How To Close An Account At Washington Mutual

Email  Print Print  

WaMu SucksBefore Washington Mutual was acquired by JP Morgan Chase, in better times for the bank, they offered a yield on their online savings account that was tops in the land. Since then, the rate as fallen to 2.25% APY, which doesn’t even register on the radar of high yield savings account rates, and so I opted to close my account when I opened a Dollar Savings Direct account.

This is the first online savings account I have ever closed and I had no idea it would be such a headache. I don’t know if this is unique to WaMu’s policies or if it’s universal to online savings accounts but it was a pain. First, let me tell you about my experience and then I’ll explain the easiest way to do it.

How To Improperly Try Close A WaMu Account

In Maryland, there are no convenient WaMu branches to visit so I would have to do it by mail. Yep, they can’t close an account over the phone, which makes sense but is quite infuriating. The first time I called, I was told that I needed to zero out the accounts (I had both checking and savings) and then I could close the accounts by phone. So, I transferred all the funds out of my checking into my savings and then initiated a transfer out of savings. The checking to savings transfer was instantaneous, so I immediately closed my checking. I was told I could just call back in a couple days once the savings was zeroed out and could close that by phone. That was wrong.

What happened was that once the checking was closed, the $300 minimum daily balance requirement kicked in for the online savings account. I was assessed a $4 fee, overdrawing the account! When I called today, I had to fight with the call center CSR, who had no power but the follow the script she was given, to understand the actual process, then escalated to a supervisor who reversed the $4 fee. Overall, the experience with the call center CSR, through no fault of her own, was frustrating and infuriating but the supervisor was accommodating and great.

How To Properly Close A WaMu Account

There are rules as to how you can close out interest-bearing and non-interest bearing accounts, just forget about them. You only need to know the two ways to close a WaMu account:

  1. Visit a branch and close it with a teller. I didn’t have this option, but this is by far the easiest.
  2. Send a letter to WaMu’s Bank By Mail, indicating that you want to close your account. You’ll need to provide your account number (which you can get by viewing one of your statements through online banking) and a return address so they can send you your balance by check.

The mailing address for that letter is:
Washington Mutual BBM
PO Box 659588
San Antonio TX, 78265-9588

Don’t close any accounts over the phone, you’ll just end up decoupling your checking and savings and be hit with fees.

(Photo: Sërch)

{ 32 comments, please add your thoughts now! }

Related Posts

RSS Subscribe Like this article? Get all the latest articles sent to your email for free every day. Enter your email address and click "Subscribe." Your email will only be used for this daily subscription and you can unsubscribe anytime.

32 Responses to “How To Close An Account At Washington Mutual”

  1. Update: I wrote the WAMU a letter to the previously mentioned address. I received a bank check last week. There was no letter stating that my account has been closed but at least got the check.

  2. David says:

    I had to fight for over 30 minutes with Wamu to close a checkings account and two find out Wamu closed without permission on of my other accounts. I had to even fight with the supervisor before getting anything done. Never again.

  3. Margie says:

    I am closing a CD that has matured. Is the address
    Washington Mutual BBM
    PO Box 659588
    San Antonio TX, 78265-9588

Please Leave a Reply
Bargaineering Comment Policy

Previous Article: «
Next Article: »
Advertising Disclosure: Bargaineering may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.
About | Contact Me | Privacy Policy/Your California Privacy Rights | Terms of Use | Press
Copyright © 2016 by All rights reserved.