Washington Mutual (WAMU)
"WAMU Scammed You!"
Kicked out a decorated 83 year old veteran from his family home of three generations, mortgage fraud, checking fraud, racial discrimination and sexual harassment.
Kerry Killinger is the C.E.O. of Washington Mutual bank. His management style and allowance of unethical, fraudulent, questionable practices in favor of unearned profits has greatly harmed customers/consumers, which is a great liability to the shareholders.
Washington Mutual has been sued numerous times for deceitful business practices, some of the suits costing the company tens of millions of dollars.
I do not recommend this bank. I've had bad experiences with them and so have other people I know and read about. There are better banks out there you can do your checking and savings with and obtain your mortgages from, who will treat you fairly.
Washington Mutual isn't the most honest bank when it comes to mortgages. They've been sued over deceitful business practices. One lawsuit levied a $71,000,000 million dollar judgment against Washington Mutual for conning people who couldn't read or write English well into signing extra documents and thereby taking services they didn't need with their new mortgages.
This practice was done to many and it inflated their mortgage payments. As mentioned above, Washington Mutual lost the case to the tune of $71,000,000. That's $71,000,000 shareholders didn't have in dividends.
They've got racial discrimination lawsuits a plenty as well. Several employees sued Washington Mutual for racial discrimination and tolerating sexual harassment of black employees. They allowed black employees to be sexually harassed and verbally abused.
When the employees
reported the misconduct to management, the offenders were allowed to continue
offending. One lawsuit alleges document tampering by Washington Mutual to cover
up their tracks, which amounts to an allegation of fraud. The dubious documents
were submitted for the court case as exhibits.
Another bad practice Washington Mutual allows - There are banks who often advertise their policy that they won't penalize you for scams and unauthorized charges to your account/card you didn't make. However, Washington Mutual is one bank that will let you suffer through fraudulent charges.
I've read cases of customers' accounts being docked $7,000 for internet scams, Washington Mutual allowing the charges and holding the account holder liable for the fraudulent charges that someone over the internet illegally placed on their account.
This happened to several people, who were not amused that they had to pay for something they did not do, all because Washington Mutual was not diligent enough in verifying who is allowed access to their bank accounts.
THE MOST DISGRACEFUL CASE OF ALL is of Washington Mutual kicking out a 83 year old decorated colonel and his wife, the Reusser's, from their home. Mr. Ken Reusser served in 3 wars and was awarded the Purple Heart 5 times.
Nice way to treat a Vet, Mr. Killinger. The man risked his life many times so that you can play golf in ugly clothes and that's the thanks he gets.
Colonel Reusser had a mortgage with Washington Mutual on a property his grandfather settled in Washington County, now worth $1 million for the home and accompanying land parcel. He also had a checking account with Washington Mutual. Big mistake!
Washington Mutual allowed the theft of $87,000 dollars of the elderly couple's money to be withdrawn in UNSIGNED AND FORGED CHECKS by a dishonest accountant.
The man was apprehended and jailed for 1 year, however, Washington Mutual foreclosed on the colonel's home, as he didn't have the money to pay the mortgage. He would have had the money to pay his mortgage had they not allowed the withdrawal of all his money, $87,000 via UNSIGNED AND FORGED CHECKS. I mean, an unsigned check!
C'mon, Washington Mutual should have checked that, pardon the pun. That's something that should concern anyone who does business with Washington Mutual.
If you have a mortgage with them, do not do your checking with them as well, as they like to encourage at their branches to get more of your business/money. As mentioned above, they allowed the Colonel's account containing $87,000 to be withdrawn via UNSIGNED AND FORGED CHECKS, then swooped in like vultures seizing the decorated Veteran's 1 million dollar home and land parcel.
God have mercy on you if that bank finds out you have a valuable property with equity in it. As some of you know, certain areas have skyrocketing property values, which equals mucho equity for homeowners/mortgage customers.
Numerous account holders with Washington Mutual have complained that they allowed any ol' body to make fraudulent withdrawals, electronically or in person via bad checks, from their accounts, then actually held the customer liable for the fraudulent charges that they allowed without properly checking the authenticity of the checks/charges.
I have to agree, they are very negligent with their accounts. I had an account with them and can testify to their questionable practices. A company I didn't authorize was granted access to my account.
During the time of me disputing the fraudulent charges, Washington Mutual allowed more bad charges to be assessed to the account, then closed it and kept the money I had in it. It took months to get the money back and they tried every trick in the book not to give it back.
They've got more tricks than a magician.
Trick # 1 was, "we didn't get the affidavit" disputing the charges. The affidavit that was submitted through their interoffice system and signed in the presence of and by their employees, they claimed they didn't get.
I had to resubmit it 3 times through their local office and each time they said they didn't get it at the head office's ACH department in Northridge, California.
Trick #2 - When they realized I wouldn't give up, because I'm extremely persistent when taken advantage of, the next trick was "we can't read the affidavit." It was signed and filled out by myself and their local representative...
Yet they claimed they couldn't read it...like it was written in hieroglyphics or something.
So, being the tenacious person I am when taken advantage of, I had it professionally photocopied - the photocopying store produced a crystal clear reproduction.
Trick #3 - When I sent the crystal clear copies to Washington Mutual they said, ok we can read it, but you filed the affidavit too late, therefore we can't reimburse your money.
Not giving up, I decided to send in documentation I retained, which pointed out the blaring fact that I'm sure their records also contained, that I did indeed report the fraudulent charges and file the affidavit within 48 hours.
After I wore them out, they retracted their statement in a "oops, you're right" letter and finally gave me my money back. It took roughly 9 months. In the time it takes a woman to have a baby they were able to read an affidavit. Talk about productivity! (rolls eyes).
The worst part was they left it up to me to investigate the charges like I'm Sherlock Holmes or something.
They had all the financial data, but they left it up to the customer to investigate. Other banks don't do that. They advertise that they replace the stolen money from fraudulent charges, then investigate the dubious charges, while others immediately investigate and get the fraudulent charges tossed in a matter of days.
In a publicly reported case, Manish Harpalan was the victim of excessive withdrawals by Washington Mutual. They withdrew the man's mortgage payment 4 times. 4 TIMES! Can you imagine your bank withdrawing your mortgage payment 4 times.
For many that's enough to put you and your family into bankruptcy. No cereal for junior and no pampers for little Bessie that month cause WAMU scammed you.
Washington Mutual were sued like it's nobody's business for taking advantage of minorities who couldn't read or write English well and scammed them into signing extra documents to take insurance and other services they didn't need, which inflated their mortgages.
Once again, WAMU scammed you! However, they were sued in a class action suit with a jury awarding a $71,000,000 judgment against Washington Mutual for said misconduct.
They have been getting sued over and over again for deceitful business practices, which is not good for shareholders who invest in Washington Mutual. Why? because those type of suits wipeout shareholder profits and provides a ugly image that doesn't exactly encourage others to invest in said company.
If Washington Mutual was the last bank on the face on this earth, I'd put all my money under a mattress.
Avoid this bank. There are much better banks out there you can do business with who won't defraud you.
Washington Mutual gets the thumbs down.
To Mr. Killinger - for what you and your bank do to customers like the colonel and myself, I hope the next time you go golfing in your ugly clothes you lose your balls!
Stay tuned for the follow up to this article.
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