WaMu Free Checking and 3.30% APY Savings Account Review
Speaking of good local bank account combos, if you have Washington Mutual banks in your area, combining their Free Checking and their new 3.30% APY Savings account (updated rate 5/08, only available online) also makes a great option. You get the convenience of local branches and ATM withdrawals and deposits, plus the high interest rates and online fund transfers of online banks.
I’ve had the Free Checking for about half a year and the Statement Savings for a couple of months now, so I thought I’d post up my experiences with them:
Basics
The WaMu Free Checking account has:
- No minimum balance or direct deposit requirements, open with $1
- Free basic checks for life
- No ATM fees on their end
- One free overdraft per year
- Free outgoing wire transfers.
The Statement Savings account has:
- A competitive 3.30% APY on all balances (as of 5/08)
- Rate is only available online
- No minimum balance requirements, open with $1
- Instant transfer to/from the Free Checking
Opening (and Closing) Process Review
I opened up my initial Free Checking account in-branch, and posted about that previously. However, you must open the savings account online, and in connection with a (separate, new) WaMu Free Checking account. The good thing is that you can open them both in 5 minutes and even fund using your existing WaMu accounts! Here are step-by-step instructions for existing WaMu customers.
If you didn’t already have a WaMu Checking account, you’re all set. But if you did, now you have two Checking accounts. But you have to keep the 2nd one open to maintain that happy 4.00% rate, otherwise it drops to something piddly like 0.25%. So, I decided to close my initial 1st checking account and just use the 2nd one. You know what the paradoxical thing was? I couldn’t close it online or via phone. I had to go into a branch and see a teller. How backwards is that? Be sure to bring all your old checks because they can shred them all for you.
Overall Review
The lack of almost all common fees is great. No minimums, no direct deposit needed, free checks, and so on.
The account is also very convenient. I can deposit checks directly into the savings account at an ATM, maximizing my interest. Can’t do that with an online bank. I can then move money into the checking account instantly online as I need it (limited to 6 times a month I think). WaMu has ATMs all over my area as well so withdrawals are easy too.
The online interface overall is good. It’s simple and it works, so I’m satisfied. The Online Billpay is the same way. I personally like BofA’s system better.
One nice feature that they only added in the past few months in online funds transfer! So now you can link up external accounts using just routing number and account number. They link via the usual two trial deposits. Note that WaMu yanks the spare change back. 
Transfers are free both in and out, making things very convenient.
If you have a good Washington Mutual bank presence in your area, the lack of fees, convenience, and very competitive interest rate make this checking/savings combination very hard to beat.
October 15th, 2006 at 8:36 am
I signed up for this after you mentioned it and I’m very happy with them. Their website is very well designed. There’s ATMs everywhere and while I get 5.05% with HSBC and could get 5.5%, the convenience is worth a lot. The only thing you didn’t mention is, when I signed up the savings account needed at least $300 at all times otherwise they have a small fee. You can also do a $25 monthly transfer from the checking account and they’ll waive the fee. Perhaps it’s changed recently.
October 15th, 2006 at 10:27 am
AK - The $300 minimum is true of the “regular” statement savings that you’d get if you signed up for one in a branch, but if you look at the application online you’ll see that there are no monthly maintenance fees and only $1 to open for this ‘online’ one. I even took a screenshot of it here.
Yes, if you really want 5.5% on a portion of your money, you can just open an E-Loan account and link it up to this savings. That way, you can deposit checks into the 5.0% savings, and transfer to/from 5.5% as needed.
October 15th, 2006 at 12:07 pm
Thanks for the review.
I have been thinking of opening this account combination for a while
to take advantage of the free wire transfers.
Do you know if the outgoing wire transfer can be done online? I think
I read somewhere that you have to visit a branch for that but I could
be wrong.
October 15th, 2006 at 12:08 pm
Yes, outgoing wires must be sent at a physical branch.
October 15th, 2006 at 12:34 pm
I signed up for this account about a month and a half ago, and although the interest is great for having a physical branch I’ve otherwise been disappointed.
For new accounts (not sure if its just online in the first 30 days) they impose an absurd 10 business day hold on check deposits! 10 days may have made sense in the pre-Check 21 world but not anymore. This is posted very poorly on the website. In fact, I don’t remember seeing it when I signed up and I was unable to find the funds availability policy online. When I called up to the call center to see about having the funds made available immediately, they told me I would have to go to a branch.
The other problem was more of a nuisance than anything. I made my initial deposit in a branch on the first business day after opening my account. However a few days later I received an email telling me that they had not received my initial deposit and that my account would be closed if I didn’t make my initial deposit with a certain period of time. I fired off an email and they said I was fine, but its still a little unnerving.
I’m tempted to close it out, but the interest is pretty damn good. The website is decent, though not special. I never touch billpay so I cant comment on that. Its decent, but if you are going to make the switch I would strongly recommend opening the account and then waiting the 30 days before making this your primary account.
October 16th, 2006 at 10:51 am
Do these accounts for WAMU allow for all electronic statements? In this day of identity theft I would prefer that they be all electronic. I know people who have had checking statements stolen out of their mailboxes and used to create checks.
Another question: Does WAMU return canceled checks? Would definitely prefer check truncation for any checking accounts as well. Thanks.
October 16th, 2006 at 10:54 am
Tom: I believe the 10 business day hold for new a/c (first 30 days) is fairly common. Dont know if this is a Patriot Act thing but most banks I have looked into opening an a/c seems to have that.
October 16th, 2006 at 11:42 am
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October 16th, 2006 at 12:27 pm
I started out on WaMu. However, as your net worth increases, WaMu’s service does not scale. In other words, they do not have programs to scale as you increase your net worth similar to Wells Fargo, BofA, etc. Wells also rewards customers who have multiple products (waive fees, special hotline, etc.).
Aso, the hold for new checks seems to be worse at WaMU. I had a biz account with WaMu and didn’t have as long of a delay with Wells. This has to do with their efficiency in bank operations.
Finally, I love the fact that Wells has alternate locations in supermarkets (i.e. Safeway). Great place to get cash and deposit after hours esp. as it relates to your own personal safety.
October 16th, 2006 at 12:47 pm
I opened this account when you first mentioned it. I like it because of its locality and comparable to online savings interest rates. The only thing that I dont like with this account is the time it take to fully complete an online transfer. They seem to hold your money for too long.
October 16th, 2006 at 6:48 pm
Is E-Loan a hard credit pull?
October 16th, 2006 at 7:32 pm
10 days is not standard and it is not related to the PATRIOT ACT. The bank I used to work for had 4 day holds for new accts, and the bank I work for now (just started today!) is 5 days. That seems to be the industry standard from my view point. A week I can understand and deal with. But not having access to my money for two weeks is just unacceptable.
Just to be clear on the holds though, its only for checks and only for the first 30 days.
Good thing about WaMu up here though is that they have locations in Fred Meyer (think Target, but with a real grocery store too). Unlike most supermarket banks I’ve been in, their Fred Meyer locations actually feel like a bank, not just a counter at the supermarket.
October 18th, 2006 at 9:40 am
I opened this account when you first mentioned it but my new account did not have the 5% interest. Normally I probably would have called and complained until they gave it to me, but I was also dealing with major Citibank hassles at the time and just didn’t have the energy. I wrote a letter to WaMu but no response. I also faxed a letter to my local branch and no response. So I closed both new accounts. Just a warning that their customer service is apparently not that great and that this deal did not work out for me (no idea why–maybe I missed something in the fine print). In the end it’s more their loss than mine–I’ll just keep moving my excess money over to my money market account as often as I can, like I’ve been doing all along. Also, around this time the ability to transfer money between your WaMu accounts online was not working from PCs for a period of something like 2 weeks! Thank god I have both a PC and a Mac. And yes, WaMu does offer electronic statements. And you can close accounts online, but it takes 2 weeks for the close to go into effect, whereas if you go into a branch you can close your account pretty much instantly.
October 25th, 2006 at 2:02 pm
I signed up for this account more than a week ago. WAMU sent an e-mail the next day itself, saying that they made the trial deposit, but for some reason, the trial deposit did not make it to my other bank. Did this happen to anoone else? I double checked my ABA routing number and my account number at the other bank, when I was filling the WAMU application online.
October 26th, 2006 at 9:14 pm
Note to Ven: in case the test deposits don’t go through for some reason, you can just go into a branch and make the opening deposits with a teller, instead….That will open the accounts for you…..If you do that you will occassionally get an e-mail that you still haven’t funded your deposits yet (through the linked bank) but that will stop after a few weeks…
Tom is wrong when he complains about the 10 day business hold on new accounts for the first 30 days, saying that it is not common…Well,perhaps not ALL banks don’t it….but every bank i opned an account with, whether a bricks and mortar or an internet only bank, did that for the first month! So, it is much more common then you think!
Of course, the 10 day hold on new accounts does not apply to ACH Deposits, or Teller Checks, Government Check, Money Orders, or Cash, of course…..
I opened the Wamu Checking and 5% Savings combination about 2 months ago and have been pretty happy with it…..
November 8th, 2006 at 12:25 pm
I opened an account recently. Very poor Customer Service. If you transfer funds online, it takes too long (they have a waiting period of 4-5 business days for the transfer to get initiated)
I tried calling them multiple times but the reps don’t even seem to understand what I am asking .. Stay away if you can
November 9th, 2006 at 7:35 am
I agree with you Joy, that although it’s great that WAMU offers external bank ach funds transfer, it would be better if they would speed up the “scheduling”….i don’t understand myself why you have to pick a date that is 4 business days later before they will start a transfer…
Once it goes through, it seems to take the normal amount of time..but yes, that could use improvement! Also, i have noticed that the “transfer” and “bill pay” sections of the Online Banking seem to go down more frequently then most other banks…These are 2 areas they could use improvement on, no doubt about it….
But i was curious as to why you think their Customer Service is so poor….did you have problems resolving issues? My experience, so far, with Customer Service whether in branch or on the phone has been that they were all courtesy, efficient and helpful….so i was wondering why you have such an awful impression of them (other then the annoying “external funds transfer” business)?
Would also love to see others comment on their WAMU experiences..good or bad…how they like this new set-up (Free Checking with 5% Savings combo)….Are you happy you opened this accounts with them???
November 28th, 2006 at 12:55 pm
The WAMU online promotion was a scam, and alot of loyal WAMU customers who switched over to get the 5% apy rate are going to be shocked when they see the interest rate has dropped down to .25%!!!!
If you’re a longtime customer like me let them know this is unacceptable
business. I fully expect a credit based on what my Plat acct would have accrued this month or I’m leaving WAMU.
November 28th, 2006 at 1:02 pm
TC - I don’t know your details, but my guess would be that you didn’t sign up for this properly. Yes, the default statement savings is at .25%. If you open a statement savings up separately online (w/o a checking account) or via physical branch, you will only get .25%.
You must sign up specifically online only for a new, separate, statement savings account along with a new, separate, checking account to get the 5% APY. I have had this APY for months and currently keep north of $25,000 in there. It is still at 5% APY.
December 7th, 2006 at 5:51 am
My problem in opening a WAMU account is the application. They demand a physical address (no PO Box) and will only send the account info to that address. I do not get any mail at my physical address due to security, remoteness, preference. How do I get around that problem.
thanks
herb
December 7th, 2006 at 12:48 pm
Herb - What my friend who only uses PO Box does is use his physical address and get the very first piece of mail to his house, and then promptly changes the mailing address to his PO Box after confirming the account. They do this for security reasons, ironically.
This usually happens with credit cards, too.
January 4th, 2007 at 6:15 pm
I agree with what Craig said about holds; 5 and 11 business day holds are common with new accounts and don’t generally bother me. However, in the case of WAMU they DON’T pay interest on anything they don’t deem collected and money subject to a hold are not collected funds. This is regardless of the check type; cashiers, personal what have you. Only when the money is in your available balance will you start to accrue interest. Add a couple of holidays and you can loose as much 20 days of interest.
January 5th, 2007 at 1:04 pm
I’m thinking of opening a WAMU account but I want to know the Funds Availability Policy before I actually sign up. I searched their site to no avail. Do anyone know this information or where to get it?
January 29th, 2007 at 9:29 pm
The Patriot Act requires the banks to have a Physical address on file for security or whatever nonsense. You can call WaMu’s customer service (800) 788.7000 to have them change your MAILING address to a PO box. They will still have your physical address mainly for security verification questions but you will receive your mail at your PO Box.
February 1st, 2007 at 11:25 pm
Any holds are clearly indicated on your deposit receipt. I just made a larger deposit and there was no hold. It does go away after a while, at least it did for me - I make 1-2 deposits per week and keep the balance pretty healthy. Most banks adjust their hold policies based on your average balance and time with the bank, in order to prevent them from check kiting and other fraud.
February 3rd, 2007 at 5:07 pm
I think i like Citi better simply because the fact that at least they offer Thankyou points for banking/ using credit cards with them, these points do rack up quiet nicely. Having said that, i’m a little disappointed that the E-savings’s interest went back down to 4.75% but with the seemless transfer abilities with Citi E-checking (instaneous transfer!!!) and also with FREE bank to bank transfers you can’t really beat it!
February 3rd, 2007 at 8:08 pm
I signed up for WAMU checking about a month before they offered %5 savings. My thoughts on WAMU after a year:
1. Held onto initial deposit way too long
2. Customer service will listen and be very sympathetic but do nothing
3. They will not allow me to create new online savings account and connect to current checking. (I must create another checking acct)
4. Bill Pay works fine but nothing special
5. They are very convient and have had no major problems
I keep about 2-3K in their checking and the rest in ING.
February 19th, 2007 at 2:28 pm
A quick note about the # of monthly transfers allowed. I have been a loyal fan of Washingon Mutal for over three years now. The limit of 6 is only when you are transferring FROM your savings to checking, otherwise you can make unlimited transfers from checking to savings. Hope that will clear it up for all of you.
I’ve never been dissapointed with this company, wonderful customer service. The reason they want you to come in to close an account is to avoid identity theft/fraud situation.
February 19th, 2007 at 2:31 pm
Yep, the limit is basically 6 non-human withdrawals from your savings account. Key words are “6″, “non-human”, and “from” savings
“Within any monthly statement cycle you may make up to six (6) withdrawals or transfers including, but not limited to, telephonic, computer and/or preauthorized transfers from each of your savings accounts. These withdrawals or transfers do not include in-person withdrawals or withdrawals at ATMs.”
So…
Unlimited checking -> savings transfers
Unlimited ATM withdrawals from savings
Unlimited teller withdrawals from savings
Unlimited ATM/teller-initiated transfers from savings -> checking
March 3rd, 2007 at 11:18 pm
Funds Availability:
Deposits at ATMS:
Cash & Checks: First $100.00 is made available immediately the rest is placed on hold for 2 business days. That is an automated decision by the ATM, the CSR’s cannot change it.
Inside a branch, the banks policy is to “GENERALLY” make all funds available as soon as possible. To most people this means right alway, however, it allows the bank time to process the checks and larger sums of cash.
Checks can be placed on holds for numerous reasons, local/non local checks, company they were written from, that bank, your relationship with the bank. Regardless if you feel if the bank should had it available immediately the checks can still be placed on hold.
Believe it or not, when the bank releases all funds to the customer and they spend it all, it can sometimes turn out a week later the bank would never collect on those funds. Of course, that means they will withdraw all that money from your account and you could receive overdraft and non sufficient funds fees as a result. THEN you’ll really be wishing the bank collected on the funds first.
5.00APY for savings account is ONLINE ONLY offer. Most people overlook the caps lock on the wamu.com website. If you’ve been a long time customer, sorry but they are only offering for new accounts opened online.
March 5th, 2007 at 5:22 am
Interesting offer… I’ll have to look into this.
Jonathan-
Do you have any experience with the other major brick and mortar banks? (ie Wells Fargo, Bank of America, etc)
A future post/review or two on that topic for discussion would be interesting, especially as more banks potentially follow in the footsteps of this WaMu offer and try to compete with the traditionally “online guys”. Having the ability to go back and forth between high yield savings and a checking account + the added benefit of atm cards & branches would be great.
I also bring this up because I am just about to receive my bachelor’s degree and am in the process of relocating + re-shopping for the various basic accounts (checking, high yield savings for emergency fund + “in between investment/idle $”, and potentially brokerage). At this point I am a little lost among the myriad of choices and their costs/benefits.
In an ideal world I could get a brick and mortar checking account with a bank that has a great online banking platform (BofA), branches + global affiliations/networks (BofA), and doesnt charge for outgoing transfers (BofA loses on this one, and other fees + requiring direct deposit/billpay). Is it even remotely possible to end up with an account setup/situation (that doesnt get killed with fees like BofA’s $3 3rd party transfers) where I have very little money (
March 19th, 2007 at 2:10 pm
While with online banks you might not be able to deposit checks at an ATM, USAA allows you to deposit your checks from home by scanning them into their website…
check it out: link
This feature is convienient, though USAA’s interest rates don’t make the ease of this technology worthwhile….
March 19th, 2007 at 5:53 pm
I find WaMu website satisfactory. The customer service in person at branch level is not that great. The best thing about WaMu Checking account I like is “Free Wire Transfers”. And yes, this includes “FREE INTERNATIONAL WIRE TRANSFERS” as well. One user asked if you can wire funds at their website and the answer is no.
As for delayed funds availability - I don’t blame them. I know very well why they do that. I am a banker. Delayed funds availability has nothing to do with Patriot Act. It is governed by Regulation CC. Read more about delayed funds availability at this website:
http://www.federalreserve.gov/pubs/regcc/regcc.htm
P.S. Jonathan, I love your site. It inspired me to start my own blog. I have been very lazy. How about some inspirational posts?
March 19th, 2007 at 10:50 pm
USAA’s membership is restricted primarily to those with military affiliations as well.
March 23rd, 2007 at 6:17 pm
I opened the WAMU free checking/ 5% savings combo online recently and had no idea about the new account check holding policy. I went to deposit my paycheck at one of the local branches today where upon getting to the teller, was told about the hold time. But when she (the teller) saw it was a payroll check, she waved the 10 day wait period. At least that’s what she told me she was gonna do.
April 3rd, 2007 at 10:22 am
KASH:
Have you done the wire transfer before? Domestic or International? I heard someone was saying it costed about $15-$25. But on the website it says free outgoing wire transfer…
April 3rd, 2007 at 10:32 am
I’ve done a free domestic wire transfer - You need the Free Checking account, though. I’ve never done an international wire transfer, but from what I have heard it is free from WaMu but there may be some “intermediary” charges that end up costing something.
April 9th, 2007 at 9:44 am
I opened a WAMU account a few weeks ago, and the experience has been a little mixed. I wanted to pull funds from Emigrant Direct, but ED would not accept the test deposits from WAMU. WAMU customer service said that I could not make an initial deposit at the branch, so I had to close the account and start again with a transfer from my brick-and-mortar bank.
What I notice so far is that they tend to hold on to funds for quite a long while. It took a full week for my initial deposit to be made available, even though the funds left my other bank on the second day and showed up in my WAMU account around the same time (they were there, but I could not access them or even transfer them to the associated WAMU savings account). So…for most of a week, some money more of less went missing in their system. There was no indication when the funds might be made available, or why an ACH transfer would be held for such a long time.
Since I called customer service to ask what was going on with the initial deposit, I figured I would go ahead and ask about the funds available policy, since I could not find it anywhere. For clarity, checks are held for 10 business days (2 full weeks plus weekends and holidays) for the first 30 days. After the first 30 days, checks may still be held for up to 10 business days, even if you deposit at a branch and even if you have a receipt indicating that the funds are available. The bank reserves the right to place a hold on a check after the customer has left the bank. Even cash deposits may take a day or two to clear, if I remember correctly.
All of this leaves me wondering whether WAMU is actually a good solution for me. My other brick-and-mortar bank handles checks within 2 days every single time–though I believe they had a 5-day hold for the first month or so (years ago). That 5% interest doesn’t look so good if they may or may not make my funds available to receive interest in a timely manner. I’ll see how they do–if there are problems after the first 30 days, I’ll stick with the other brick-and-mortar with an online savings account.
April 9th, 2007 at 9:11 pm
I currently have a WAMU Platnum Checking and Money Market Savings and am thinking of replacing both with the Free Checking/Online Savings combo. Does anyone know if I will lose any perks (other than minimal interest) when switching from Platnum Checking to Free Checking. Does Free Checking have free online bill pay as well and will I have to set up my Payee list again or can I “transfer” it from the Platnum Checking Acct before I close it out?
April 9th, 2007 at 9:19 pm
Also, does the 10 day hold on funds apply to money that is direct deposited into either the Free Checking and/or Online Savings accounts?
April 9th, 2007 at 9:58 pm
To Eliza: As far as I know, the moment your money enters the bank, you start gaining interest on it. (It doesn’t go by when it’s available for you to spend, but rather when the money enters the account).
Theresa:
Perks you lose: Statements. If you open the online accounts you will no longer be allowed to recieve paper statements, you must enroll in the online statements. If you change it to paper statements the bank reserves the right to “convert” your account to a NON-ONLINE account and you will no longer recieve the special 5%APY on the savings account.
You’re Payee list should stay in you’re online banking as you should be able to create the accounts under the same ‘profile’. If it makes you create a new online profile with a new UserID then you can call Customer Service and ask them to combine your two profiles so you can access all your accounts under one online banking profile. (You should just immediately ask for a manager to do it just to make sure it gets done correctly).
Direct Deposits are not subject to holds. If you get paid on Friday you’re money will be in your account as late as 3AM on Friday morning.
April 10th, 2007 at 9:16 am
Thanks for the info Mike!
April 10th, 2007 at 8:35 pm
Susan:
I did an international wire transfer from WaMu Free Checking account a couple of weeks ago. The CSR was not sure about the fee. I received the wire transfer confirmation in mail and the good news is that they didn’t charge me the fee. Hope this helps.
April 12th, 2007 at 10:28 am
KASH:
How was the rate of exchange on your international wire transfer?
I’m trying to figure out the cheapest way to move a significant (5-digit) amount of money to someone’s account in Taiwan.
April 16th, 2007 at 10:05 am
ing checking has a apy which i like more.
i agree though. how long it takes to transfer between institutions suck.
April 16th, 2007 at 9:49 pm
Hi JusRelax:
The CSR was unable to provide me with the exact exchange rate at the time he accepted my wire request. Currency rate fluctuate regularly. I would suggest checking the currency rates at Taiwan’s Central Bank and then go to WaMu. The exchange rate will also vary with in the beneficiary banks in Taiwan. My family however, received pretty good exchange rate when they received the funds.
April 17th, 2007 at 6:26 am
Does anyone on here NOT have local WaMu branches near them? I don’t seem to have any and while it looks like I can go across the street from my apartment to Walgreens and get money out of the ATM for free, the website does clearly say that I can’t make deposits at Walgreens. Anyone see a way around this for depositing paper checks? I don’t have many but definitely 1-2 each month. Maybe they can give you envelopes to mail in deposits (ala NetBank)?
April 18th, 2007 at 5:03 am
Recently ING-direct started giving 4% on its *checking* account. Again, instantaneously transfers money from its checking to its saving for a higher rate. 32000 free ATM in US. Great service. What else you need? Since anybody should have at least 2K on the checking account why how to get at least 100$/year for free?
April 18th, 2007 at 9:12 pm
Has anyone used their ATM card overseas to get cash? I am curious about how much the conversion fees would be if any. And the availability of ATM’s
April 20th, 2007 at 2:51 am
I also recently opened the free checking/savings accounts, and was extremely dissatisfied with Wamu’s scheduling of external transfers. Like Craig and Joy said above, it is a 4-5 day wait before your funds can be transferred. In my case it was even worse, as my money disappeared for 2 solid days. Wamu showed it as transferred, but the funds didn’t show up ’til 2 more days had passed.
And it definitley wasn’t my other bank (Washington Federal Savings), as I’ve transferred a lot of funds to and from it and never had any problems like this.
I might hang onto these accounts though (with $1 in each, of course), just in case I need to send a money order or a wire transfer.
April 25th, 2007 at 4:56 pm
I recently came across this site - love it!
I tried to open the WAMU account listed above online and it said it was unable to process my request on the first two tries and then locked me out for seven days on the third.
Has anyone else experienced it? I think my problem occurred when I got to the last verification phase. It asked me four multiple choice questions in regards to loans I currently had and the amount I paid each month for those loans.
I answered all of those questions exactly as they appeared on my current bank statement, yet it says I answered the questions wrong and locked me out.
Has anyone else experienced this? I will tell you that it is not a great start for a potential future relationship with WAMU. I talked to a CSR and he told me that I didn’t even have to answer the questions correctly(???) and that it was probably because I had a credit problem.
My credit is virtually flawless so I know it isn’t a credit problem. I think their system is flawed.
Thinking of switching to a Wells Fargo / HSBC combination now.
Any feedback?
Thanks!
April 28th, 2007 at 6:12 pm
Assia: I make ATM withdrawals in Thailand from my WaMu account. They charge a 1% foreign transaction fee, itemized separately on the statement, which is competitive. It also appears that there is another 1% hit buried in the exchange rate. It is hard to get a straight answer from CSRs (they don’t seem to know). But comparing the exchange rate with an ATM withdrawal from my Fidelity account at the same time it looks like there is a 1% lower exchange rate at WaMu.
Beware of ATM withdrawals from WaMu savings. They charge $3 per withdrawal for foreign ATMs.
Fidelity (Premium Services) is the best exchange rate and no foreign transaction fee. But when I need more than the daily limit I have to use my WaMu ATM as well.
In Thailand ATMs are everywhere and there are no local fees charged so it is very convenient.
April 28th, 2007 at 9:49 pm
This blog is extremely helpful and informative! I just wanted to ask if anyone has tried the international wire transfer and how long it took for the funds to be received…
April 29th, 2007 at 10:31 am
Is there any reason why they would be running a credit check on me for the free checking/savings combo? I’ve never had to have a credit check for opening a checking account before to my knowledge. Can anyone clarify for me please?
Thanks!
April 29th, 2007 at 10:43 am
They didn’t do a credit check on me for either savings or checking. They should just check ChexSystems, the bureau that tracks people’s banking history.
April 29th, 2007 at 11:09 am
Thanks Jonathan! Great blog by the way!
So would this ChexSystems be the one providing the questions regarding my current loans? They could be the cause of all of my frustration in tryint to setup my new account. (please see my post above)
Thanks!
April 29th, 2007 at 11:40 am
Oh, that’s just identity verification based on your credit history. It doesn’t actually hurt your credit or count as an official “hard” credit check. I think it’s usually based on your Experian or Equifax credit report. If you don’t agree, it may be worth your time to actually get a free copy of your credit report.
May 1st, 2007 at 4:29 pm
ghost,
I came across the exactly the same problem, but my process locked me out with where they were asking my previous address.
CS that I talked to told me the same thing that they base their questions on credit reports, so I was advised to check for any credit problems, and she game me all three credit bureaus’ phone number to call.
I haven’t done that yet, but it left me a bad taste about WaMu.
May 4th, 2007 at 1:05 pm
Yesterday I went into my Wamu branch and completed a free international wire transfer to Bangkok Bank in Thailand. I have a Free Checking Account. I transferred the funds in USD and they said it would take 3 to 4 business days but when checked my Bangkok Bank account today it already showed up. Bangkok Bank lists the exchange rate for the day as Buying Rate 34.40, Sight Bill 34.57 and TT 34.67. I received 34.56 with no other fees listed. My Wamu account also does not show any additional fees.
May 4th, 2007 at 8:58 pm
Les, that is huge news for me. No fee and a very competitive exchange rate, amazing when you compare it to some other banks. Do you know if the same wire transfer can be done online?
May 7th, 2007 at 12:30 pm
Inoki:
I spoke with the CS rep and got the same line - it was pretty frustrating.
However, I attempted to sign-up for it again today and it worked. This time I used the address that is on my driver’s license and I guess the same one that is listed with the credit agencies.
How has your luck been? Have you tried it again?
Thanks!
May 8th, 2007 at 5:40 pm
ghost:
Luckily, I had a recent credit reports, so I was able to go through, and verify there is no problem, and saw that the address that I was living only for few months was included which completely escaped my mind.
I attempted to sign up, and I was able to open accounts with no problem. As the review said, the whole thing was done in less than 10 min.
I guess I can appreciate that they want to be thorough with the verification. I have yet to find out if this is gonna be better than my BofA accounts for over a decade, but from what I hear, it’s very promising.
May 9th, 2007 at 10:44 am
Inoki:
That’s good that yours went through. I just wish that they had some sort of clarification on why it didn’t go through. If they would’ve told me that the address didn’t match up, I could’ve fixed it easily instead of being locked out. I guess it is good for security though.
I am sort of new to this whole investment/savings game. I’ve been reading the Kiyosaki and Bach books for a while now. Kiyosaki and Bach tend to counter each other a lot in their advice. Bach is more of a play it safe, live below means type advisor and Kiyosaki is the opposite in my opinion.
I have all of my savings just sitting in one account earning no interest. This WaMu thing is my first attempt at actually doing something about it and I am quite excited. I plan on putting some of it in an HSBC account as well just in case the WaMu thing ever disappears.
The next step for me is to get a good rewards credit card. Not sure if I am ready for the whole 0% APR game that Jonathan does, but I need to build my credit and would like to get something back for it.
I’m pretty curious about the HSBC rewards card, but can not see any information on it without signing up. Weird.
I also want to check out the international mutual funds with Vanguard and Fidelity, 9-19% return sounds awesome.
I love Jonathan’s site - it has really helped me a lot! Sorry for the large post!
May 9th, 2007 at 1:25 pm
I joined their promo-combo.
Consider this as my positive criticism of WaMu:
1) Their website is possibly buggy. When you initiate a funds transfer from WaMu website, it takes a really long time for that transfer to show up anywhere. This means, for a while you are not sure of the status of the transfer (Scheduled / Processing / Complete etc). The phone reps aren’t of any help.
2) They don’t have single sign-on (single login) for their online services. If you have their credit card(what used to be Providian), their credit card website is NOT seamlessly integrated with their banking website. The credit card and your balance will show up when you login to WaMu online banking website. But you need to login one more time to get complete access. I hope they are working on this because, they acquired Providian a long time ago.
3) Their bill pay is one of the slowest. For instance, when I wanted to pay my WaMu credit card from my BoA checking, BoA delivers it next day. WaMu requires four business days to pay ANY bill.
4) When you add a new Payee to your Payee list, WaMu requires that you enter the full address of the Payee. BoA and my credit union requires only the payee name and the zip code.
All that said, I’m sticking with WaMu for now, for their 5% APY.
P.S - For those who don’t know, BoA is now offering free checking with no minimum and no Direct Deposit requirements. I already opened one, and I’m in the process of closing my current checking account with them. Check it out.
May 10th, 2007 at 12:40 pm
The reviews above are helpful; i do not have much money as of now but found Wamu Checking+Savings deal worth for me with the freebies!!
Opened both the accounts 2 days back; checked Wamu and the small amounts were transfered but do not show up yet on the linked bank.
I also would like to draw the hard cash from the linked bank and do a manual deposit into the mortar/brick branch personally!!
Will update you all again!
Thanks a ton to all!!
May 20th, 2007 at 6:24 pm
Jonathan:
(and mine too of course.. )
Just opened a WAMU account. Pretty smooth process as you described. Being a security professional one big security hole in their site though. Someone who compromises your password for that bank’s website can get everything about your identity. After you log-in when you click create direct deposit form, they very nicely create a form with your current address, ssn and everything needed for identity theft.
I just sent them a note about it, I urge any of the other WAMU account holders to do the same, so they change their stupid system!
Any other bank the most you will suffer with someone getting your password is that you *may* lose some money (external transfers and such). But with WAMU they hand over your identity.
May 21st, 2007 at 12:12 am
Do they have a maximum transfer to fund the account? ALso, how long does the funding take after applying? I have $100,000 in CITI e-savings, and they have slowly downgraded my interest rate starting at 5.25% now at 4.5%. So I’m looking to move my money sowhere else. The interest I will lose during the transfer process concerns me…
May 29th, 2007 at 9:58 pm
Might have missed it, but what’s the compound and payment cycle on the interest?
June 4th, 2007 at 11:12 pm
I also opened up WaMu’s combo savings & free online checking and it was very fast, but the verification part does take a while.
I specifically opened the account b/c after using BofA and Wells Fargo, I needed a bank that will not charge you for every little thing you do with your account. Moreover, I read here that WaMu does free International Wire Transfer and I couldn’t resists taking up the offer (as BofA charges a whoppin’ $45!!!). As my account is still pending, I do not yet know if my “Free Checking Account,” will be completely free.
I do have to mention though that I e-mailed a WaMu customer service rep and the person said that it does cost a fee of $10 to send an international wire transfer. It also costs $2 for using an non-WaMu ATM. I supposed the fees aren’t that bad, but thought I should mention it for anyone assuming that those services are completely free. Maybe it’s because my account is in CA or the fact that I just recently opened it and they have now added a service fee?
June 6th, 2007 at 11:53 am
The limit of six withdrawals is pretty cut and dry, as is also the unlimited checking to savings transfers, but what about deposit transfers from 3rd parties like brokerage accounts or treasury direct into savings? Would these deposit transfers count towards the six transfer limit? Do I get six non-human withdrawals per month and unlimited deposits per month regardless if it from checking or 3rd parties like other OLS accounts?
June 6th, 2007 at 4:10 pm
AV - Yes, it doesn’t matter if it is from WaMu or a third-party account. You still get 6 non-human withdrawals, and unlimited deposits.
June 6th, 2007 at 5:11 pm
WAMU is presently deducting fed. tax on interest paid at roughly 28% each month.
1. Do all online banks withhold federal taxes on interest payments each month?
2. What if I fall into a lower tax bracket do I get refunded when I file my taxes?
3. Wouldn’t it be more beneficial for me to pay taxes on interest incurred once a year rather than each month? Or it doesn?t matter?
Thanks.
June 7th, 2007 at 1:08 pm
All banks withhold 28% of interest unless you fill out the form W-9 and tell them that you are NOT subject to backup withholding. This is an option during the application process. I don’t have anything withheld myself, but you’ll just pay less tax later. You’ll have to contact WaMu and they should be able to tell you how to change it.
June 14th, 2007 at 11:18 am
Thanks so much for this post. I’ve had a WaMu checking and savings accnt for years… the savings had that great 0.25% interest rate [eyeroll]. I had no idea they even had this offer.
June 14th, 2007 at 4:43 pm
Hey All,
I recently deposited a BT check from one of my NEW credit card into this NEW WAMU savings account!!
They said they cannot deposit the whole amount of the check right away; Reasons:
1. Mine is a New Account - It takes at least 6 months for an account not to be categorized as NEW account.
2. The check is from Citibank with a Texas address; so that is again another reason it seems.
So a week after the deposit date they gave me 75% and the next 25% will take another week it seems.
So is this a normal procedure? any idea?
They gave me an option - convert the check into a Cashier’s check at any Citibank and come back; there would be a charge for this i guess so i did not do it!!
Anyway now i know this; the next time i do a big BT check; i will deposit into Bofa and then do a manual withdraw and manual deposit in to WAMU; at least saves me a week or 10 days!! hehe
Thanks All!!
June 14th, 2007 at 6:25 pm
Vic Chikoti-
Are you complaining? To answer your questions these are normal procedures.
Banks typically have accounts in a ‘new account’ status for at least 30 days. WaMu has a 30 day policy which will result in longer hold times for check deposits. This is so they can make sure checks clear before you have the money. In other words, the bank has to protect itself against fraud, which DOES happen a lot.
Keeping a 30 day new customer policy allows the bank to make sure the checks you deposit clear without risking you running off with the banks money. Typically when you deposit a check the money is not IMMEDIATELY cleared for you to use. The bank will actually give you money… a loan in essence… until the check clears. When the check clears (which can take a few days to a week) the money that they receive for the other bank pays them back.
WaMu has a policy to give you at $100.00 of any deposit up front on the first day. The rest can be placed on ‘hold’ for a few days pending the check clearing.
This is legal. The bank is actually allowed to hold a check for 14 business days according to government regulations. The larger the check, the larger the hold….typically.
Accounts that are better established, say 4-5 years old, no history of overdrawn balances, no history of returned checks, no history of fraud will have the lowest hold time on the check. But if you try to deposit a check for 50,000 dollars you’ll probably still have a hold.
Balance Transfer checks are supposed to be used for transferring a balance from one credit card to another credit card. They are not meant to be deposited into a checking account as a cash advance. It wouldn’t surprise me if this also had an effect on your deposit.
And also out of state checks usually take a little longer to process and clear therefore there is additional time added for a hold.
June 15th, 2007 at 10:49 am
Mike,
Thanks a ton for the reply; i was not complaining; i was just putting up what ever info i got when i did this so that it can be helpful to others!!
Thanks also for reminding what BT is though!!! The card guys did not have any problem giving me a check and they do not care what i do with that i guess :P.
Thanks,
VC
June 15th, 2007 at 8:51 pm
I have done business with Wamu since 1998. The only problem I had was when they sent me a debit Mastercard to replace my ATM card (they asked me first and I said yes). They said the pin would be the same and it was not. I went into a branch and had the pin changed to my old pin in 5 minutes. Then when they rolled out their new “Free Checking” they said in the fine print “Benefits do not apply to Free Checking Accounts opened before 3/06″. The old accounts charged $2.00 at non Wamu ATMs. I called the CSR and he said you have to go into a branch and they will convert it. I went and they did in less than 5 min. (Note: I opened the account in San Diego, CA and converted in Phoenix, AZ.) Soon after I got a solicitation to open the 5% savings and fund it from my *existing* checking and I did. No problems.
June 21st, 2007 at 12:39 am
Great site. It only took me about 2 minutes to sign up and receive an account number. I had initially thought that the Online Savings Account would only be serviced through mail, online, or phone (meaning I would have to mail or wire xfer my initial deposit). To my surprise, this was not the case at all as deposits to “online” accounts CAN be done at any branch. This little detail was a major deciding factor in choosing wamu over some online banks such as etrade or gmac. All and all,a good deal.
July 10th, 2007 at 5:32 pm
I get direct deposits, however when they come in, my running balance is always —–. If I transfer the amount of the direct deposit to my savings account, my register balance will go negative. The day after the direct deposit everything is fine. Is this normal? WAMU says that I won’t be charged overdraft because the system will see the current day direct deposit.
July 11th, 2007 at 3:40 am
Robert,
Same thing when I transfer money in from another account via EFT. It shows on in my available checking balance the day it comes in but if I x-fer to savings that day all of the sudden my online register shows the debit coming out before the x-fer goes in and a negative balance is shown on the register. Next day all is fine. Have done this twice and cross my fingers, so far no overdraft.
July 11th, 2007 at 8:53 am
Robert, Mark- This is perfectly normal. It’s just the way WaMu’s computers process the information.
If you’re scheduled to recieved your direct deposit on friday (payday) the money will be in your account no later then 3am et. (WaMu’s HQ is in Seattle so midnight, end of the night, is really 3am for the East Coast).
Anyway, if you spend any money that day, you can because the money is technically in the account. However… the transactions aren’t really processed in real time. At the end of the night 10pm ET the nightly ‘batch’ starts. This is when the bank processes all transactions during the day, debits and credits.
During this process the computers process debits first, credits last. So it stars with the balance for the previous day and starts deducting your debits, which leaves you with a negative balance. Then it adds your credits, direct deposits/checks, and hopefully if you balanced your checkbook correctly you will end up with a positive balance and will receive NO overdraft charges.
If you did overspend you’ll only be charged for any transactions that you couldn’t pay for. Which may end up being a couple because again, they don’t process real time. Depending on when they get a transaction and such, it could lead to a purchase at 9 am over drafting you as opposed to a transaction you made at 6pm. Also, they typically process the larger transactions first. If you spend 200 dollars at Office Depot, it’s extremely likely it will be paid first, not the 5 dollar cup of coffee from Starbucks.
Think of it this way, the more you spend, the more aggressive that company will be to get their money.
In the end the larger amount processing first can actually lead to several of your smaller charges to overdraft your account if you do not keep up with your balance.
But to get back to your question. YES! It is completely normal for your balance to look negative on the day you are receiving your direct deposit. But, if you’re a little worried call WaMu’s customer service ask them to check EFT1 (Incoming direct deposit/debit system) to verify you’re direct deposit is coming through that night.
Good Luck!
July 12th, 2007 at 9:12 am
I have the 5% online account and checking and the interest rate has not gone down.
I have not had any holds placed on checks for the online accounts.
We have our business accounts with them too and they had 10 day holds for the first 30 days, but after the first week or so they always waived the hold on me when I requested it (although my deposits were generally less then $1000).
Had a few problems at first with them locating the online accounts at the branch, but then that was fixed and it’s been good since!
My only complaint now is that they keep closing branches. Luckily there are enough where we still don’t have to go out of the way to get to one, but I hope they don’t close that one soon too!
July 12th, 2007 at 6:07 pm
The reason I was worried is that there are banks that are known for intentionally processing debits first, largest first and then charging for any negative balance even if a deposit the same day (including cash at a branch) finally results in a positive balance at the close of that days business. Example you have $100 in your account and a check comes in to be processed with that days’ work for $85, then a Fast food debit charge for $15 and two Starbucks debits for $5.00 each. And a deposit for $250 in cash made at a branch say at 12 noon (before cutoff time)
They will process in batch
Debit Credit Balance
$100
$85 $15
$15 -0-
$ 5 ($5) OD charge assesed–$35
$ 5 ($10) another OD charge assesed
$250 $240
$70 $170 (2 OD charges)
by processing largest first they maximize number of OD’s.
I have never run afoul of this but search Compass bank on google and you will find many who claim to. I guess they have to make up for the unlimited “use any ATM” re-imbursments somehow.
July 18th, 2007 at 12:16 am
If ever you are charged an overdraft fee and it IS a BANK ERROR, WaMu will take care of it and refund the charges for you. If your account is negative but has a deposit going in the same day, the account should not be charged.
As for holds. WaMu has a standard policy of 7 business days for local checks and 11 business days for non-local checks for NEW ACCOUNTS. Holds will be placed up to 6 months from opening date, exceptions MAY be made at branches if the employees are familiar with your transactions and the account is in good standing - no overdraft charges or returned checks, equivalent average balance. Average deposits amounts is also another factor we look at before releasing a hold as well as number of accounts and how long you’ve been with the bank.
July 18th, 2007 at 4:02 pm
Jonathan - Just an FYI.
I was in a WaMu branch yesterday making my initial deposit into another 5% online savings account. This one will be an account for our 4 month old child. Many banks offer custodial savings accounts for your children, but the interest rates are usually the crappy .25%,l etc.
Anyway, the guy at the bank told me to be watching for their new product to be launched in August. He told me it will be kind of a Savings Account/CD hybrid and will offer interest rates in the range of 6-7%! All he could tell me was it would require deposits each month, and each deposit would have to stay in the account for a certain amount of time like a CD and at the end of this term you would have access to the funds again just like a savings account.
Should be interesting to read the official terms whenever this comes out! 6-7% is very enticing!
July 19th, 2007 at 6:16 pm
ok i work for the bank..you dont need to open two wamu accounts, there is an option to link ur existing account to the online savings,
July 19th, 2007 at 7:15 pm
Yuni,
Yes, WaMu now allows you to link your existing checking account to the new online savings account. However, when this article was written 10/06. That was not the case.
WaMu is continuously revamping their online service and accounts to help out the customers it’s a good thing too!
When the 5% APY “Statement Savings” account was first offered it was ONLY for the new customers who opened their accounts online including the WaMu Free Checking. Yes, I worked at WaMu, I know this is a fact. It wasn’t really until a few months ago, when the re branded the 5% APY Statement Savings to the “Online Savings” account and changed several requirements such as online only statements that they added the feature to link the new Online savings account to the existing free checking account.
Just clarifying why people thought they needed to open two accounts, at the time they did this review and opened their accounts it was required.
July 20th, 2007 at 1:55 pm
I opened the 2 accounts recently and was wondering when you use BillPay and electronic links for that treasury bill ladder–do none of those transactions count against the limit for a savings account (3 in, 3 out)? At my old bank I used to have autopay setup with my services to take the money from checking, but with wamu since there’s no minimum for the checking account I wonder if I can just do almost everything with the savings–direct deposit, pay bills, ins/outs from treasury bills–and not have any issues.
Thanks very much to anyone who can confirm/clarify this.
July 20th, 2007 at 4:50 pm
YES AUTO PAY COUNTS TOWARDS THE SIX TRANSACTIONS
AND YES WIRE TRANSFER CAN ONLY BE DONE IN THE BRANCH…
I KNOW CAUSE I WORK THERE..
July 21st, 2007 at 4:32 pm
I spoke to a WaMu customer service rep. yesterday and she confirmed that on July 10 WaMu began allowing their current checking account customers to qualify for the 5% APY by opening an online savings account and linking the two during the application process. The new savings account would earn 5% and the existing checking account nothing. This is so much better than having to open up an online checking account with the online savings. Who wants to keep track of two checking accounts anyway?
July 23rd, 2007 at 7:55 pm
Just saw on the Wamu website online CD for any term from 6mo to 5yr at 5.35% APY
July 24th, 2007 at 12:17 pm
When I started applying for this combination of accounts last time on WAMU.com, it asked me to chose either ACH or CREDIT CARD method for the initial funding. I wanted to find out more about the CREDIT CARD option and left/aborted the account opening process mid-way.
Do anyone know if I chose CREDIT CARD to fund this new account, will this charge go as regular purchase item or cash advance item on my credit card? I called their CS, who said it would be charged regular purchase item., which I can’t believe. I also mailed their CS but the response I got said, they have stopped accepting Credit card for this purpose for security reasons. which also I couldn’t believe because just sometime ago I saw that option while applying on their website…
I want to fund using credit card because I get 1% cash back ($5000 amount means $50 cash back) on my credit card transactions… but I don’t know what would happen if it goes as cash advance - I have never taken any cash advance from credit card, I don’t want to ruin my credit card history.
Any thoughts?
July 24th, 2007 at 1:56 pm
Shiv,
Ur post is little confusing; to me at least!
“I called their CS, who said it would be charged regular purchase item.” - What do u mean, the CREDIT CARD CS or WAMU CS?
If u meant CREDIT CARD CS, then it does not matter if you believe it or not, but thats the fact!
If you meant WAMU CS, then my answer is same as above.
So its better we play it safe;When i opened the account, the initial funding i did was thru my BOFA checking account; Later on i deposited cash, BT Checks in person because both BOFA and WAMU are right across each other on my route to office.
When i called, the WAMU CStold this - The online transfers INTO wamu are charged while online transfers GOING out from WAMU are not charged, thats the reason i did the deposits in person!
Anyone correct me if i am wrong and importantly, no offence to anyone!!
Thanks and good day!
VC
July 25th, 2007 at 2:51 pm
Hey Mike,
Is it true WaMu online products (Online Savings, Online CD) have been available only couple months ago? Thanks.
July 25th, 2007 at 3:49 pm
Richie,
The Online Savings account has been offered through WaMu for at least half a year now. But, when it first came out it was known as a “Statement Savings” account that you could open it online for the 5% APY. After a month or two they renamed it to the “Online Savings” account and changed a few specifications: no paper statements allowed and a few others.
Online CD has been around for at least half a year to a year I would think. It’s relatively new as in it hasn’t been around for 5 years and it offers a higher APY rate! But, it offers LIMITED support at the branch and through telephone banking. Support is offered online.
July 31st, 2007 at 7:40 pm
I tried to open a new WAMU onling savings & free checking but in the end it asks questions such as: What streets have you lived in, what city have you lived in, what county have you lived in, etc.? I know I answered them correctly and they said it was wrong. I tried to open it for my mom and dad 3 times after I tried mine 3 times and they still said it was wrong. I called them up and they kept transferring me back and forth. Although I already have a brick and mortar normal free checking account. I want to open the 5% APY savings account. Any help would be appreciated.
-Thinh
July 31st, 2007 at 8:05 pm
Thinh,
To answer those questions you need to enter in the information correctly. If not it will actually lock you out for so many days. Basically a deterrent against identity theft. After 3 attempts is when it locks you out, i’m pretty sure, should be for a couple of days to a week I think.
If you don’t remember your address call up the credit bureau to find out what address they have on file, you may need to order a credit report. That is the address WaMu uses. It uses information provided by the credit bureaus.
July 31st, 2007 at 9:51 pm
I recently opened a Wamu account because I read about it here and deposited a check for a little less than $13,000 (due to a balance transfer refund). The check was from Citibank. After I deposited the check I discovered that my account had been frozen due to check fraud. I called Citibank to verify that the check was good and they said it was good. I called Wamu to ask about the check and they said they needed a letter of verification from Citibank, which after calling Citibank they said they did not do. Someone eventually took pity on me and told me they’d send me a letter of verification. The other day I got a notice in the mail from Wamu that my accounts will be closed in about a week so I am desperately waiting for my letter of verification to arrive so I can bring it to my local branch.
So my question is, is this normal for a bank to do? And once I give them my letter, will my accounts be immediately unfrozen? It would just be a huge pain if my accounts are closed. Sigh.
July 31st, 2007 at 11:05 pm
It is normal for a bank to close an account if there is fraud of any sort.
However, in your case it seems to be a misunderstanding. Perhaps it was caused by the “balance transfer refund”? Did the check look different? Or have any weird markings that might make it suspicious?
I’m not sure if they will immediately ‘unfreeze’ your account, in all likelihood they may wait until the check actually clears after they receive that letter of verification.
If I were you, call the 1-800 number and ask them to place a “General Alert” on your account. The general alert will not do anything to your account money wise. It doesn’t freeze it or unfreeze it, it just acts as a ‘memo’ of sorts that any employee can easily see. Ask them if they can place that General Alert saying “Customer awaiting letter of verification w/regards to check fraud case”. (1800 may tell you to request that at the branch, don’t let them tell you the branch can’t because they can)That way if they do decide to close the account they will see that note and it might buy you some extra time.
You could also call the 1-800 number and ask to speak to Risk Operations. Risk Operations is WaMu’s “Fraud” department. They might be able to notate the account as well and help you with some additional details.
Good Luck, hope everything works out.
August 1st, 2007 at 8:47 pm
How do you deposit check via ATM? Is there a deposit box i can use instead?
August 1st, 2007 at 9:08 pm
When you use the ATM you just select “Deposit” and it will have on screen instructions to insert the check into a envelope write the amount on the envelope I think and then insert it into the ATM.
There should be a night box but sometimes those aren’t emptied out every day.
I would warn against depositing at an ATM as they usually take at least 2 days to clear which can cause problems for people and sometimes checks get lost or there’s a key in error which can affect your account.
You should just deposit it inside and bypass any possible complications.
August 2nd, 2007 at 5:53 pm
Thanks Mike. I was worried that i dumped my check into the waste bin. And you are right, today is the 2nd business day and my check has not been credited into my account. I did check with the staff this morning and she said she will clear it today. Next time i will rather wait in queue than deposit into the ATM or night box.
August 5th, 2007 at 2:05 pm
Another question for you, Mike:
Do you remember how much you would earn (appx APY) when you opened a Platinum Savings around Spring 2005? It’s 2.95% when I opened it in Feb 2006. And thanks for the info re Online CD. You’re right, it’s been relatively new, only about a year ago.
Appreciate all your time and help.
August 5th, 2007 at 7:40 pm
Richie,
I’m sorry, I don’t know what interest rate was being offered in 2005.
August 13th, 2007 at 10:31 am
waMu takes forever to clear my check how long does it take? I just deposit at the ATM 4 days ago
August 14th, 2007 at 7:34 am
Keven,
If you deposited your check into an ATM the ATMs make an “Automated Hold Decision” of 2 business days. That’s because the ATM’s arn’t emptied out every day.
Now, if you deposited your check 4 days ago, on Friday, then Saturday and Sunday are not considered business days. Your first day is Monday and 2nd day is Tuesday. So your check should have cleared by today.
Also, when you deposit into an ATM the first $100.00 is made available immediately. The rest is put on hold for the 2 business days.
Some advice for the future, never deposit the check in an ATM as it usually takes some extra time, most of the time if you have an established account there is typically no hold on your deposits if you go in the branch or it is a short hold.
Good luck.
August 19th, 2007 at 2:05 pm
thanks alot, i was able to pullout money on the 16th
they sent me a letter.
August 25th, 2007 at 10:06 pm
Thanks Mike for the recommendation. I called up the early morning services and ordered my credit report. I checked and I did enter everything correctly. I tried it over again many times, but still no luck. Although I have a few other bank accounts with 5%+, I still want a WaMu one since there’s many branches in my state Washington state, and it’s my main account that I write checks with. I want to just store my unused money in there and transfer instantly to my checking account whenever I need to. They kept saying one of the questions from the credit report was wrong. Which I know is right.
September 10th, 2007 at 5:46 pm
I’m sure they have their reasons for what I feel is an overly-restrictive funds availability policy (it seems like they DON’T WANT me to deposit large amounts of money into their bank!) — but their inability to answer an email requesting a COPY of their funds availability policy is blowing me away. I’ve been there about a month, now, and it’s as if all the CSRs have been told to do whatever they can to avoid sending that policy out. They evade, they misread, they ignore…
I find it REALLY constricting that, if I deposit more than $5000 in a day (my paycheck), they put a hold on it - -but they don’t hold the amount OVER $5K - they hold everything but $100.
My “regular” bank is Bank of America — who you’d think would be tighter than WAMU — but I’ve never had a problem accessing my BofA funds like, the next DAY.
I ‘get’ the ATM restriction, though I think it’s dumb (if BofA can empty their ATMs every day, why can’t WAMU empty an ATM -AT THEIR BRANCH-?) — but, even when I walk up to a teller and give her a LOCAL check for $5100, I’m told that I can use $100 of it, but they’re holding $4900 of it. Ridiculous.
September 10th, 2007 at 5:59 pm
I’m sure you’re aware that there are multiple reasons why a check can be placed on hold, to name a few, instate/out of state check?, amount, company, length of time your account has been opened with the bank, average balance, overdraft/returned check history… etc…etc.
If you want a copy of the funds availability you can clearly read it inside any WaMu branch. It’s on a poster and say something that says “Funds will generally be made available immediately but may also be subjected to a hold”.
You can also walk into a branch and pick up a copy of the Account Rules and Regulations, the Funds Availability is outlined in that booklet. If you call you simply need to request they send out a Account Rules and Regulations booklet to your permanent address, that will take about 1 week for you to receive.
Fastest way is just to walk into the branch and pick up the booklet. You should also have one from when you opened the account. Banks are required by law to provide one as it is a contract that you agree to when you sign up for the account.
Also, WaMu does NOT empty out their own ATM’s. They have a company come to empty them out and all checks are then sent to a Central Processing Facility which explains why checks are not credited everyday. Although it is clearly stated on the ATM/Deposit envelopes that “Funds may not be available for immediate withdraw.”
Another thing you can do to avoid a deposit hold is to deposit “guaranteed funds”. IE, a cashier’s check must be deposited immediately and funds must be available immediately (if deposited through a teller, ATM would still place hold until a human could verify the type of check).
Direct Deposit is another way if you’re depositing paychecks. Direct Deposit is made available on the day you get paid. No holds with that one either.
Your best bet is a Cashier’s Check, good luck.
September 10th, 2007 at 6:01 pm
Oops, that above post was from me, lol.
Good luck Em.
September 18th, 2007 at 1:13 pm
I’m thinking about opening a checking and online savings acc. Do i need to maintain a min balance on my checking account in order to get the 5% interest?..
Also, on the checking acc, Is my money available the next day if I make a regular deposit, not a direct deposit?
Thanks
September 18th, 2007 at 7:45 pm
Andy - No, there is no min balance required to keep to get the 5%. As for funds availability, that will depend on how long your account is opened, what kind of deposit you make, where you make it (in-branch or ATM), and other factors.
September 27th, 2007 at 9:54 pm
Does anyone notice that it takes several days for Debit Card (non-pin) purchases to show up online? Is there a way to view these? I like to be able to see pending transactions, but I don’t see a way on their website.
Also, how long does WaMu keep data on old accounts?
September 28th, 2007 at 12:30 am
Robert,
It does take a couple days for a ‘credit’ purchase to show up. Typically within 3 days the charge will show up on your online account, although the ‘pending transaction’ may hit the account early, meaning you won’t be able to spend that money but you won’t see why it’s ‘reserved’ online.
As of right now, there isn’t a way to see the pending charges online, although if you call the automated line, 1-800-788-7000 and enter in your account information you can hear the pending charges through the automated system. Best way is to keep a check register, even if you only use a debit card.
I believe it’s standard practice for banks to hold customer account information for at least 7 years for tax/legal purposes. Although, it may take additional time to retrieve information on these accounts as the CSR’s can only see the past 16 months on their computers. Anything longer then that has to be requested by research or past statements which will take probably around 7-10 business days to receive.
October 6th, 2007 at 3:13 am
it is standard 2-7 business days is right. 2 days for local checks, 7 days non local, 11 days of its a check over $5k and no a usual deposit you make. If every week or month you deposit large amounts or similar amounts then chances are there will be no hold. IF you constandtly overdraft and bounce checks or deposit rubber checks then it reflects on your holds. THE RECEIPT they give you inside the bank will always tell you what money you have and when the rest will be available. ALSO THE FIRST $100 of any deposit will always be available unless you are overdraft in which case you have no one to blame but yourself. THe transactions sometimes you can’t see, but check your avail. balance, sometimes if will reflect less, if the bank seees you have funds coming out of your acct.
ONLINE savings is great essp for those who don’t have high balances and would like to get a good APY.
If you have more money like say in the 10k or more like 20k and aboove, WAMU has WMFS (wamu financial services..) which is the higher end of their investments.
i work there.. so pretty much.. it really is free… everyones pretty nice… and at any bank you want to make sure a few tellers or SOMEONE knows you.. just in case.. a lot of decisions are based on how well they know you… as well as what they see on the system. It’s not just automated… that’s every bank though. DEVELOPE a relationship.
hope this helps.
October 8th, 2007 at 4:56 pm
I work for HSBC and unfortunately, as already mentioned on this site, they dropped the 5.05 APY down to 4.50, which is still high but a bit disappointing as well. The reward cards are decent. I have one that gives 5% back on all gas purchases. I’m expecting a $100 sometime in October which just means I’ve spent over 2G’s in gas…yikes!
MC
October 10th, 2007 at 12:48 pm
Has anyone actually gotten free traveler?s checks from wamu? The website for online saving says they are free but I?ve been told there is a charge of 1.5% if you don?t have the plus package. The plus package is $5/month?
October 10th, 2007 at 4:49 pm
I got free traveler’s checks just yesterday, as a matter of fact, without the plus package. They seemed confused — at first saying there was a fee, then saying the fee was for the GIFT checks, only. When I got there, they acted like the lowest denomination of traveler’s check they had was $100 but, after calling another branch and coming up short, they looked, and they had $50’s. There was some mention that they think that AmEx is trying to break ties with them, since they don’t charge, and the traveler’s checks benefit may be going away soon.
October 11th, 2007 at 11:34 pm
Where can I find the “fee schedule” online? I searched on their website but couldn’t find it. But I remember seeing it when I opened my account. Does anyone have a link to it?
October 12th, 2007 at 12:25 am
Robert - I think it’s only up when you sign up (and have the opportunity to print it out), when I asked for it later they just mailed me the entire pamphlet by snail mail (free). Shrug.
October 12th, 2007 at 10:33 am
My question is not related to WAMU but let me ask, please bear with me!!
So how about Credit Unions; read on another forum where they are saying that local credit unions offer higher APYs with some catches though sometimes!
I was wondering if anyone has any idea about unions like these and if anyone could throw some light on this context!!
Thanks,
VC
October 13th, 2007 at 3:42 pm
I have been researching checking account all day and I am learning but still confused. I have had a traditional checking account with a brick and mortar bank for years and I am thinking about closing the account for a better one. I’m looking at Fidelity, Salem Five Direct, ING Direct and Washington Mutual. I was looking at all of these interest bearing checking accounts and that caught my eye since they are fee and loaded with benefits. My question is they all appear to be tied in with a savings account and it looks like you must move the money from the savings to the checking all the time and it can take days for the transfer to happen. Can anyone comment on this? My current account is worry free my pay check is deposited twice a month and I write checks on it and us my debit card. I like the idea of free interest bearing checking but I believe it could become a headache having to transfer money from savings to checking all the time. Are these interest bearing fee checking account legit or a pain to deal with? Thanks.
October 13th, 2007 at 8:15 pm
Larry, try Charles Schwab’s Interest bearing checking - They have 4% APY. no minimum, no Direct Deposit requirements, bill pay, unlimited checks etc. You need to open or have their Brokerage account. When you open them together, they waive all the min balance requirements. See - http://snipurl.com/1s53a
October 14th, 2007 at 6:25 am
Fresh Mexican Food Fan,
Thanks for the advice. So the Charles Schwab Interest bearing checking is different than the others I am looking at in that I wouldn’t have to move money from savings to checking a couple of times every month? If it pays interest, is free and like my tra