Complaint Rating:

Company information:
WAMU
1600 N. Plano Rd., Suite 2500
Richardson, Texas
United States
www.wamu.com

On 4.23 I deposited more than $22k into my business account. I was told that the funds would be placed on hold. When I asked why the teller could only tell me that it was because it was a large deposit. I questioned her about it because the deposit consisted of six checks from different companies. The deposit receipt said stated that WAMU would allow me access to $100.03 between today and 4.25. On the 25th they would free up $4900. On May 2, they would give me another $781 and the balance (more than $17k) would not be made available until May 8, two weeks after the initial deposit.

I called our branch to talk to the branch supervisor. She said that this is a new process and that any check over $5k would be subject to being held. I advised her that out of this deposit only two checks were in excess of $5k, so how did WAMU justify holding all of the funds and how did they determine when they would release certain amounts. Unfortunately, a logical answer wasn't given.

I understand that banks will put funds on hold from time to time, but it seems WAMU is taking advantage of my money. By placing a two week hold on a major portion of my funds is ridiculous. Does WAMU not realize that checks can clear in a matter of days, not weeks?

If WAMU puts this type of hold on my funds then it restricts my ability to pay my suppliers in a timely manner. My business is fortunate to have a strong cash flow. However, it alarms me when WAMU can place a hold on funds without a logical explanation and then expect me to be okay with it.

I've been banking with WAMU for more than 5 years, but it is showing signs of unfriendly banking practices. It appears to be time we look for a new bank.