Recession Worries?

Mike Keefe of the Denver Post back in 2002

Mike Keefe again in 2007

Seems like things never change…

Washington Mutual, No Whooo Hooo! Avoid WAMU at all costs…

I say this as a warning to consumers. I have had a Platinum Credit Card through Washington Mutual for 3 years, and never was I once late for a credit card payment. It turns out that even with a flawless payment history they are unwilling to reverse any late payments. WAMU acquired Providian Financial, I wish that I had realized that before I had signed up for a 1 year of 0% interest.

This is a brief synopsis of the events that transpired:

Signed up for e-pay with Bank of America and my payment was not made on the due date since they also like to change their due dates occasionally . My payment was not made on the due date and I called to explain the situation to the customer service representative (bit of irony) because she was far from friendly or helpful. She was extremely rude and unaccommodating. I decided to cancel my account since I hardly had enough on the card to worry about the monthly hassle of making payments. In the sales world, which I guess their CSR, who lack any real world training are unaware of this fact. It is much easier to accommodate a customer by voiding a late fee of $35 then allowing them to walk away. Apparently they do mind losing customers. This may be why their shares are trading at such a dismal price compared to the other big banks in the US. I have even written an email to Kerry K. Killinger Chairman and Chief Executive Officer, not that I am expecting any response.

I am positing this simply as a caveat to potential customers of WAMU. Here is a funny video of WAMU and their beauracracy , something they state in their commercial that they are not supposed to be. Although this is a parody, employee comments seem to justify the video.