WAMU Free Checking Account!! Informative - My account is not free!!

Review by cwiley on 2007-06-11
I joined Washington Mutual for the ease of the 'online' checking account process. I do not have a 'free' checking as stated!! WAMU has a way of posting your direct deposit so that they are able to obtain 27.00 dollar NSF FEES!! this is repeated every month with my account, they even bounced my mortage payment twice in one month, when I had the funds in my account to cover this check!! I am noticing a monthly routine of two NSF FEES a month...this is my no fee checking account!! I do not recommend Washington Mutual to any consumer...remember there is no such thing as 'free' especially not in banking with washington mutual...
Comments:8 Replies - Latest reply on 2007-06-12
Posted by S on 2007-06-11:
I see their signs all over the Chicago area advertising free checking... no fees for ATMs... etc. But I always wondered was it really free...

Regarding NSF penalties... don't ever let them cut it so close! Make sure you deposit is at least a week or two ahead of any big deductions that might put you close to overdrawn.
Posted by Anonymous on 2007-06-11:
Sux. Banks are falling in love with those who live from payday to payday then coming up with nifty little tricks in order to snipe those fees. It's gone too far if you ask me. I use Arvest and my direct deposit is 100% available as of the first second of my payday. Shop around there are still some good banks out there. Good luck and take care!
Posted by Anonymous on 2007-06-11:
Try a credit union,Im happy with the one I belong too.
Posted by Anonymous on 2007-06-11:
First of all...NSF is a fee, not a service charge. WAMU advertises free of service charges. If you weren't overdrawing, your account would be free.
Secondly, Direct Deposits come into a bank with an effective date attached to them. They are always, by law, deposited on that date. If you write a check and it hits before that date, you are SOL. If you look at your pay stub, the date on the stub is the date the money will be deposited into your account. There can never be a hold on a DD.
WAMU likely processes checks before deposits, so if the check hits on that date, again you are SOL. Since it is against the law to write a check when there are not funds already in the account to cover it, you aren't likely to get much sympathy from WAMU. That said, I wouldn't hesitate to go in and act nice and tell them that funds availability wasn't explained to you... you may get some fees back.
Posted by Arlene on 2007-06-11:
Don't know where you are at but we are with Compass Bank and we have direct deposit. I make out the bills the day before my check hits the bank, check my online banking the next morning for available funds, and mail the ones that have to be mailed that day, I mail the rest when hubby gets his SSDI so I don't cut it too close....has worked for several years this way. I do pay a $5 service charge but that includes a $10,000 life insurance policy...it isn't much but it should pay off the bills....and I get free checks....but they last a long time, I only use them for bill paying.
Posted by poppapia on 2007-06-12:
Ken is exactly correct; NSF is not in any manner associated with "no-fee" accounts.
Posted by cwiley on 2007-06-12:
I appreciate all your comments and responces. I understand that NSF is a fee posted on my account, and I don't write checks when there is no money in my account...I plan it all very carefully, because I know this is against the law!, I do my very best to be careful with my account, to make sure that the funds are in the account not only when I write the check but when it is scheduled to post to my account also. I am saying that WAMU has returned checks even when the money was available to pay it!! I have gone to them several times now with the proof that they were incorrect to return my check unpaid, and request they return the NSF to my account...it is a bit discouraging. I will seek other avenue to bank with, thank you everyone!!
Posted by rhondam718732 on 2007-06-12:
Cwiley, you think you have all your bases covered but you don't. It doesn't matter when the direct deposit is SUPPOSED to be there. It matters when it is actually there. And that's your responsibility to verify. My hsband gets direct deposit every other Friday come rain or shine, but we would never be caught paying a bill on that account before seeing the money funded in our acct.

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