Washington Mutual Complaint - Random Holds And Slow Transaction Posting
MCDONOUGH, GEORGIA -- Never in my life have I seen a bank operate the way Washington Mutual does.
I should have running screaming from them the first time they put a hold on my paycheck. Yes a paycheck for a $5 billion company. As if they weren't good for the money.
That started happening more and more frequently. Then it was random checks I deposited. Each time I'd get a letter from them AFTER the hold cleared telling me that HAD PUT A HOLD on my check. So of course I spend like that money is available and they happily charge me fees. I called them once and spoke to a Security Specialist who told me that they put "holds on random checks" that come off a report everyday. They told me any overdraft fees would be refunded. They never were.
When I called to get some overdraft protection, you know a credit card or something that covers you if you overdraw, I was told that I "had overdraft protection" on my accounts. Here's how it works: The DAY you overdraw -- not the day you realize it -- but the EXACT DAY it happens, you go to the bank and make a deposit to cover the overdraft. That's it. That's how it works. Okay WaMu that's not protection, that's called "the float" it's the time between transactions.
Which brings me to my final point. Debit card purchases take like a week to make it to your account. Which makes it ever more likely you'll overdraw, because even if you check your balance every two minutes if you forget that latte your bought, then you're screwed.
In short do not bank at Washington Mutual. If you're banking there now, then do like I am and close your accounts. You'd be better off putting your money under your mattress.