Washington Mutual Bank - Customer Friendly Choices For The Consumer
Written: Oct 17 '06 (Updated Oct 19 '06)
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Pros: Flexible banking products, easy to understand, customer-friendly bankers, non-traditional environment
Cons: Web banking only download-integrated with Quicken and Money
The Bottom Line: More like a bank from the "old days" which offers products the customer can choose based on his/her needs rather than from "packages". Very professional bankers and a friendly atmosphere.
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| jlc2005's Full Review: Washington Mutual Bank |
I have had extensive experience with many banks thanks to bank collectivization. I stopped changing my file folder tabs years ago and saved myself a lot of time just from not having to change the names of files which transitioned through six names in a period of eight years. Inconsistency is the name of the game in the banking industry these days and that said, WAMU was a real surprise.
As my banks were once again bought and sold and I found some of my accounts merged haphazardly into the Bank of America mega bank structure, I found myself searching for a new bank. This was prompted when BofA could not “find” a maturing CD they had just inherited from MBNA and told me I would have to come back in a month, long after the renewal grace period after which they (presumably) would make my renewal decision for me.
Not having a lot of choices, I decided to check out WAMU. Their website is clear and easy to understand and has a good, user-friendly “feel” to it so I decided to visit a branch. But what sort of branch? WAMU goes to the market in a number of different ways from branches in grocery stores to community “financial centers” which are small banks in neighborhoods doing everything but complex loans and stand-alone, full service banks which can do everything from accepting a deposit to writing a business loan. I chose a neighborhood financial center literally around the corner from where I live.
The feel of a WAMU branch is decidedly different. It’s more like a living room than a traditional bank. There are no rows of tellers behind bars and no “cattle crossing” with ropes to contain the customers. Being accustomed to being herded, this was a bit of a shock and I wondered if I was even in a bank. I was greeted promptly and asked what I needed. I explained that I was a prospective customer there to “interview” them and they were glad to sit down with me and explain all of their products.
In the initial interview of WAMU, I found that bank employees were eager and friendly but were not willing to tell me anything I wanted to hear just to get my business. They explained how account structures worked, how FDIC limits were determined and even admitted they could not answer a particularly tricky question involving FDIC insurance and a trust. Instead of brushing me off, the branch manager and his assistant began researching my question. In minutes they had a definitive answer for me based on my specific requirements, not a general catch-all theory. They were able to say, “This is how these account policies would affect you” instead of “pick a FAQ and its accompanying answer. I was left knowing exactly how my accounts would be handled within the scope of bank products and did not have to guess at how various transactions and activities would be processed. This was a first with any bank.
WAMU is different in its account products as well. Instead of offering a checking account and a “money market” account as most banks do with zero or token interest on the checking account while forcing the customer to move money back and forth for what is not much more than a greater pittance of interest, WAMU offers a “platinum” account which is a combination of the two. The more money one puts in, the higher the interest rate - higher than CD rates at some banks. Yet, one can write cheques, pay bills online and use it as one would use any checking account. The “platinum” level of service is reached by an overall deposit of $10k in any combination of accounts or linked investments such as CDs. Once that is reached, and maintained, platinum services are available. A further tier of “relationship” banking is available, allowing the customer even more flexibility and other, more basic tiers are offered as well which offer no-nonsense, simple, easy-to-understand minimum deposit requirements in order to avoid fees, etc.
The product offerings are a bit overwhelming at first because they are different from other banks and because WAMU allows a customer to pick and choose the account products and services needed instead of having to accept one of two or three packages. I often find myself saddled with account packages I don’t want in order to get one particular product or service I need. At WAMU I was able to define my own needs and pick the banking products I wanted. I ended up with a greatly simplified account structure which does what I need and is easy to manage. If you don’t want a credit card, you don’t have to have one just because it comes packaged. WAMU offers a la carte selection of its products. If you don’t want the salad, you don’t have to order the salad.
Another positive experience came when my initial deposit had an 8-day hold placed on it because I was a new customer with no previous history with WAMU. I can understand that but I did have a need to access my accounts before that hold automatically lifted. My branch - not some “phone bank” 2000 miles away was able to assist me. Once the local cheque I had written cleared, they were able to have the hold lifted, days early. Not only was I impressed by being able to get this done at my local branch, but I was impressed by the effort which went into this on my behalf. I was not shuffled off anywhere, told to call an 800 number, told, “That’s the way it is” or anything like it. I received prompt, courteous assistance and even got a call back to let me know everything had been handled - on a Tuesday following a Monday bank holiday. The fact they didn’t forget amazed me.
The WAMU website is very user-friendly. ALL accounts (even CDs) show up there along with all account details such as interest rate, yield, pending bill payments, etc. I set it up myself with just my personal information and my account numbers. Information updates in real time. Make a deposit and by the time you get home, you can view it in your account history. Downloads to MS Money or Quicken are simple and straight-forward. He only drawback is that WAMU accounts cannot be used in realtime from Quicken or Money. For instance, online payments have to be made online, not through Quicken and uploaded. Many banks do this to simplify their lives when it comes to supporting banking software and the WAMU solution is good, simple and effective. It just would be nice to have the option of doing all of my banking in Quicken and having Quicken upload the instructions to WAMU.It’s a fine point but if you are the type who likes to use your software and avoid the website, this may prove to be an issue.
Communication has been exceptional. As a new customer, I have had a few questions and I have been able to call my neighborhood branch for answers. I have not had to call an 800 number although that option is available 24/7. While many banks are doing all they can to avoid having customers talk with the branches, actually wanting calls and drop-in visits is refreshing and yes, it has made me feel confident in doing business with this bank. To my utter shock, a week after opening accounts at WAMU I didn’t receive a form letter from a corporate processing center but a handwritten note of welcome and thanks from my branch manager. The positive, upbeat attitudes, attention to detail and willingness to listen and assist have all stood in sharp contrast to the norms in the banking business today. There is a learning curve but that’s because the customer gets to participate in his/her banking process. I find this quite refreshing.
Recommended:
Yes
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Epinions.com ID:
jlc2005
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Member: Juan Miguel Herrera
Location: Az, Jal, D.F.
Reviews written: 87
Trusted by: 6 members
About Me:
Native Wixáritari (Huichol), Engineer/watchmaker, techie/eccentric, musical schizophrenic. "Grito fuerte por mi gente!"
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