WaMu: Hype vs. reality
A marketing/advertising campaign that highlights the differences between your company and your competitors is great, assuming those differences are real. When they’re not, the perception you’ve created will only serve to frustrate customers who expect to experience the image you’ve created.
I had a direct experience with the gap between hype and reality this past week with Washington Mutual (WaMu), the bank that positions itself as the human, caring bank, drawing a line between their casual approach and the stiff, hidebound demeanor of the other guys. First, there’s the language WaMu uses to describe itself on its website:
You’ll know it right away: We’re really not like other banks.
We’re informal, friendly and fun. We take our customers’ money seriously, but not ourselves. We even call ourselves by a fun name that started out as a nickname years ago: WaMu.
We’re the bank for everyday people.
In fact, we believe no one else focuses on consumers, small business and commercial customers like we do. We listen to our customers and give them what they value—yet at the same time we make banking simple and enjoyable.
The advertising features a casually dressed young spokesman juxtaposed against a horde of older, stiff, formal competitors.
Nice image. Here’s the reality:
If you’ve been reading this blog, you know that my son, who completed his three-year enlistment in the U.S. Army two years ago, was activated for another 400 days in Iraq (he spent a year in Iraq with the 101st Airborne during his enlistment). Once he got his orders, he was in a frenzy of preparation for about a month.
Upon arriving at Ft. Benning, Georgia, where he was ordered to report, he realized he was out of money. He called and asked if I could put a couple hundred bucks in his WaMu checking account. I went to the bank with cash, but was told his account had been closed. It had been overdrawn for over 40 days.
I asked about the overdraft amount. It was $5.98, $5 of which was a bank charge. Fine; Ben was preoccupied with preparations for his return to war (and by the interruptions it was creating—he had just become engaged and was on the brink of beginning a new career). I would just pay the overdrawn amount and reopen the account.
Sorry, I was told. We can’t reopen the account. “The circumstances don’t qualify for an exception.”
I explained that Ben had been recalled by the Army and that his WaMu ATM was his only access to cash, and that he probably missed the statement because of the rush to get ready to report.
Sorry, those are the rules, I was told. Ben could open a new account online. Fine, I said. Can the new account be linked to his existing ATM card? No, I was told. It would take about a month to get him an ATM card. By which time, of course, he’ll have been deployed.
I called Ben to explain the situation and he was stunned. “I was in the bank three weeks ago handling the paperwork for direct deposit of my Army paycheck,” he said. “Nobody said anything about my being overdrawn.”
I explained what Ben had told me. The answer I got:
“It’s not our responsibility to tell him. He should have checked his statement.”
Strictly speaking, Ben was overdrawn and didn’t check his statement. His attention was elsewhere. But this is the bank that “gives customers what they value” and makes “banking simple and enjoyable.”
I’ve been racking up sizable charges sending money to Ben via Western Union as he opens a new account with Wachovia so the Army has somewhere to deposit his paychecks. When his ATM card arrives, we’ll have to ship it to him in Iraq. At the end of my last attempt to get WaMu to make an exception and reopen the account, I was reminded that he could open a new account. You think? When $5.98 matters more than the sacrifice a customer is making for his country? When their caring attitude is captured in the statement, “It’s not our responsibility?”
The Stanley Cup Playoffs will be held in hell before anyone in our family has anything to do with WaMu again.
When you hype your company the way WaMu does, you’d better make sure the customer experience is in synch. Otherwise, you wind up with posts like this one.
That’s sad.
Those are the rules, you were told. Rules are made to be broken at the right time, I say.
Posted by Mike Keliher on 11/18 at 01:05 PMThat really stinks Shel. As a former soldier myself I’ve seen first hand how financial institutions can take advantage of active duty and veteran soldiers. Don’t even get me started on these loan outfits and front loaded mutual fund advisors that prowl around of U.S. military bases all over the world. There is hope though.
I highly recommend that you have Ben move his accounts over to USAA. I’ve done business with them since my days serving in Germany in 1995. USAA was started by soldiers and they still know how to treat soldiers and their families correctly.
I’ve always done business with USAA virtually and have rarely had a problem with the many savings, insurance, mortgage or investment products that I’ve had through them. USAA even refunds the first $15 in ATM fees every month since they have no ATM network. As a result I have never lost any money to those silly ATM fees.
I’m sorry to hear about the financial troubles. And I wish Ben all the best during his next tour of service.
Posted by Rob Safuto on 11/18 at 02:12 PMRob, thanks. I’ve done work for USAA over the year; I should have thought of them immediately. I’ll definitely pass the advice on to Ben.
Posted by Shel Holtz on 11/18 at 03:55 PMI am so sorry for what they have put you thru but I am not surprised. I have lived a hell of my own with this company, for over a year and a half now with no end in site. Unfortunately I was one of there mortgage nightmares.
Go with a local hometown bank or credit union, who really do care about the people and this will never happened.
Wamu if there is any justice in this world will be made to pay for their misleading lying and manipulated ways.
You should report this to the SEC, they need to know.
I pray your son comes home safely and to thank him for protecting us.Posted by Deborah Tyson on 11/18 at 05:11 PMShel, this is just awful. Very sad when there was no one at the bank who could have said, “We have to make an exception here.” Sheesh.
Posted by Donna Papacosta on 11/18 at 05:56 PMYes Shel, don’t forget us here in San Antonio
I think that policies and rules are helpful, but more helpful are corporate values. When you have strong values that are understood all the way down to the line manager, than making decisions like these become easy.
Running a company from values empowers the employees to do the right thing and build strong relationships with the customers.
Posted by Kami Huyse on 11/19 at 08:36 AMShel -
I’ve been fuming since I read your prior post that Ben was being sent back to Iraq. I prayed for him every night during the last tour and I’ll do it again now, but I am infuriated that he and your family, not to mention his fiance, are having to go through this again.
And then to have WaMu pile on is really shameful. As you so succinctly say, this really bursts the bubble of their advertising. I have been considering changing banks and WaMu was on my list, but no more. I hope your post denies them many more customers, and Wachovia treats Ben the way he deserves to be treated, with respect and special consideration for his circumstances.
Posted by Kris Gallagher on 11/19 at 09:32 AMMy nephew is being recruited by WaMu -
ironically to work on their social media initiative.You can be sure, Shel, that I am sending him a link to your blog. He is a college grad with five offers and an active network of peers.here’s to the power of your blog in spreading the word.
Smart bank executives would be commenting here about what her/his bank would have done in your son’s situation. (Where are they?)
Where are those people?)
Posted by Kare Anderson on 11/19 at 10:43 AMShel,
Sadly, I myself was leaving the country for a six month vacation and wanted to add my parents to my account so they could make deposits, withdrawels, etc. they were in oregon. i was in San Francisco. WAMU refused to add them without both parties being physically present in the SAME branch location!!!!!! how is that for customer service. A friend ran into the same situation when he moved to Spain. His money was locked up in WAMU and he had to make a trip BACK to California. instead, he just pulled the money out and put it in a Schwab account. Add yours to the list…Posted by Val Huntington on 11/19 at 10:55 AMShel:
First, thanks so much to you and your son for your sacrifice. It truly is appreciated.
Secondly, I think that this is complete garbage on the part of WAMU. It shows how important it is to develop a “message” and positioning that your company can get behind. Obviously either the employee or the company doesn’t believe in the message that they are sending out.
Thank you for bringing this to light so the rest of us know a company to steer clear of.
Kevin
Posted by Kevin Behringer on 11/19 at 12:49 PMI was going to leave a rant. Instead I’ll just add my kudos to USAA. 25 plus years as a member and have never been treated in a manner that is inconsitant with me being treated like a customer.
I can’t name another business I can make that claim about.
And best wishes to you and your son. As a Veteran I have nothing but respect and admiration for his service - and your willingness to allow (and support) him while he serves.
Rob
Posted by Rob La Gesse on 11/19 at 01:14 PMShel,
Talk about a punch in the gut! Sorry to hear about your son’s banking experience. USAA would love to see if Ben qualifies for USAA membership and then help him get things squared away. We’ve got banking and deployment experts standing by to help but we need a little more info from you or Ben so we can make sure he gets hooked up with the team that values his service and sacrifice and “knows what it means to serve.” If he hasn’t already left the country please let him know he can call our Deployment Team at 1-877-233-7569 or if he’s already down range and has access to the internet he can go to http://www.usaa.com to become a member. Standing by to help!
Mike Kelly, USAA (25-year Air Force veteran)
Posted by Mike Kelly on 11/19 at 02:20 PMMany banks/cards have deployment policies. A servicemember may freeze account on deployment; decrease interest rate and manage fund distribution.
Normally, I keep my “blog life” apart from work. In this case, as part of the AAFES team, I would recommend a Military STAR Card from the Army & Air Force Exchange Service. “We Go Where You Go!”
Posted by Lauren Vargas on 11/19 at 04:40 PMHey Shel:
Sorry to hear about your son’s redeployment. Thank him for the sacrifices he’s making.
I was hoping I would scroll down to see a post from a WaMU representative. Instead, there is a comment from a USAA rep. That, to me, is pretty exciting.
Can we get the banking industry on board social media outreach? If there is *any* industry that needs transparency and consumer engagement, it’s that one.
Thanks for sharing you “WaMU Hell” experience.
Posted by Chris Lynn on 11/19 at 05:58 PMShel. That just got my back right up. I ‘dugg it’ right away (not something I normally do). To close an account for less than a dollar overdrawn for a few weeks just stinks. Any bank that valued their customers would have a overdraft limit of, say $50 or more (chargeable, or even free!) and would take some months or non-deposits before they got brutal like this. They should balance the cost of gaining a new customer against losing one. As one of my favourite quotes goes “Be kind, (for) almost everyone you meet is fighting a great battle.”
Posted by jed baxter on 11/20 at 02:25 PMShel,
What a nightmare! I wish I lived in your area so I could boycott this poor excuse for a bank. Sadly, there are many others just like them.
Thanks to your son for his service to our country. May God watch over him until he returns home safely.
Posted by Mike Buckley on 11/20 at 02:41 PMShameless. I’m sorry I have my mortgage with them. Absolutely shameless. First chance I havetobolt, I will.
Posted by Eric Schwartzman on 11/20 at 08:13 PMShel:
Please accept my apologies on behalf of my fellow WaMu colleagues for the unnecessary grief and trouble you and your son endured while he was preparing to defend our country.
At risk of sounding “corporate,” please let me also tell you that this sort of treatment is an anomoly—which does not make it any more acceptable.
It’s disappointing to me personally to see our core values we so proudly aim to live up to (fair, caring, human, dynamic and driven) were not—it seems—demonstrated in our interactions with you and your family.
I realize that it is more than likely “too little, too late” but I’d be happy to do what I can to make this right by you and your son. I’m not sure how best to communicate with you directly, but will see if I can uncover an email address for you and contact you.
Despite evidence to the contrary in your post and other comments, please know that WaMu truly is a company with heart and I’m willing to do my best to put actions behind those words.
Again, my sincerest of apologies to you and all the best and gratitude to your son for his service.
Posted by Brad Russell on 11/20 at 10:54 PMAre you KIDDING me? I can’t even react to this without lots of four letter words.
Pathetic is the only nice thing I can say. This is horrible and the last thing that should be happening to you or anyone right now.
Posted by C.C. Chapman on 11/21 at 05:09 AMUnbelievable Shel! It sounds like redress may be on the way judging by an earlier comment but that it unfolded as it did is incredible. Here’s hoping this is cleared up ASAP…
Posted by Terry Fallis on 11/21 at 05:37 AMShel:
What these b———s have done is outrageous, and it does give the lie to everything in their expensive, carefully orchestrated campaign to pose as the “bank of the ordinary guy.”
This is exactly what we need: A large corporation making one soldier’s life much more complicated, anxious, and distracting than it need be just before he goes off to fight an unpopular and deadly war.
It makes me so angry that these clowns have no patriotism, no common sense, and absolutely no sense of gratitude toward someone who is putting his life on the line (supposedly) to protect them from the terrorism that had people like them demanding at the top of their voices that the army of the United States do something NOW for the safety of them and their families five years ago.
Mark my words, this miserable five dollars and ninety eight cents will come back to haunt them, and I hope in a big way. I’d love to see a reduction in the value of their precious stock as patriotic people start to take their money out of WaMu. A reduction of 75% in the value of a share of WaMu stock would be a good way to remind them that there are things in life far more important than an overdraft of ninety-eight cents.
Please keep me informed of what these idiots do to apologize to your son. I can’t wait to see their spin on their own miserable stupidity.Bill Sweetland
Posted by Bill Sweetland on 11/21 at 06:03 AMI’ve been a proud member of USAA since 1993 and wouldn’t turn anywhere else. Definitely go there - they are ACCUSTOMED to the chaos that is military life and are more than willing to accommodate.
Posted by Christopher S. Penn on 11/21 at 06:09 AMI’m sincerely grateful for your comment, Brad, and will watch for your email. And I appreciate your kind words for Ben.
You should know that the situation I recounted here was not the action of just one WaMu employee. We dealt with two in the branch and at least four, from at least three different departments, over the phone. We ran into the same answer everywhere we turned. I appreciate that you view this as an anomaly, but with everybody involved toeing the same line, it seems much more like culture to me…at least, that’s the perception that was created.
Posted by Shel Holtz on 11/21 at 06:52 AMShel
I’m so sorry to hear about the crap you and your son had to go through. Brad may be a decent guy, but your response to him - dealing with several people on several levels shows me that it is corporate culture and not some low level employee. Someone who could be easily fired.
My guess is that if this didn’t happen to a prominent blogger, it would never be dealt with.
My guess that WaMu is going to understand what social media is all about.
I hope your son stays safe.
Posted by Jonathan Trenn on 11/21 at 07:06 AMI read your blog this morning and I am outraged to say the least! Why not include the email address for the customer service department at WaMu and then send this email out to all the families who are supporting their loved ones serving our country overseas?
I think this whole bank issue needs to be escalated NOW and then see what happens to their ad campaigns. You know the military families will be up in arms and will take action. If they did this to your son can you imagine how many others this has happened to? Is this any way to treat a member of our armed services. I’d even let our elected officials know about this as well.
Perhaps you could set up a website where other military men and women could write about their similar issues with banks. I’ll bet credit unions don’t do this thing to our military men and women! What else happens to folks who are trying to get their lives in order before they are deployed to our version on earth of “hell?”
This is a perfect story for this time of year of thanksgiving and families and all the rest of the stuff the media thinks and writes about this time of year! I could easily see this on the national news programs and what would WaMu have to say then???
Posted by Joann Killeen on 11/21 at 07:18 AMSad and totally preventable. There are no excuses for treatment like that.
Posted by Michael Seaton on 11/21 at 07:21 AM>>Why not include the email address for the customer service department…<<
The link below takes you to a form on the WaMu site where you can leave a message, which I did yesterday (somewhat caustic and pointed, but clean) with a link to this blog post and discussion. Don’t know where it goes to but besides sending a mass note to everyone who works there who is in my LinkedIn network (hmmm…doesn’t sound like a half bad strategy) it’s at least a start.
https://online.wamu.com/MessageInbox/SendMessage.aspx
Posted by Craig Jolley on 11/21 at 10:05 AMShel, it’s all been said in the other comments, but I’m writing to add my support and thanks to both you and your son. I’m a satisfied USAA customer for 24 years and my son’s in the Navy. Godspeed till your son comes home.
Posted by Suzanne on 11/21 at 01:08 PMI was trying to calculate the proper circle of hell for them, but gave up.
No excuse for WaMu, but even 25 years ago, I found mainstream banks unable to serve the military properly. After nothing but grief from my hometown bank, I turned to Navy Federal & got three years of banking bliss.
It’s sad, but, all too often, only ex-military watch out for the people in service.
AJ
Posted by Allan Jenkins on 11/27 at 12:46 PMShel,Sadly, I myself was leaving the country for a six month vacation and wanted to add my parents to my account so they could make deposits, withdrawels, etc. they were in oregon. i was in San Francisco. WAMU refused to add them without both parties being physically present in the SAME branch location!!!!!! how is that for customer service. A friend ran into the same situation when he moved to Spain. His money was locked up in WAMU and he had to make a trip BACK to California. instead, he just pulled the money out and put it in a Schwab account. Add yours to the list…
Posted by Small Business Loans on 01/17 at 02:28 PMI thought that the purpose of paying on line was to pay sooner then 6 days. I might as well send through the mail if it takes that long. The only bill that paid the next day was our home equity loan. I do not want to be responsible for things being late and my interest rates going up, so what is the purpose????? So tell me WHY should I pay on line????? Thanks Shirley Brown
Posted by Shirley Brown on 02/25 at 11:18 AMI’m not a big fan of banks. Any bank for that matter. They all have their stupid little rules to screw us out of a few dollars that adds up to millions. I keep most of my cash in the house just like grandpa used to and it has worked out just fine. You always have to have accounts, but the majority of my money is at my disposal. I hope your boy is doing ok overseas. I thank him for his service.
Posted by Starting a small business on 03/10 at 06:13 PMExactly, alot of the financial institutions are in the business of making money, whether it’s through credit cards, or bank charges. They can be like talking to a brick wall sometimes.
Posted by sale in canada on 04/09 at 03:40 PMThey have no shame or morals . Their liars and cheats and wamu with any luck you will be bought out or better yet have YOUR doors shut!
God bless you and your son
Posted by deborah on 04/09 at 04:15 PMCompanies such as this dont mind your credit, they just look at their income from credit cards, loans, <a >Manufactured Home Refinance</a> and other businesses that involves large sums of money
Posted by patrick on 10/09 at 04:35 PM
Next entry: Firebrand: TV commercials as entertainment
Previous entry: Alcatel-Lucent turns to Second Life competition for crowdsourcing effort