WAMA recently raised my interest rate by 10% for no apparent reason, other than to rob me to pay for some of the bad loans they have made recently. I had never made a late payment, had always paid more than double my payment amount and also have my home financed with them. I believe they are chosing to do this, especially to customers with high balances, hoping they will not be able to pay off or transfer the balance so they can steal our hard earned money. For those who can pay it off or transfer the balance, they have immediate cash flow. Here is the reason they gave me, "Periodically, we review the way we do business to see if it is still in line with the rest of the market and the practices of our customers.in this case we decided to adjust your account Agreement to reflect changes in the legal or regulatory environment, improve our ability to respond to market fluctuations, to standardize our business, and to change some of our pricing and fees to better fit the different ways our customers manage their accounts." How stupid do they think we are?
I was able to pay part of my balance and then transferred the remainder to a a low interest (for now) credit card. Everything was done online and my balance was zero, so I sent them an email asking them to close my account, which they did, but then stuck it to me further by charging me a $45.34 "cash finance charge". I cannot get anyone to tell me what this charge is for. If they continue to insist that I must pay for this additional rip-off, I plan to dispute it with the BBB and credit card bureaus. I also plan to check with an attorney to determine if this fee is legal if I ever get an explanation of what it's for.
I'm looking into refinancing my home now and will never do business with WAMU again. It's sad that they take advantage of people this way. It really upsets me that there are people out there that will have no choice but to allow themselves to be robbed by these ruthless people.
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