

“Paul ——-
Norcross, GA

Copy (at conclusion, assuming that there is one): Kerry Killinger, Stephen Rotella, Atlanta Journal-Constitution, Clark Howard, www.washingtonmutualsucks.org, www.consumeraffairs.com, Office of the Comptroller of the Currency (formal complaint), US Congressman John Linder, others TBD.

Reader’s Digest version: WAMU has allowed a criminal to loot my account ($9,000 was stolen). They NEVER directly informed me of it, blocked access to my account such that I actually remained UNAWARE of the theft, and have dragged their corporate feet every inch of the way toward any conceivable path to resolution. As a crime VICTIM I have been further and repeatedly VICTIMIZED by Washington Mutual. On the bright side, WAMU has seemingly raised the art of incompetence to new heights.

The following was originally prepared as a set of notes, as a method for laying the groundwork for a lawsuit against Washington Mutual, should I be forced into it via the ongoing events noted herein. During an exchange with an apologetic corporate level WAMU employee it was noted that the company focus is “strictly upon the dollars.” What has been missed here is that in being so intent upon the smaller piles of money a vastly larger bale of cash remains in dire jeopardy. In short, my wife is a “recovering attorney” (former DOD boss Dick Cheney labeled her “The Chainsaw Lawyer”) that is poised and ready in the wings to give WAMU a thorough financial high colonic. I am their customer, and I deserve better!

I realize that everyone’s time is valuable, but so is mine, and lately I have spent a great deal of it in my dealings with Washington Mutual. In any case, for your convenience, I have highlighted the significant points regarding my continuing nightmare in the following.

Notes / Timeline

Risk Operations 866-513-9186
Customer No-Service 800-788-7000

8/15 Background: After work I returned home to find a PIN for a new Bank of America checking account debit card in the mail. I immediately called the phone number on the letter in an effort to determine what was going on. Many specific questions were asked about my having ever lived in northern California, knowing anyone there, etc. (I responded NO to all). They were reluctant to provide any information, but it was said that someone had given my name and correct SSN plus his (probably bogus) information (his name was mentioned but I did not recognize or catch it) to open the account on-line on 8/13. I was told that the account had zero balance, I insisted that they close the account immediately, and I was told that this would be done. During the conversation a local Georgia phone number was given from the account setup (770-446-4652) – I tried it and found that it was disconnected.

Note that on 8/18 I received Bank of America VISA debit card 4217-XXXX-XXXX-5317, presumably not active.

Note that before this unfolded I had already frozen my credit with the “big three” reporting agencies.

8/19 I received a phone call from WAMU (per Caller ID), but was disconnected almost immediately. They made no attempt to call back, so I then tried to log in on-line, to discover that a freeze had been put on my account.

I called Risk Operations as directed and was specifically told that the freeze had been put on due to a login attempt from an ISP in Louisiana (not my usual BellSouth provider). This sounded most impressive and was greatly reassuring. I was told that my accounts were fine and that the freeze was merely precautionary, but that I would need to open a new checking account ASAP. I asked what the source of the attempt might have been and how to avoid another problem in the future. I was told that almost certainly it was a keylogger or something similar – we briefly reviewed my religious use of Symantec/Norton, Spybot Search and Destroy, Ad-Aware, Spyware Blaster, and Ccleaner. Nothing has ever been found amiss.

I immediately went to our local branch, opened a new checking account, and was told by both Risk Operations over the phone and the WAMU Assistant Manager (the latter exchange was witnessed by my spouse) that my money market account was “OK – no problem.”

Misc. The next day I wrestled with the setting up of my direct payroll deposit into the new checking account.

Over the next few days I made several unsuccessful attempts to regain access to my on-line account. The normal customer service phone line was all but useless (I could rarely find a human to speak with), e-mail is even less useful (never answered), and it was later discovered (as the weekend arrived) that only Risk Operations could grant me account access, but they are “CLOSED” on weekends.

08/25 I tried unsuccessfully several times during the day to contact Risk Operations, including spending my entire lunch hour on hold, waiting for the “five minutes” on the message to pass.

I went home after work and received a letter from WAMU dated 8/19 noting that BOTH my checking and money market accounts had been compromised and would be automatically closed on September 2.

I again called Risk Operations for some information (I still could not access my account on-line). I finally got through, and was told that I would need to answer some “background questions” first. I could not recall in what county an address that I had lived in some 30 years earlier was, and thus I was told that they could not help and that I would have to go to my branch and have them call on my behalf. Presumably the questions were not so difficult for the invader of my on-line account.

I went back to our local branch – the manager was not available, nor particularly interested. I offered to close my accounts and leave, and at that point the assistant manager helped. I happened to catch sight of his computer screen that showed my money market balance, and I loudly expressed my surprise.

I was finally given a printout showing the criminal activity that had taken place – this is the first that I had been aware of the theft that had occurred TEN DAYS earlier (I still had no access to my own account on-line). My money had apparently been moved into a Bank of America account, methodically and deliberately done, with two “trial runs” made to verify the account, all with no questions asked by WAMU, and zero information voluntarily given to me about it afterward. I can only assume that this was an intentional concealment of a felony.

Unauthorized electronic transfers in and out of my money market account:

8/12 Trial credit $0.26
8/12 Trial credit $0.61
8/15 Transfer $9,000

I was again put on the phone with Risk Operations at the branch, and was told there was nothing they could do except to start an investigation, and that a provisional credit of the lost funds would be made to my account in 5 to 7 working days. I was told that there was no one else that I could speak with further regarding the matter, period. I was also told that on-line access to my NEW checking account would be restored.

I returned home, called around the corporate office switchboard and found the Registered Agent service delivery information below (certified mail was suggested). Their legal department seemed surprised by the blatant WAMU incompetence that I described.

Washington Mutual Bank
1301 Second Avenue
WMC3601
Seattle, WA 98101

I also called the “Executive Response” group at the corporate office – the investigation time was cut from 5 to 7 days to two days by the person noted below. I clearly expressed my reluctant willingness to sue, but only as a last resort, which is still fast approaching.

206-461-2000 – ask for Executive Response
Ext. 483 Jeannie

The proverbial barn door had already been left open, a criminal had been given free access to steal from me, and little to no information or assistance has been willingly provided by WAMU throughout the ordeal. As the initial dust was just settling (the evening of 8/25) I received a new password for my money market account via e-mail. I assumed this meant that the freeze had been removed from the account, thus opening the remainder of my money market for additional exposure to theft. I called Risk Operations again and they said that my money market was indeed still frozen. This was the FIRST contact with competence that I had experienced in my dozen or so attempts with WAMU – blessed angel Employee 976954. She thoroughly explained what needed to be done and what would happen next (namely, an eventual refund – no one had said that yet), after a week of my being kept totally in the dark.

8/26 I returned to my local branch to move the remaining money market funds into a new account. I had not yet been advised to do this, but it seemed like a good idea, and a call from the branch to Risk Operations confirmed this. The latter was made aware that I would like on-line access to BOTH of my NEW accounts and I was told “no problem” – I would be contacted. That contact never came.

8/27 On advice of legal counsel, I filed a report regarding the theft with the Gwinnett County, Georgia Police Department – Case Number 08-088203 was assigned. I had initially contacted an officer friend in the GCPD regarding how this needed to be done, and he noted that WAMU has become locally well known as an easy target due to their apparent weak security.

I did not receive the call promised from Executive Response, so I called and left a message at extension 483. Over an hour later I called again, selecting the “new topic – speak to a manager” option, and Jeannie immediately answered. I asked about the “Affidavit Package” that the police had just mentioned, and I was told that it had been mailed from Florida on 8/26 – that was the first that I had heard of it from WAMU. She said that I should complete the package and take it to the branch for faxing (206-965-3701) and the stolen funds would be credited immediately.

I called Risk Operations, again asking for on-line access to my new accounts. I was forwarded to someone in a different area called “e-fraud” and after a considerable delay I was refused. I was essentially told that none of my previous conversations while standing in my local branch (including two that were witnessed by my attorney) had ever happened. Absolutely incredible.

I called Executive Response again, noting that while criminals obviously had no problem in accessing my accounts, that I, THE CUSTOMER, STILL COULD NOT. I was told that this would be straightened out by the next day, and that I would be contacted.

8/28 The call from Executive Response did not come as was promised – imagine my surprise. I attempted to call at the close of business but was too late – the switchboard had been shut down for the day and there was no apparent way to leave messages. I instead sent a fax to the number I had been given, attention Jeannie, basically recognizing that I had again been lied to but that I was “still waiting”.

8/29 DAY 10 (14 days since the theft) – still no $9,000, still no access to my own NEW accounts, and still no hint of any voluntary assistance from WAMU.

Called Executive Response again, selecting the “new topic – speak to a manager” option. I explained the situation and expressed my preference to speak with anyone else but the original manager, but was forwarded back to that one anyway. When asked directly she offered no explanation of her failure to fulfill promises to return calls, etc., and attempted to set up a conference call with a security manager to get my on-line access set up. She could not locate anyone, so I left my office number and hoped for the best. Eventually I received a call (Evelyn), jumped through the security hoops and was told that I was good to go on-line.

Evelyn noted that I’d need to fill out an ACH withdrawal fraud claim, about which I was completely clueless. I was forwarded to Chris (female), who in turn checked with an investigator, who said I was good to go as soon as the “Affidavit Package” was returned to them.

8/30 Received Affidavit in the mail.

8/31 Filled out and faxed Affidavit to BOTH the Executive Response AND “ACH Department” fax numbers.

I logged on-line for the first time since I was locked out on 8/19, with my new User ID and temporary password, and immediately changed the latter. Two problems were immediately apparent – my account said “Last login 8/24” and showed my old checking account as still open, active, and nicely funded. As learned previously, support is nonexistent on weekends, so I used WAMU’s “secured” on-line “send us a message” utility. I’m not holding my breath.

I have just heard back from on-line customer no-support. Indeed, my old checking account is still alive and well, and I could theoretically “steal” the funds back out of it, as the money has already been credited to my new checking account. They appear to have no clue about the login date. This is one incredibly inept organization. “

Free checking isn’t free

A reader writes:

“I got a “free” wamu checking account and a savings account. They keep charging me fees month after month. This month’s ATM fees on the savings is $10! for 2 transactions! Then they take a $5 monthly account fee! WTF! I want to DTMFA. I wrote them two nasty emails and have yet to get a response. I hate this bank with a passion. Does a good bank that has truly free checking and savings without ATM fees exist? They are charging me for using my effing money. What bullsh*t is that? American capitalism bullsh*t! I’m so fed up I wnat to hurt someone and it just might be them. Not physically, ofcourse but there must be some course of action with national banking regulators or is that a private corporation run within our government like the US Postal Service or the Federal Reserve. I’m contacting the Dept. of Commerce and see what they have to say.”

Vanishing paperwork

Leon writes:

“Approximately a year ago I refinanced my home with my current Mortgage Company Washington Mutual with the option of having my mortgage payment automatically deducted from my personal account. After some time elapsed I noticed that I never receive any type of correspondences of payments being applied and I don’t have anything showing me my account number or balance of my mortgage. I’ve tried several times of contacting Customer Service and all I get is the run-around to continue making phone calls with no assistance, and come to think of it when it came time to file my 2007 taxes, I don’t recall receiving the proper tax documents to report to IRS and I had to use my previous documents prior to refinancing with them. As of this date I am continuing to wait to receive the documents.”