WAMU-Equity Accelator Programunscheduled auto deductions and unrevealed fees

This review was posted by
a verified customer
Verified customer

Wamu equity accelerator program deducted mortgage form my checking account before the due date that was agreed on. With them doing this, messed up my checking account balance. This resulted a lot of overdraft fees charged. Then another thing is that the person talking to me on the phone informed me that I have to pay $295.00 as enrollment fee for the program. i was shocked to hear this because nothing of that amount was written on the paper that they sent.


  • Jj
    jjw Dec 15, 2008

    WAMUI Equity Accelerator program sounded like a good idea,

    what a mess, they could not find my reference info, then when i signed up they could not find that i signed up (even though i have the emails to prove it).

    called in numerous times, impossible phone queue. there is no way to speak to a live person without responding to the prompts

    once you get in, they dont allow you to speak to management and refer you to some other toll free number which basically points you back to a the same call center.

    i canceled, did what they told me, yet they still tried to debit my bank account! this resuled in overdraft fees which they refuse to pay for.

    WAMU - i dont think you give a ###, but i'm done with you. I have moved over 100k of assest to US bank and will start moving my loan away.


    0 Votes
  • An
    animex Jan 27, 2011

    Well first off, if you bothered to read your letter, you would have seen the deferred one time enrollment fee of 295.00 which IS LISTED on the letter, dont whine like a baby because you were NOT adult enough to read a simple contract, and if your checking account balance was messed up, once again be an adult and take responsibilty. my god, how can you people be so abtuse????

    0 Votes
  • Fo
    forrwen May 21, 2011
    This comment was posted by
    a verified customer
    Verified customer

    EQUITY ACCELERATOR IS A SCAM! No matter which bank you deal with! Probably the paperwork you got made it sound like it was part of your bank but it is not! The company is a seperate entity owned by Western Union (do a WHOIS search of the company name). Even though it seems your mortgage payments are made to your mortgagee, they are not. EA takes the bi-weekly payments, uses your money (for which you pay a fee of $2.50 each payment plus the initial enrollment fee), then remits to your mortgagee only once a month. The only benefit to this program is the the 13th monthly payment which goes directly to principal. Anybody with a calculator and a bank account can do the same thing, save the fees and make a bigger dent in their mortgage. Open a second bank account and set up weekly or bi-weekly recurring transfers into that account (depending on how you get paid.) Pay your mortgage from that account. Once or twice a year go into the bank (or online) and ask to make an extra payment (prepayment) to your mortgage for whatever amount you are comfortable with. You could even go in once and month and put a couple of hundred dollars down on the mortgage. It doesn't seem like a lot but over time it can make a huge difference! Another thing that makes this program a scam - in pretty much every other place in the world (certainly in Canada), when you pay bi-weekly, the payment is credited bi-weekly. So the principal balance of the mortgage upon which the interest is calculated is lower with each payment. Therefore you pay more principal and less interest with each payment you make. So properly applied bi-weekly payments are the way to go because of this and the extra payments.

    0 Votes
  • Mj
    M. Jordan, RN Aug 02, 2012

    I used them and it saved me LOTS of money. This was on a house that I owned ten years ago. I'm in a different house, now. The good thing is that the $295 is a one time fee, so, I can call them up and put my new mortgage on biweekly payments and they won't charge me the fee anymore. It just makes it easier to make a payment with each paycheck.

    0 Votes

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