WaMu, not to smart?!?!?

[dizbuster]

Ok, a short backstory,

About 8 years ago I had a WaMu checking/savings account. I had a terrible time with bouncing checks and overdraft fees. Completely my fault. They basically told me to take my business somewhere else. Again, I completely understand. I don't remember owing them any money at the time I left, but I could have.

Fast forward 7 years later. I tried to open another checking/savings account with WaMu. They took my money and set me up no problem. I recieve a letter in the mail a week later that due to past experiances I was not able to have an account with them. They promptly send me my money back. Ok, I understand.

A week later they send a pre-aproval visa letter to me. I think why not, so I give it a shot. What-do-you-know? I get it with a 1000.00 limit. I am thinking they are not to smart here. They won't take my money but hey you can borrow some of ours. Mind you they are getting a more responsible person this time around, but they don't know that. I have to think no wonder they are in such trouble. It makes no sense to me.

[mphan]

Banking and credit card are 2 different depts. I don't see why not.

Message Edited by mphan on 02-26-2009 02:38 PM

[ChesterPDexter]

They are definitely not too smart.  They have done things like:

Issue me a credit card.

Deny me a second card.

Jack my rate on the first card.

Issue me a different second card after that (this is all through preapproved offers in the mail).  The rate on this card is lower than the first card was, even before it was ratejacked, thus averaging out the rates on my two cards to what it originally was on the first card before they ratejacked me.  Only now I have a bigger combined credit limit.

They could have saved some trouble by simply increasing my credit line on the first card, without even changing the rate.

[Anonymous]

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@ChesterPDexter wrote:

They are definitely not too smart.  They have done things like:

Issue me a credit card.

Deny me a second card.

Jack my rate on the first card.

Issue me a different second card after that (this is all through preapproved offers in the mail).  The rate on this card is lower than the first card was, even before it was ratejacked, thus averaging out the rates on my two cards to what it originally was on the first card before they ratejacked me.  Only now I have a bigger combined credit limit.

They could have saved some trouble by simply increasing my credit line on the first card, without even changing the rate.

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Man, thats just crazy. It makes you wonder how these banks survived this long in the first place.

[Anonymous]

The marketing departments at many CCCs have only a tenuous connection with the operations department, or none at all. Many marketing offers are prepared 1-2 months before the mailed material is received. It's very common that the left hand doesn't know what the right hand is doing. AmEx customers will receive new offers while the F/R department is threatening to close existing accounts. HSBC closed one of my accounts last year for inactivity - the same day I received their confirmation letter, I also received a BT offer for the account they had just closed.

It's not just WaMu ...

[emartin82]

That's because they dont use ChexxSystems when issuing you a credit card. Consumer credit cards are under a different division from consumer banking (checking, savings, etc).

That ChexxSystems record will stay with you for five years, preventing you (in MOST cases) from opening another checking account with a bank that uses ChexxSystems (most banks out there, BUT not all). Some banks will permit you to open a checking account with them but will ding you with an additional inquiry into your credit files just to double check your record.

[dizbuster]

I thought of the same thing about ChexxSystems so I requested a copy and and there was nothing on it. Granted it could of fallen off by then, but I was sure that was the reason. They must really hold a grudge I guess. I never really thought about the two seperate divisions of the bank credit cards/ checking but it would seem to me that each branch would know who the other is working with.

[Anonymous]

Actually it would have been removed with ChexxSystems, but the record may still be on file with the bank.  I know of an employer who bounced checks, and was told he would never be allowed to do business with the bank again.

So it may have been an internal file that triggered the closing of the bank account.  Just a thought.

[dizbuster]

You know I really liked WaMu as far as banking went. I really do look back and regret being so stupid. After they closed the account the second time I went to BoA and opened an account. That lasted about 3 months.I closed that myself. I hated banking with them. Long story but so many fees, poor service......... I am now with my local credit union and just love them (even though they are not BK friendly for cc's). I guess it's just another of lifes lessons I had to learn the hard way.

[mphan]

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@dizbuster wrote:

You know I really liked WaMu as far as banking went. I really do look back and regret being so stupid. After they closed the account the second time I went to BoA and opened an account. That lasted about 3 months.I closed that myself. I hated banking with them. Long story but so many fees, poor service......... I am now with my local credit union and just love them (even though they are not BK friendly for cc's). I guess it's just another of lifes lessons I had to learn the hard way.

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I spoke to a WaMu manager last week and he said all WaMu free checking services will be the same (free check book for life, free money order, free cashier's check,...). He's pretty sure Chase will charge for those services.

I also hate the fact that I'm no longer earning 4.5% interest from my WaMu Online Saving.

Message Edited by mphan on 02-26-2009 11:29 PM