Washington Mutual Bank: Does it Live up to its Promises?
Written: Jun 23 '04
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Pros: Timely processing of mortgage statements; Reliable service
Cons: Many servies not offered in all states
The Bottom Line: This bank has proven to be a good one for home loans, but I should caution that the services are not offered in all locations.
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| Bryan_Carey's Full Review: Washington Mutual Bank |
One of the many banks I have had the opportunity to work with over the years is Washington Mutual, a full- service lending and banking institution headquartered in Seattle, Washington. This bank has many branches and offers services all over the United States, with on- line banking, on- line bill pay, and other web- based services to help members better manage their money.
What Does This Bank Offer?:
Washington Mutual offers services in the following areas:
Personal Banking- Checking accounts, savings accounts, etc. are offered here, with different levels of checking and savings accounts to choose from, including Gold checking and others.
Business Banking- Small business checking accounts, money market savings accounts, even payroll services and tax payment services are offered for business purposes.
Loans- Home loans, commercial loans, student loans, and other types of borrowing are available through Washington Mutual.
Investments- Washington Mutual offers its own group of mutual funds, called “WM Funds”, to help investors meet financial goals.
Insurance- Washington Mutual Insurance services, a subsidiary of the bank, offers homeowners insurance, auto insurance, life insurance, medical coverage, and other types of protection.
Customer Service:
Like most banks, Washington Mutual offers banking 24/7 via its thousands of ATM locations and its on- line web site. A depositor can conduct most business right through the on- line site, including payment of bills, transferring of funds, and other transactions. Withdraws and deposits can be made at an ATM or at a branch bank (if one happens to be close to you).
Questions about your checking account can be directed to the toll- free line, 800-788-7000. If you have questions about home loans, you can get an answer by calling 888-926-8536. Consumer loans are handled at 888-800-8738.
Final Thoughts:
Washington Mutual is a bank I have worked with for more than one year now. I don’t have a checking account or a savings account with this bank. What I have is a Washington Mutual home loan- a fixed loan that was obtained about fifteen months ago for a primary residence. I had heard of Washington Mutual in the past, but other banks (usually hometown banks) always succeeded at gaining my business. With interest rates being so low and with an attractive offer from Washington Mutual, I was convinced to give this bank a try.
My experience with this bank has, thus far, been a positive one. I am looking at a mortgage statement right now (from what I know, Washington Mutual always mails out a mortgage statement each month- it does not provide coupon payment books) from Washington Mutual and it is certainly easier to read than many other banks I have worked with in the past. A breakdown of my last payment is shown, indicating the amount of interest, principal, and the amount applied toward property taxes and insurance, held in escrow. It shows my outstanding balance, when my last payment was received, etc. The detachable coupon shows the total amount due, due date, statement date, and loan number. There is also a late date and the total charges expected if the payment is not received by that date. Like most mortgage companies, Washington Mutual will add a late charge if the payment is not received by the late date. This late charge varies based on the size of the loan (for my mortgage, it is an additional $30.20). With a grace period of 15 days to get the payment mailed in, most borrowers should have no problem getting the money there on time.
Mortgage invoice payments are posted very quickly. My payment is mailed to the processing center in Dallas and I can count on having it clear the bank in about two to four business days after it is mailed. And I like the fact that Washington Mutual prints out another new invoice and mails it to you, the customer, as soon as the payment is received. With some banks, the next invoice isn’t printed and mailed until a specific day of the month is reached. With Washington Mutual, I can, for example, mail my payment on the first day of the month; it is received on the fourth; and a new invoice is printed and mailed back to me immediately, which I will likely receive on the sixth or seventh. I like the speediness of this type of a system because it helps to keep me informed of how much I owe at all times.
Mortgage payments can be made by regular mail or on- line. For myself, I prefer the mail- in method because it keeps the cost to a minimum. If one decides to opt for the on- line payment method, you can feel comforted in knowing that your payment will be received more quickly, but it will also cost you an additional fee. The only way I recommend the on- line method is if you are close to the deadline and want to avoid a late fee. I have never had any problem getting my payment mailed in on time, so I have never needed to resort to the on- line method for late fee avoidance. If you are the type who worries about when your loan payment has been received, Washington Mutual offers a free service where it will send you an e-mail confirmation when the payment is posted. I use this myself, just for the added peace of mind that it provides.
One thing you need to keep in mind is that Washington Mutual’s services are not always available to everyone. Many of the small business services, for example, are not offered in many states. Home loans, the bank’s specialty item, are available only to residents of 32 states and Washington D.C. You need to place a call or logon to the company web site, wamu.com, to find out if the service you need is offered in your locale.
Credit cards are available though this bank, but they are issued by Citibank. This isn’t a big deal, I suppose, but it shows that Washington Mutual is outsourcing some of its services. As long as the customer service remains good and the invoices and payments are processed and mailed out in a timely manner, then I don’t see this as a problem although it could raise a few eyebrows from some consumers when they discover that a bank as large as Washington Mutual doesn’t issue its own credit cards.
Many banks exist in the U.S. and most of them offer services that are very comparable and rates that are similar. The bottom- line with most banking services is the courtesy one receives by the representatives and the lasting impression that it leaves. My experience with Washington Mutual has been positive, but I can see from reading reviews submitted by other people that the service from Washington Mutual is less than predictable. I have not used Washington Mutual’s checking account services, investments, or others, so I cannot comment on the quality or lack of quality in these areas. But I can say with certainty that my home loan with Washington Mutual and the service I have received has been better than average and a step above that of other lending institutions. I wouldn’t go so far as saying that I’m delighted, but I am definitely satisfied with Washington Mutual as a mortgage provider. The timely processing and other features have made dealing with this bank a positive experience.
Recommended:
Yes
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