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!!!”
Fees & charges | admin September 18, 2008
