When Star Reviews began to compare online banks, we couldn't get those humorous WaMu commercials out of our heads. After all, who doesn't like to laugh at stodgy old bankers? It's no surprise to many that Washington Mutual Bank or ‘WaMu’ was included in our list of the best online banking out there. After all, their website looked simple enough to browse and they are a big name in banking these days. But, see what we discovered in our research below.
What's New?
- Bill pay payments are guaranteed to be paid in 4 days or less.
- Earn cash back with WaMu free checking.
- Online WaMu credit card applications with 30-second approvals.
Star Reviews Favorite Feature:
We really do like WaMu's free checking program. It's everything those funny old banker commercials make it out to be. Yes, there are dozens of financial institutions offering free checking accounts, but how many of them include free checks for life and free ATM withdrawals worldwide? The team members here at Star Reviews were so impressed with WaMu's free checking that one of us opened a new account right on the spot.
About WaMu:
WaMu is a newer name, but it's not a new company. You used to know them as Washington Mutual. "WaMu" is just a catchy new moniker the company is using. (Kind of like when United Parcel Service started calling themselves UPS).
Navigating & Using the WaMu Website:
The WaMu website is very well laid-out and easy to navigate, although you may run into confusing scenarios on some of the pages. Case in point -- when we clicked the "WaMu Free Checking" link we were brought to a page telling us that the online offer was only available when opening a checking and savings account at the same time. We weren't exactly sure which offer they were referring to and had to dig a little deeper to find out that it was in reference to the $1 minimum deposit requirement to open a free online checking account.
That being said, when you get to the bottom of the WaMu requirements, signing up is a very simple process. To sign up for the free WaMu checking account, you just have to provide them with your name, birth date, mother's maiden name, social security number (it's okay, the site is secure), driver's license number, home address, email address and phone number.
We were then brought to the page requiring us to fund the new online checking and savings accounts (remember, they have to be opened together to qualify for the $1 minimum opening balance). We provided them info from our other checking account to fund the new account (we funded with $25 into checking and $10 into savings). Then we were brought to a page confirming the identity of the new account holder (asked some personal credit questions) and the the trouble started .
We thought we were seconds away from having the account opened, but we were brought to a page saying the system was unavailable and we'd have to apply again. We contacted customer support and reapplied for the account, taking about 5 extra minutes, but we were up and running in no time.
What WaMu Offers:
- Free checking with free checks for life and free worldwide ATM withdrawals
- Instant credit card approvals
- $1 minimum opening deposit when opening and checking and savings account together
- Online CDs
- Home equity lines of credit
- Online bill pay
- 4.75% APY on WaMu Savings Accounts
WaMu Fees:
- $0 monthly charge for free checking
- $20 monthly service charge for platinum checking
- $4 monthly service charge for savings accounts with balances of less than $300 on any given day
- $12 monthly service charge for money market accounts
- $15 monthly service charge for money market savings accounts
- $30 stop payment fees
- $0 online bill pay fees
WaMu Customer Support:
Our experience with WaMu customer support was not everything we hoped it would be, although we've seen a lot worse. First, we had to jump through hoops just to talk to a live rep without providing an account number. Then, once we did get a live rep on the phone, we were transferred to another department where the hold message told us our wait would be about 13 minutes. About 6 minutes later we were finally able to speak with the rep about the problem we were having signing up for an account -- and were told we had to repeat the process all over again. Not what we wanted to hear, but at least she was friendly and honest.
WaMu also offers customer support via email and an extensive FAQ section. We submitted our support request via email and received a response within one business day. The FAQ section was equally impressive, covering topics ranging from choosing the right checking account to managing email alerts.
Upside:
Free checking, free checks for life, free worldwide ATM withdrawals.
Downside:
Glitches with the sign-up process.
Summary:
WaMu is one of the more popular online banks out there, their name a popular acronym for the Washington Mutual Bank. Their locations are everywhere, so we weren't surprised to find a pretty great online banking service. They offer free checking, free checks for life and free worldwide ATM withdrawals, so you can rest assured you're getting your money's worth. They have your typical online banking features such as online bill pay, instant credit card approvals, online CDs and home equity lines of credit. But, when we went to sign up for an account, there were some glitches with the account signup apparatus. Luckily, customer support by telephone gave us an honest and friendly answer (after being cycled through a few hoops in the automated menu system). But, email support and the comprehensive FAQs were a relief to us. We recommend their online banking all in all.