This isn't really any use to people, but it's a funny story currently happening to me. I'm not here to b**ch about it, just thought it was amusing.
I opened a WaMu CD account during the 8 month 4.25% deal. Thinking I'd need a place to hold the money when the CD matures, I opened a WaMu savings account, back when it was 4%. Wanting to get the savings account fee waived, I opened a WaMu checking account. Still with me?
Opened CD to get high rate
Opened Savings to hold money from CD at maturity
Opened Checking to waive Savings fee
Now, being a devoted FWF follower, I have been moving my money around, chasing rates. Naturally when Chase took over WaMu, the 4% plummeted. So I had to move the money out. And since checking accounts make no money, and I don't use it as a primary, I took out the money from there too. Of course, since I took out the money from my savings in the middle of a cycle, I couldn't take out the accrued interest. This turned out to be $0.25. So today I find a -$3.75 balance in my WaMu savings, and found it odd. I called WaMu and this is what happened:
WaMu closed my checking because it had $0 balance for 3 months (I was unaware that they did this, since their site clearly states no minimum balance needed)
The closing of the checking account, automatically caused the savings account to charge $4 in fees
Called WaMu and was told that they would do a one time courtesy credit of $4.
Ok, so at this point I have:
CD
Savings - $0.25
Checking - closed
Of course this is fine, since that's what it has been for about 3 months now. But I don't want to be hit with the $4 charge again, so I inquire about reopening my checking and I'd fund it right away. Nope, WaMu policy to not allow reopening of closed accounts (lame). Alright, I'll close my savings account then. Nope, WaMu policy to not allow closing a non $0 balance account. Makes sense. Fine, I'll ACH the $0.25 out. Nope, must be over a $1. So now my choices are:
Open a new Checking account and leave $1 in there.
Write a check for $0.25 to empty out my savings so that I can close it.
ACH in $1.00 to my savings, so that I can ACH $1.25 back out. Then close the savings account.
Leave $300 in my savings account.
Open a new Checking to get promotional $100, then close everything when CD matures!
Haven't decided what to do... Edit: Decided on what to do. Thanks to SUCKISSTAPLES
SUCKISSTAPLES said: use the $100 free checking promo to open a new wamu checking account, then drain and close.
That sounds like an awesome idea. I don't have a code though, but it seems that changing the numbers of some code allows it to go through. I wonder if it will work. I guess it's worth a shot.
You could have them donate the 0.25 to charity and close the a/c. Is that again something that WaMu policy doesnt allow or something that as a true FWFer you dont want.
mttatkns
Thrifty Member
posted: Dec. 12, 2008 @ 7:55p
PoisnBGood said:
WaMu closed my checking because it had $0 balance for 3 months (I was unaware that they did this, since their site clearly states no minimum balance needed)
Right, there's no minimum balance to keep your account open but they'll close it if you don't keep a minimum balance. Earlier this year they closed my checking because it had a $0 balance. It was well under 3 months; I don't know exactly when they closed, but my last activity was on 05/09 and the final statement they issued was dated 06/23. They do issue a statement even if there is no account activity, so that means my account was closed sometime between 05/23 and 06/23. I think 3 months with notice and clearly stated policy is reasonable, but a month with no notice and against stated policy is ridiculous. Screw WaMu, I agree with the advise to open a new account with the $100 bonus and then ACH all the money out. Or if you want to be rid of them sooner, write a check for $0.25. Even better, 25 checks for $0.01 each. Make them payable to "cash" and give them to people on the street. The more money it cost them to process your transactions, the better.
2weeks
Senior Member
posted: Dec. 12, 2008 @ 9:57p
You're lucky they didn't hit you with an early closing penalty
PoisnBGood said: SUCKISSTAPLES said: use the $100 free checking promo to open a new wamu checking account, then drain and close.
That sounds like an awesome idea. I don't have a code though, but it seems that changing the numbers of some code allows it to go through. I wonder if it will work. I guess it's worth a shot. Just do it over the phone. And give the rep ANY code.
PoisnBGood
Senior Member
posted: Dec. 13, 2008 @ 12:30p
So ya, I'm gonna go with SUCKISSTAPLES plan and open a new account. I'm moving next weekend, so I'll do it after that. Free $100, sweet! Then I'll just close out all the accounts when the CD matures.
le82
Member
posted: Dec. 13, 2008 @ 11:59p
Where is the info on the $100 WaMu promo for opening a new account? I was just on their website, and did not see it there.
If I already have a free checking account, can I open another and get the $100?
Thanks
mttatkns
Thrifty Member
posted: Dec. 14, 2008 @ 12:27a
le82 said: Where is the info on the $100 WaMu promo for opening a new account? I was just on their website, and did not see it there.
If I already have a free checking account, can I open another and get the $100?
this is new to me.... what minimum should i keep in my checking to prevent it from being closed? is $1 enough? i use it for the occational deposit of checks and what not
PoisnBGood said: hellyea81 said: walk into a branch. deposit one dollar into the savings account. then ask to close the account. is it really any more difficult?
That's why you shouldn't just trust google, without knowing what you are searching for... Most of those are ATMs, some are WaMu insurance and mortgage centers. I used the WaMu website and looked for the closet branch that allows you to open an account, since they would be the people I have to talk to about closing an account.
If I had gone with your simple search, I'd end up at some guy trying to sell me insurance. That and I've lived in Boston long enough to know WaMu doesn't service us.
I've had an etrade checking account open since they were giving out $25 a long time ago. I never got the $25 because of the FW effect, but my $1 has grown to $1.09. They send me letters quarterly saying they'll close my account, but they never do.
thok
Tired Member
posted: Dec. 19, 2008 @ 4:25p
This thread reminded me to go check on my forgotten, drained WaMu accounts... sure enough, the checking account had been closed and the online savings account was being assessed service charges.
Apparently it doesn't take 3 months. My checking account had a $0 balance for 40 days when it was closed on 12/1. The first fee hit my savings account a short while later which pushed it negative.
No warning, no notice, etc. On the online app the checking account even shows as still open. Only by calling was I able to find out what happened.
Spoke to about 5 different reps from several different departments (they kept transferring me) before somebody could tell me what was going on. Nobody knows why it was closed so quickly. Nor could anybody tell me why I didn't get any notice after the fact, let alone before.
I finally got mostly the same story as OP, except that nobody would refund the service charge. They wouldn't close it, either, until it's zereod, and refused my offer to pay them the service charge over the phone.
They best they could come up with was to find a WaMu ATM, make an ATM deposit, wait for it to clear, then call back to close the account, and to make sure I get all this done before the close of the next statement cycle.
i hate wamu. i can't figure out if all these draconian requirements are them or chase. on one hand, i was under the impression that wamu was a "customer focused" bank and wouldn't have had this type of rules. on the other hand, i can't see how chase can move this quickly to impose their stuff on the wamu branches.
you can't do anything unless you go to a branch. and (big surprise), when you get to the branch, they suggest that you call to get it resolved. i had to make 5 calls and 2 trips when they froze my access for making a big transfer in. so i had no access to my cash, was out the interest, AND when it finally got transferred in they changed the interest from 4% to 3%.
hate them
djshack
Member
posted: Jan. 12, 2009 @ 3:19p
Yankees said: i hate wamu. i can't figure out if all these draconian requirements are them or chase. on one hand, i was under the impression that wamu was a "customer focused" bank and wouldn't have had this type of rules. on the other hand, i can't see how chase can move this quickly to impose their stuff on the wamu branches.
you can't do anything unless you go to a branch. and (big surprise), when you get to the branch, they suggest that you call to get it resolved. i had to make 5 calls and 2 trips when they froze my access for making a big transfer in. so i had no access to my cash, was out the interest, AND when it finally got transferred in they changed the interest from 4% to 3%.
hate them
Definitely WaMu's way of doing things. I had a WaMu account way back in the day, when it was Washington Mutual and new to California (just took over some other small banks). It was great. Tellers were knowledgeable and well-dressed. Call center was located in the San Fernando Valley. However, in the past two, three, or even four years, or even not too long after the fancy new inefficient branch design, everything started going downhill. Tellers resembled McDonald's employees. Customer service didn't speak English. Policies started changing for the worse.
In short, I actually believe once WaMu inherits most of Chase's policies, everything (except for what the free checking account comes with) will be better.
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