Friday, October 30, 2009
Did you bank with WaMu?
We did, and we loved it. We had some great accounts, lots of flexibility, and the only fees we had to worry about were overdraft fees (not fun, but usually avoidable.)
Last year Chase bought out WaMu. We were assured that nothing would change, we could keep our accounts, nothing would change, everything would be great...etc.
Last week marked the final stage of the takeover: our accounts were now officially Chase accounts.
Today I discovered, quite by accident, that what used to be free is no longer free. That Chase would like to charge me upwards of $90 a month in fees for the same things that WaMu let me do for free.
Nothing will change. Right. I called and politely asked if these fees could be waived for my account, since I was a customer of long standing with WaMu and I had never been charged previously. I was told "No. We can't waive any fees. We're not Washington Mutual, we're Chase, and this is how we do things."
To which I replied, "I'm so sorry to hear that. I will be transferring my money and closing my accounts."
The thing that bothers me most isn't the fact of the fees (although that is irritating), but that they were not clearly disclosed. Had I not been setting up a transfer today, I would have found all those fees after it was too late to avoid them. That is not only bad business, it is wrong. Which is why I have spent all my free time today finding a new bank and moving my money out of Chase.
So if you did bank with WaMu, you might want to dig a little and find out what fun new fees Chase wants to charge you. Then shed a few tears for WaMu, and head for the exit.