I have been a loyal WaMu customer for six years now. I have been patient with their Mom and Pop banking, their often broken ATMs and their pension to hold checks for an entire week. This being said, WaMu, the BANK OF THE PEOPLE, use their own particular form of word-speak when they refer to what they call OVERDRAFT PROTECTION,
FACT: WaMu protects you with $1000.00 in overdraft.
FACT: If you dip into that "protection" they will charge you a fee every time.
I went SEVEN DOLLARS into the red, deposited my paycheck the next day and STILL GOT two charges of $33.00 each. When I called their 800 number I couldn't even get a person on the phone. They hide their telephone bankers in the mortgage and loans dept and expect us to find all our answers on-line.
Upon getting a supervisor, which took 35 minutes, she could barely articulate the policy let alone tell me why I had TWO CHARGES for ONE "OVERDRAFT".
So you know, this is what they call "protection":
They give you a thousand bucks in case you need it but charge you everytime they dip into it. It's the same as credit card companies charging outrageous fees or parking enforcement ticketing to fill quotas. It's money-lending with interest. You've be better of with Don Corleone. Pardon my French, but they might as well piss on my back and tell me it's raining.
It's not so much the fee rather the BS language they use and call us protected. It's a tax, a fee, a penalty. They say, "We're here to help but It'll cost you!".
Not the bank of the people.
This whole experience has soured me with WaMu and I might move my moneys to Wells Fargo now. BUT what's so upsetting is I moved from B of A for WaMu...
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