Washington Mutual News and Happenings.

What do you think -- is this company going to survive and thrive? Are they looking to expand their staff, or do you think layoffs are inevitable?

How does Washington Mutual stack up against the competition?

We just filed a complaint against Washington Mutual with the Better Business Bureau, and will probably do so with one or more government agencies.

In September we opened a $100K Platinum Savings Account to take advantage of their September Interest Sale, which promised an APY of 5.28% for six months. Every statement so far has shown two different interest rates, and when we did the math, we found that we were being paid the lower one: 4.5%. (This was pretty easy to figure, especially on the first statement which only covered one day because of when we opened the account. Plus, my husband graduated 2nd in his class with an electronics engineering degree, and his figures on the interest were the same as mine.)

I told the local branch manager about the problem, but they won't even recalulate it for us without charging $30/hour, which they'll reimburse if they're wrong. How about paying us $30/hour for all the time we've been on the phone with them and going to the bank with our statements to discuss it?

That proposed charge just added fuel to the fire as far as I was concerned. Instead I wrote to the CEO in late November -- feeling certain that he would want to correct this mistake immediately -- but we've heard nothing from anyone at WaMu (and it is now mid-January)!

I wonder how many people have been short-changed regarding the interest WaMu pays?

idezine said: We just filed a complaint against Washington Mutual with the Better Business Bureau, and will probably do so with one or more government agencies.
In September we opened a $100K Platinum Savings Account to take advantage of their September Interest Sale, which promised an APY of 5.28% for six months. Every statement so far has shown two different interest rates, and when we did the math, we found that we were being paid the lower one: 4.5%. (This was pretty easy to figure, especially on the first statement which only covered one day because of when we opened the account. Plus, my husband graduated 2nd in his class with an electronics engineering degree, and his figures on the interest were the same as mine.)
I told the local branch manager about the problem, but they won't even recalulate it for us without charging $30/hour, which they'll reimburse if they're wrong. How about paying us $30/hour for all the time we've been on the phone with them and going to the bank with our statements to discuss it?
That proposed charge just added fuel to the fire as far as I was concerned. Instead I wrote to the CEO in late November -- feeling certain that he would want to correct this mistake immediately -- but we've heard nothing from anyone at WaMu (and it is now mid-January)!
I wonder how many people have been short-changed regarding the interest WaMu pays?

WAMU wanted to be big at once, forgetting the customer. They will dissappear soon. Three months contineously I had to tell them there cannot be a service charge for a Platinum account. Will see next month when the statement shows up or I see online. That is my last chance with them, to make up my mind to close all accounts with them and go some where else. Regarding the interest rate, I bet you, they will say that interest rates fluctuates.

Coiley said:
Regarding the interest rate, I bet you, they will say that interest rates fluctuates.

If they try that, I will ask why three bank employees (including the branch manager) didn't know that, and more importantly, why the statement said the higher rate. But that is really a moot point because the paperwork they gave us says the APY will be 5.28% for six months.

Does anyone know what the best government agency would be to report this to? In New York we had "Ask Asa" on the TV news. Asa would go after companies that were cheating consumers. I should check to see if there's anything like that in L.A. I'd like to find some way to let other WaMu customers know that it might be happening to them too.

Can you imagine a CEO getting a letter about something that is potentially as serious as this, and not even handing it off to someone to draft a reply?

You guys are crazy, why are you complaining obout their services on a job board? No one wants to hear about your petty complaints.

Thank you.

Perhaps it is a stretch to be discussing a potential Truth-in-Lending violation on a job board. But then, I used to work for Symbol Technologies, a $10.8 billion, Fortune 1000 company headquartered on Long Island, which was guilty of legal violations. The ship didn't sink overnight because of them, but eventually I was impacted by a 700-person layoff in 2005, my husband and others were let go in 2006, and as of a week or two ago, Symbol no longer exists. It was acquired by Motorola -- which may be great for those who are able to stay, but we all know that many others will be getting their pink slips.

So forgive me if you really are speaking for everyone when you say that no one wants to hear this. Illegal and/or unethical business practices can bring a company down. If I had two offers and WaMu was one of them, I would want to know this.

Coiley said: You want CEO here is the e-mail:
(*removed)

Thanks for the email address. I'll try that to see if I get a response.

I must correct something I wrote above. Symbol was a $1.7 billion company, not a $10.8 billion one. Got my wires crossed: $10.8 billion is a company I just interviewed with. (I need a rolling eyes icon here.)

idezine in Arcadia,
Thank you for your veiw and experiance. With jobs being so scarce in the banking/mortgage industry this is very important information to concider.
Thanks from a laid off loan processor who is looking for work with a reputable lender.
JR in Pleasanton; if some buisness took advantage of you I am sure you would post it any were some one will validate you and perhaps save some one else from the pain of what you went through. At least that what good people should do, leave crime in the streets not in buisness.

idezine said:
If they try that, I will ask why three bank employees (including the branch manager) didn't know that, and more importantly, why the statement said the higher rate. But that is really a moot point because the paperwork they gave us says the APY will be 5.28% for six months.
Does anyone know what the best government agency would be to report this to? In New York we had "Ask Asa" on the TV news. Asa would go after companies that were cheating consumers. I should check to see if there's anything like that in L.A. I'd like to find some way to let other WaMu customers know that it might be happening to them too.
Can you imagine a CEO getting a letter about something that is potentially as serious as this, and not even handing it off to someone to draft a reply?

In California, Washington Mutual Bank F.A. is regulated by the Office of Thrift Supervision (OTS). You can read up on how to file a complaint by following this link: www.ots.treas.gov/resultsort.cfm?catNumber=88&dl=17&edit=1. Much luck!

Thank you.

idezine said:
If they try that, I will ask why three bank employees (including the branch manager) didn't know that, and more importantly, why the statement said the higher rate. But that is really a moot point because the paperwork they gave us says the APY will be 5.28% for six months.
Does anyone know what the best government agency would be to report this to? In New York we had "Ask Asa" on the TV news. Asa would go after companies that were cheating consumers. I should check to see if there's anything like that in L.A. I'd like to find some way to let other WaMu customers know that it might be happening to them too.
Can you imagine a CEO getting a letter about something that is potentially as serious as this, and not even handing it off to someone to draft a reply?

Take your money out then. You will not be penalized, go rate shop at an online bank and calm down. It seems like people always have something to whine about. Funny how when a company does well no one gives praise, but the minute that something happens its time to get legal.

idezine said:
In September we opened a $100K Platinum Savings Account to take advantage of their September Interest Sale, which promised an APY of 5.28% for six months. Every statement so far has shown two different interest rates, and when we did the math, we found that we were being paid the lower one: 4.5%. (This was pretty easy to figure, especially on the first statement which only covered one day because of when we opened the account. Plus, my husband graduated 2nd in his class with an electronics engineering degree, and his figures on the interest were the same as mine.)
I told the local branch manager about the problem, but they won't even recalulate it for us without charging $30/hour, which they'll reimburse if they're wrong. How about paying us $30/hour for all the time we've been on the phone with them and going to the bank with our statements to discuss it?
That proposed charge just added fuel to the fire as far as I was concerned. Instead I wrote to the CEO in late November -- feeling certain that he would want to correct this mistake immediately -- but we've heard nothing from anyone at WaMu (and it is now mid-January)!
I wonder how many people have been short-changed regarding the interest WaMu pays?

Well I don't know the specfics of your case, I personally am a WAMU customer, became one when I lived in FL and kept it when I moved to MN, even thought there a no branches here.

But many banks pay a promotion rate and a regular rate. They pay the regular rate (usually lower) and accrue the difference between the higher rate until your time commitment is met (I think you said it was six months) and pay it all out, this way they are not out the money if you spilt early from your commitment, and you get at least the regular interest if you need to take out your money early. I suspect that is what is happening here since they posted both rates on your statement. But I don't know if WAMU does it, but many others do it.

idezine said: We just filed a complaint against Washington Mutual with the Better Business Bureau, and will probably do so with one or more government agencies.
In September we opened a $100K Platinum Savings Account to take advantage of their September Interest Sale, which promised an APY of 5.28% for six months. Every statement so far has shown two different interest rates, and when we did the math, we found that we were being paid the lower one: 4.5%. (This was pretty easy to figure, especially on the first statement which only covered one day because of when we opened the account. Plus, my husband graduated 2nd in his class with an electronics engineering degree, and his figures on the interest were the same as mine.)
I told the local branch manager about the problem, but they won't even recalulate it for us without charging $30/hour, which they'll reimburse if they're wrong. How about paying us $30/hour for all the time we've been on the phone with them and going to the bank with our statements to discuss it?
That proposed charge just added fuel to the fire as far as I was concerned. Instead I wrote to the CEO in late November -- feeling certain that he would want to correct this mistake immediately -- but we've heard nothing from anyone at WaMu (and it is now mid-January)!
I wonder how many people have been short-changed regarding the interest WaMu pays?

Washington Mutual lost our payment for our home loan. I wonder where it really is? The check has been cashed yet they cant find it in their system.

If what you are saying is correct? This is a Truth-in-Lending violation. Contact the FDIC or SEC about the complaint?

I was a bank auditor, it was my job to make sure we were compliant.

Paul said:
Washington Mutual lost our payment for our home loan. I wonder where it really is? The check has been cashed yet they cant find it in their system.

It was more than likely applied to someone else's account. By law they are not able to remove it from the account it was applied to unless they have permission from the account holder the funds were posted into.

Make them research the transaction. Provide them with proof that the payment was cashed by them and posted to someone else's account. If it was not applied to your account it should be refunded or an explaination given as to why.

Big banks have many different department's and they don't correspond with each other.

It is untrue. WAMU has a form called Errors and Omissions signed at closing. They can reverse a payment if it was applied incorrectly to another customer's account. I bet it is on some ones desk, does not know what to do withit. Or the employee has been laid off and the pile of paper work is there unattended. Call the servicing and follow through. 1-800-736-9090. Don't give up until you get it corrected.

I worked for Wamu in Bellevue, WA for 10 years – before they moved positions to India and Downers Grove to save office lease and labor costs. I worked my up to a team manager position. Here’s how. As a Wamu employee work 12 hours a day, 6 to 7 days a week because that’s what it will take to do the minimum about of production that they expect of you. But of course you can not claim any overtime. You can however, hope to get a bonus, but as a former manager I can tell you the system is rigged. It’s based on 75% production and 25% quality of work on a tier system. Quality of work is based on managers reviewing files of their employees. I think it was 5 a week. It took an hour to review a file properly. If you have 6 employees reviewing 5 files each that’s 30 hours of work – and that’s just a tiny part of the job description. So you do one for each employee in about a half an hour and then fake the results for the rest. You try and spread the data around so at least one of your employees can bonus once in a while but then the office “data analyst” has the final decision.
I could go on forever but the bottom line is – don’t work for Wamu. They are using up people while they position themselves for a sale. Also right now, they are mostly hiring temps so they don’t have to pay into the unemployment pool.

APY is what you'll end up getting in a year, since the fixed rate is only for six months, your really not getting that rate. 4.5% on your money is really not that bad of a return, if it is compounded daily and paid out weekly.

Before you jump the gun and complain, your deposit agreement or rate sheet that was suppose to be given to you at signing explains the interest and APY.

Good luck

Thanks. I did eventually hear back from WaMu and was given a sheet that made the interest return "correct." However, it was made correct by not paying interest on $12,000 (12% of the initial deposit) for the first several days they had the money.

I understand that when you deposit a check into a checking account, it isn't all available right away (for obvious reasons), but with savings accounts I never heard of not paying interest on what seems to be an arbitrary amount/percentage of the deposit for an arbitrary amount of time. It made the numbers work for them, but I saw nothing in the small print to that effect. I have yet to call and pose as a new depositer to ask if that is indeed their practice.

Who can I contact regarding the constant delaying of an open task by WAMU? We paid off a mort loan in 2005. We're questioning where some of the monies actually went! The item in question is, Recoverable Balance! They keep pushing the date back for giving us the details of where this money went...

In other words, I need a complaint number or something!

e-mail to kerry.killinger@wamu.net CEO

Host said: What do you think -- is this company going to survive and thrive? Are they looking to expand their staff, or do you think layoffs are inevitable?

How does Washington Mutual stack up against the competition?

Ha ha . thats pretty funny. I;ve worked there for a while and I do not like it much thats for sure. I just can't seem to get a head. I want to work at another bank but I don't know if it will be any different.

Banking in general is not all bad, but if you want to make money being a banker is not where it's at. Not to mention lately it's not what you know, it's who you know.

Host said: What do you think -- is this company going to survive and thrive? Are they looking to expand their staff, or do you think layoffs are inevitable?

How does Washington Mutual stack up against the competition?

they are going to sell. that's one reason for all the cost cutting and outsourcing.

ron said: I think its pathetic and undignified to give a bank the name WAMU. It sounds like some kind of animal mating call!

WAMU is easier to say in India, don't you get it?

Ron - now that is FUNNY!

I have found the recent publicity stunt of announcing a $2 billion plan to assist sub-prime loans is just that; A PUBLICITY STUNT! I have basically been told there is nothing that can be done for me.

Here is a novel idea, how about pay your mortgage and other bills and not look for others to bail you out.

Here is a "novel" fact: Pride comes before a fall. Your comment really shows you know all the facts and therefore are given all supreme right to make a well educated comment. Thanks 'oh great one.

It seems to me with that obtuse, sarcastic, bigoted response you must be in management at wamu. It hurts to hear the truth doesn't it.

I could only wish to be employed by WAMU, however if you would have done your homework that WAMU does not have any operations in Minnesota. You probably also would have noticed there was nothing in any response to indicate race, so bigoted is not an intelligent choice of words. Obtuse, well you clearly don't know how to look up a definition of a word, otherwise you would have and realized that does not apply either. Sarcastic - well I acknowledge it could be sarcastic, but I was serious: clearly if you are in a situation where you needed sub-prime lending 5 years ago and you have done nothing to remedy the situation in that time frame, your not being very responsible. Further to attack a company who is legitametly trying to give qualified people a way out of a mess because you did not seek to fix your own irresponsible problems, then well you kind of deserve to loose your home.

The good Lord helps those who help Themselves.

Just because you are in MN doesn't mean you always lived there. Bigotry comes in many forms not just race, so maybe your myopic understanding of what had been said and what I was replying to just proves how narrow minded you really are.
There but for the good grace of God go I.

When my fiancée and I bought our first home we were told that we would be sent monthly bills for the mortgage amount from Washington Mutual. We never received one and went back to our broker who gave us the price of the mortgage without escrow included (her mistake I realize.) After paying this price for nearly a full year WITHOUT any notification or bill, suddenly we got a notice of foreclosure and when we spoke to them about why we never received the promised monthly bill we were told that they didn't have our ADDRESS!! We paid off the balance in full and have continually had problems with them. One month we sent our payment and we received a call 15 days later stating that they never received it and that if they don't receive it in 1 day we will be charged penalty late fees. We paid via phone and were told that if they did receive our missing check they would not be cashing it (the next day our account was overdrawn 1500 dollars and we received over 700 in penalty fees from the bank) we were promised from Washington mutual that they would reverse payment and take care of the late fees. The check was reversed in 10 days, and almost 5 months later we finally received payment for the almost all of the charges incurred. We will never receive compensation for the wasted DAYs of our lives speaking to these awful people and meandering through a beaurocratic phone system. Now they are saying that they never received our house insurance renewal (which our insurance rep. has sent over 3 times per our request) and are trying to charge us for THEIR insurance. The astounding thing is that I've written all of this and there is still a lot more I left out. Their practices are completely shady. This company is surely to be avoided at all costs and I plan on filing a complaint with the BBB and the treasury department.

I am sorry to hear what a nightmare wamu servicing was for you. However, this is not surprising. While I worked for wamu you can't image how many stories just like yours had happened. Even for people who were wamu employees. There was a husband and wife here in Pgh who worked for PNC Mtg and then WAMU purchased PNC. When they first set up the loans, after the conversion from PNC Servicing to WAMU servicing all sorts of nightmare began to occur. This husband and wife team actually had there house set up for foreclosure proceedings because wamu servicing never bothered to pay their taxes from their escrow account. It took them a while to get the proceeding halted. How did they find out about the foreclosure? Not from wamu, but from their local paper. Obviously, they haven't remedied their situation. We were told at the time it was because the company never dealt with tax autorities east of the Mississippi, which sounded true but I still heard horror stories while I worked there years after the conversion and not all of the properites was East Coast. A family member of mine in CA had someone steal her identity, from her checking account with wamu. She called and tried to get it fixed etc and they did practically nothing. She pulled all of her financial dealings with wamu, which were considerable and went to another financial institution and never looked back.

I have been trying since 2004 to get the same thing straight.
I paid and extra month. It was not apply and they have left one out. Also, at that time I paid and extra $500.00 on the escrow and it still hasn't gotten apply. Then they reported
miss paynments to the credit reporting agency. I have all my check and my Bank has called them. I even drove to their office in Jacksonville, Fla. and that did no good. I do hope they go in under. Also, there people call you dead bet and other names.

Host said: What do you think -- is this company going to survive and thrive? Are they looking to expand their staff, or do you think layoffs are inevitable? I hope not.

How does Washington Mutual stack up against the competition?

Responsible in Minneapolis, Minnesota said: Here is a novel idea, how about pay your mortgage and other bills and not look for others to bail you out.

I do pay my bill and mortgage on time. not look for a bill out.
Want what I have paid and have proof I paid credited to my mortage.

Screwd homeowner MN in Minneapolis, Minnesota said: When my fiancée and I bought our first home we were told that we would be sent monthly bills for the mortgage amount from Washington Mutual. We never received one and went back to our broker who gave us the price of the mortgage without escrow included (her mistake I realize.) After paying this price for nearly a full year WITHOUT any notification or bill, suddenly we got a notice of foreclosure and when we spoke to them about why we never received the promised monthly bill we were told that they didn't have our ADDRESS!! We paid off the balance in full and have continually had problems with them. One month we sent our payment and we received a call 15 days later stating that they never received it and that if they don't receive it in 1 day we will be charged penalty late fees. We paid via phone and were told that if they did receive our missing check they would not be cashing it (the next day our account was overdrawn 1500 dollars and we received over 700 in penalty fees from the bank) we were promised from Washington mutual that they would reverse payment and take care of the late fees. The check was reversed in 10 days, and almost 5 months later we finally received payment for the almost all of the charges incurred. We will never receive compensation for the wasted DAYs of our lives speaking to these awful people and meandering through a beaurocratic phone system. Now they are saying that they never received our house insurance renewal (which our insurance rep. has sent over 3 times per our request) and are trying to charge us for THEIR insurance. The astounding thing is that I've written all of this and there is still a lot more I left out. Their practices are completely shady. This company is surely to be avoided at all costs and I plan on filing a complaint with the BBB and the treasury department.

Betty in Sanford, North Carolina said: Please send the email to me. okthatsit8@embraqmail.com

Perhaps you are trying to be helpful or there's something I don't understand, "OK that's it 8 @ embraq mail.com," but why would any of us send any of our financial information to a perfect stranger who, by the way, doesn't even have a Washington Mutual email address?

Again, I hope I didn't misunderstand, but in an effort to help protect any who might be unsuspecting, I have flagged your post as inappropriate.

Why would mine comments be inappropriate. I not adking for any personel information. What I ask for was information on Washington Mutual. Are you a trouble maker? And what right do you have to mark mine anything?

Betty in Sanford, North Carolina said: I totally agree with you. They are awful people and abuse their clients.

Is there anything I can do beyond reporting this to some agencies? It's so frustrating.

I really don't know. What I was trying to do was find the mailing address for the CEO of Washington Mutual. Good Housekeeping had a article about writing to the CEO of a company. I still trying to get my lost payments. I called a least a thousand persons and travel to WM headquarters in Fla.
Reporting to agencies has not help me.

Betty, perhaps I misunderstood what you were asking for when you asked for the email (as opposed to the email address). The CEO's email address is given above: <kerry.killinger@wamu.net>. I don't know if it's right, but I wish you well.

Thank you.

E-mail address correct. Good luck.

DJ in Jacksonville, Florida said: Who can I contact regarding the constant delaying of an open task by WAMU? We paid off a mort loan in 2005. We're questioning where some of the monies actually went! The item in question is, Recoverable Balance! They keep pushing the date back for giving us the details of where this money went...

In other words, I need a complaint number or something!

Hi DJ,
I had the same thing happen to me. They charged me over
$6,300 in a "recoverable balance" when I paid off my loan.
I was on the phone every day for a month and no one would
tell me what it was. If one other person responds to
this thread with the same issue,then I plan on hiring an attorney and filing a class action law suit against Washington Mutual. I will not let them get away with this.
Regards,
BeachyBarb

I deposited a large insurance check in Washington Mutual in Grants Pass Oregon on a Monday. It's Sunday now and the deposit is still on hold. I wasn't informed it would be on hold and I paid off several bills, just to have the payments returned and a $27 fee applied to each of them. I call them at different numbers and always get the same response, "It's a system-generated hold and can't be prevented." No one admits to being able to release the hold. It just goes on and on and on.

OK, this is a job board, anyone have anything appropriate to say, about WORKING at WAMU?

Bob

Bob in Dallas, Texas said: OK, this is a job board, anyone have anything appropriate to say, about WORKING at WAMU?

Bob

YES, read the last comments under "what is the culture like?"