Washington Mutual reverting to previous bad behavior after bail out by fed! (page 3)

JeffT

Just out of curiosity, since there seems to be endless speculation here but no facts, have you called WAMU to ask why you got the credit increase?

I also have a WAMU credit card (it was originally Providian, seems they changed their name to WAMU, per an email I got from them on 6/1/2006).

In a more current email dated 6/20/2008 they said I had a credit increase (up $1,500 from my previous limit).

All emails I get from WAMU say at the bottom:

[...]
Washington Mutual, Inc. 1100 East Arbrook, Arlington, TX 76014.
[...]

And further below, from the WAMU website, these other cities were listed:

Seattle, WA
Dallas, TX
Jacksonville, FL
Florence, SC
Northridge, CA

What I'm trying to do is figure out which of those Bank Rate ratings posted by MeneMene applies to "my" WAMU...

[...]
WASHINGTON MUTUAL BANK FSB, PARK CITY, Utah has a very good rating and does not appear to be in trouble.
Bankrate.com Star Rating :
Safe & Sound CAEL Rating : 2

However, the following bank is in trouble.

WASHINGTON MUTUAL BANK
HENDERSON, Nevada
Bankrate.com Star Rating :
Safe & Sound CAEL Rating : 5
[...]

So far I don't see an address at their site that puts them in either Henderson, NV, nor Park City, UT.

----------------------

However, at the very bottom of their webpages it says:
[...]
"Deposits are accepted by Washington Mutual Bank (WMB) and Washington Mutual Bank FSB and are FDIC insured."
[...]

So it looks like "my" WAMU is connected to BOTH of those ratings (one good, one bad) since the names are the same...??

---------------------

From their corporate profile page, FWIW :
https://www.wamu.com/about/corporateprofile/default.asp

[...]
WaMu is a Delegated Underwriting and Servicing (DUS™) lender for Fannie Mae’s complete line of multi-family financial products.
[...]

------------------

All addresses from their Contact page:

https://www.wamu.com/customer_service/contact_us/default.asp
[...]
Phone Numbers & Addresses
Personal & Business Banking
Banking customer service (800) 788-7000
24 hours a day, 7 days a week

Banking customer service - International (800) 540-WAMU (1-800-540-9268).
or call collect (818) 775-6420
24 hours a day, 7 days a week

Online and Mobile Banking and Bill Pay® Service (800) 788-7000
24 hours a day, 7 days a week

Washington Mutual
Attn: Online & Mobile Banking
P.O. Box 1165
Northridge, CA 91328-1165

Telecommunication
Device for the Deaf (TDD) (800) 841-1743
Monday thru Friday, 6:00am - 7:00pm
Saturday, 6:00am - 5:00pm
Pacific Time

Home Loans & Other LendingHome loan applications (877) 800-9268
Monday thru Friday 5:00am - 8:00pm Pacific Time

Washington Mutual
Attn: Internet Lending
8880 Freedom Crossing Trail
Jacksonville, FL 32256

Home loan customer service (866) WAMU-YES
(866) 926-8937

Monday thru Friday 5:00am to 8:00pm Pacific Time
Home Loan Customer Service
P.O. Box 100576
Mail Stop: FSC0170
Florence, SC 29502-0576

Home Equity / Consumer Loan customer service (888) 800-8738
Monday thru Friday 5:00am - 6:00pm
Saturday 5:00am - 2:00pm
Pacific Time

Consumer loan applications (800) 933-3590
Monday thru Friday 6:00am - 8:00pm
Saturday 8:00am - 5:00pm
Pacific Time

Small business loan customer service (888) 991-0993
Monday thru Friday 5:00am - 6:00pm
Saturday 7:00am - 4:00pm
Pacific Time
Servicio en Español: (888) 991-0849

Credit Cards
Credit card customer service Please call the number on the back of your card or statement,
or (866) 892-9268.
24 hours a day, 7 days a week

Credit Card general inquiries Attn: Card Services
P.O. Box 660509
Dallas, TX 75266-0509

Credit Card payments Attn: Card Services
P.O. Box 660487
Dallas, TX 75266-0487

Other WaMu Services
WaMu Investments, Inc. (800) 888-0055
Monday thru Friday 5:00am - 6:00pm
Saturday 6:00am - 2:00pm
Pacific Time

Washington Mutual Insurance Services (800) 685-9551
Monday thru Friday 8:00am - 5:00pm Pacific Time

Corporate switchboard (206) 461-2000
Monday thru Friday 7:00am - 5:00pm Pacific Time

General inquiries Washington Mutual
Attn: General Inquiries
1301 Second Ave.
Seattle, WA 98101
[...]

--------------

So who knows... I never use their card anyway... they don't do email billing and are still using paper statements, and I'm trying to get as little paper mail as possible, so I use a different card that will bill and can be paid via email/online.
/ag

free2beme

I have friends who work for Washington Mutual. Most do not expect the company to last past October, even with bail out. The plane is going in at to steep of an angle, nothing can pull it up at this point.

restrangled

For anyone following this thread, you're going to love the following and it was just as I suspected!

I called customer service, and asked "How was WAMU able to increase credit when this company is in financial trouble and credit is tight?, The gentleman gave me the pat answer of periodic increases based on history. I told him, I understand that, but where is this additional increase coming from? He started laughing and told me to hang on.....he then read the following statement apparently off of his computer.

Your investments are safe with WAMU, we have an additional 50 million in liquidity based on our "Fannie Mae" home loan section. Congratulations on your increase.

I am summing up what he said, but that was basically it.

r.

JeffT

Well I guess the bright side is that as long as I have politicians with their hands in my wallet, they might as well give some of it to somebody I know.

MeneMene

Both of the WAMU institutions are owned by the holding company Washington Mutual, Inc. The same website is used for all (www.wamu.com). This is normal that the holding company has the website and you access their institutions from the same site.

http://www.ots.treas.gov/?p=InstitutionSearch

What used to irritate me so bad when I worked for the federal regulator of national banks is that it appears some banks try real hard to make specific information like this not too obvious. The different addresses are just processing offices. As a matter of fact, the full name of the bank should be on your Cardholder Agreement but most people probably don't read those very closely or keep them handy.

I'm curious now & have sent them an email asking which institution issues their credit cards. Will let you know if I get a response.

Providian used to be a national bank and 'in my opinion' was using terrible deceptive practices in issuing some of their credit card accounts. They were finally fined and later closed and the accounts sold.

restrangled

Mene, absolutely no information is available on my statements, card, or the website I go to, to check on my account.....www.wamucards.com.

My initial paperwork is long gone.

r.

MeneMene

From what the fellow told you on the phone it sounds like he was acknowledging it was from the troubled institution.

abbagail

Ha! Who knew a credit card thread could be so interesting!

Love the people at the end of #800's... they never can speak forthrightfully... they always have to take you through the hoops they are told to say... Since the Govt bailed out Fannie and Fred, I guess WaMu thinks it is now rich and "safe" for a long time to come... their website stated that they are a DUS for FannieMae...

And great follow-up, Mene!

Ah, holding companies, I heard somewhere along in life that those are what you create when you want to "hide behind" them.

[...]
What used to irritate me so bad when I worked for the federal regulator of national banks is that it appears some banks try real hard to make specific information like this not too obvious.
[...]

Not only banks, but it seems to me LOTS of businesses seem to make it hard to find out the real facts. I have found that if I read thru with a fine-toothed-comb their Privacy Policies and User Agreements on the web, and stuff like that, I can *sometimes* find some "real" contact info.

As for Cardholder Agreements, etc., I am the type that would have all that stuff in my folder, but all my file cabs are in storage.

Thanks for the Providian correction... Their emails made it sound like, "We have changed OUR name to WaMu..." as if it was something they wanted to do, lol.

Look forward to hearing what WaMu has to say if they answer your email, lol. Go get 'em!

abbagail

Addendum:

As restrangled described...

From the WaMu corporate profile page:
https://www.wamu.com/about/corporateprofile/default.asp

[...]
WaMu is a Delegated Underwriting and Servicing (DUS™) lender for Fannie Mae’s complete line of multi-family financial products.
[...]

So, as I said, I guess they think they are now rich with the fed holding up Fannie Mae's fanny.

Washington Mutual reverting to previous bad behavior after bail out by fed!

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