Washington Mutual, formerly Providian, doubled the interest rate on my VISA from 8.99% to 17.99% in March for no apparent reason and NO notice. Been a perfect customer since 2003. However, WAMU took over Providian in 2007 I believe. My rate was set for life Providian claimed.
So, I called customer service. She didn't know why the rate was changed but she would send a letter why it was. She claimed WAMU could change terms it anytime they want without any notice according to the card holder agreement. Usually, 30 days notice is required to my understanding.
WAMU "lost more than $1.1 billion in the first quarter as the struggling economy and flagging real estate values pummeled the banks borrowers. It was the banks second consecutive quarterly loss, but Chairman and CEO Kerry Killinger promised shareholders that Washington Mutual will turn around within a year." See http://www.msnbc. Msn.com/id/24137811/
WAMU obviously raised rates on good customers to cover their loses in the subprime lending market. I guess they think I'm stupid not to connect the dots. That is what they are doing I believe.
Filing an FTC or other Federal Complaint is useless. File but don't expect the government to do anything. The Comptroller of the Currency "regulates" banks but it was 20/20 or 60 minutes that exposed that as just a gimmick.
Of course, WAMU is the "nice bank" according to its ridiculous ads on TV. Free checking even though bank execs don't like it. Yeah, you should change it too: "WAMU: We love you coming in then screw you blind later on—with a smile!"
So, I transferred all my balance to another company at 9.99%.
In these times of the real estate mortgage mess, I wouldn't be shocked if a lot of credit card issuers change terms on good customers just to cover their rearends on their mortgage defaults and foreclosures.
I'll pay off WAMU next month fully and send Chairman and CEO Kerry Killinger my card and where to shove it. Or, I might just a be a pain and leave $150 on the card just to cost them money. Better idea. All those statements mailed, book keeping expenses they have, and make sure I called Customer Service every month just to check a balance. Gee, that is revenge served cold!!! Good luck on that turnaround Killinger because you are the lowest piece of slime other than Countrywide and Bear Stearns.
I agree with others that once WAMU took over Providian, it now sucks. Providian was a great company. WAMU obviously is a bunch of slimeballs with pretty commercials. Hope Killinger, what a name, burns in hell with the rest of these Banking slimeballs!
0 comments