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December 25, 2007

People holding a CA checking account can’t apply a WA savings account in Washington Mutual

This October, I was surfing the website of Washington Mutual and suddenly I found if you have the existing WaMu’s checking account, you can link it to a new savings account with the rewarding interest rate 4.75% APR and without minimal balance. This rewarding deal attracted me to apply for a new savings account.

At that time, I had one thing in my mind: I opened my checking account some years ago in California; my current billing address is in California, but I live in Seattle now. Can I open a new savings account and let WaMu send my ATM card to my apartment in Seattle ? Therefore, I wanted to give it a try.

During the process of applying a new savings account, I was informed that I couldn’t apply because I have more than one residency. I called the customer service center and one of the representatives told me that I couldn’t use California’s checking account to apply for a Washington state’s savings account because they are in the different state. She told me that I needed to change CA address to WA address first and then I could apply.

According to WaMu’s MIS system, I can guess some points as follows:

1. Every state has their own database for customers.

2. People can withdraw money in 50 states, but they can’t apply for another state’s checking account or savings account online unless they change their addresses first.

3. WaMu’s employees in Washington State can’t have the permission of requesting the new debit card which was open in California.

America is the “United” States of America. I don’t know why Americans can’t apply multiple accounts in the same bank , but from different state. Is it related to the state law or does it only happen in WaMu?

Do you think it is an interesting issue?

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