The brick-and-mortar and online banks are in a frenzy trying to catch up with the latest advertising from WaMu. WaMu, also known as Washington Mutual is a Seattle-based company with over 2,500 branches. The new televison advertisement from WaMu states they give consumers no-fee withdrawals from any bank’s automated teller machines, free checks for life, three cents back on debit card purchases, and many more fee-free benefits.
Is this all WaMu Marketing or are their hidden fees?
WaMu News Release
Breaking News 9/25/2008 Update: Washington Mutual is bought by JP Morgan Chase.
Are your deposits such as CDs, Money Market or Savings safe?
Consumer reports Money Adviser investigated the WaMu free account in their July 2006 edition and found some comforting information about the bank. Money Adviser found that unlike other “free checking” accounts, WaMu does not impose either minimum-balance or direct deposit requirements. WaMu also waives charges for withdrawals at non-WaMu ATM machines. WaMu also forgives bounced check fees by waiving the first overdraft per year (value of $30).
The answer is WaMu is not the old brick-and-mortar bank anymore that throws fees at you for every move. They have come along way and if you live in an area where the bank is present and need a non-interest bearing account then this is your best bet. WaMu also offers free business checking without all the fees.
Say Goodbye to Another Closed Bank…
Washington Mutual is was the best bank even after the rate cuts and has also gradually lowered it’s high yield savings to 4.00% APY. Wamu known for their free checking (yes, really free) brings you a no-hassle high interest savings account. I have been with Washington Mutual for over a year now and they have been the best bank I have worked with in recent years. Much better than a only-internet bank such as Emigrant Direct who has a lower rate 2.75% APY and lacks at important things such as transfers.