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Washington Mutual, Inc. was founded in 1889 in order to save the economy of Seattle after the big fire that had nearly ruined the city. The largest US savings and loan association is headquartered in Seattle, Washington. Its main products are consumer banking and numerous financial services: retail banking, consumer, mortgage and business lending, credit card services, insurance services, . The revenue of Washington Mutual is about $15.962 bln. The company has more than 60,798 employees. The subsidiaries of Washington Mutual are Washington Mutual Financial Services, Washington Mutual Insurance Services, Washington Mutual Card Services. The tagline of the company is: "The WaMu way". |
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Consumer Rating: 75 Review Points
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Banks
A bank is a type of financial institution that acts as a payment agent for customers, and borrows and lends money. In the United States banks are not allowed to own non-financial companies. Banks operate as payment agents since they conduct checking or current accounts for customers, paying cheques, and collecting cheques deposited the current accounts. Bank also enables customers to pay via other payment methods which include telegraphic transfer, EFTPOS, and ATM. Banks borrow money since they accept funds placed on current accounts, accept term deposits and issue debt securities.
Banks offer almost all types of payment services. The activities of a bank can be subdivided into retail banking, private banking, business banking, and investment banking. Banks offer more commercial services which include: issue of banknotes (promissory notes issued by a banker and payable to bearer on demand); issuing bank drafts and bank cheques; providing documentary and standby letters of credit, guarantees, performance bonds, securities underwriting commitments and other forms of off balance sheet exposures; safekeeping of documents and other items in safe deposit boxes; currency exchange; sale, distribution or brokerage, with or without advice, of insurance, unit trusts and similar financial products as a 'financial supermarket'.
Most banks are profit-making and private enterprises. However, some banks are government-run, or non-profits. Central banks, as a rule, are government owned.
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