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Wamu simply "lost" over $1000 of my kids savings
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Mar 7, 2008 Washington Mutual complaint |
Last year, I opened 2 Certificates of Deposit at Washington Mutual, one for each of my children (using their own savings). Both accounts were opened with $1000 dollars.
The CDs matured in February, 2008, and (because the rates have declined significantly), I opted not to roll over the CDs. I called Wamu, and after waiting on hold for 30 minutes, got a representative to close the 2 accounts and transfer the funds into my checking (so I could move the money elsewhere, of course, but I didn't tell them that...).
They closed both CDs and the accounts both went to $0 balance. However, only one of the two (identical) deposit amounts showed up in my checking. The other money is simply... gone.
I tried calling customer service; that didn't work. I tried talking to a manager; that didn't work either. I was told the money would be in the account by the close of business; that didn't happen.
I went into the nearest branch, and they claimed they don't know anything about it. I called the executive offices, and they promised to investigate and get back to me by the end of business today. I called them just before the end of the day when they hadn't yet called me-- no answer (left a message for them).
They are very elusive about where the money went; they seem to know something from looking up the transaction confirmation numbers, but they get nervous when I try to find out what it is, and won't answer a direct question. So there's no indication of where my kid's money went-- but always promises to fix it, without any fix actually occurring.
The irony of this was a conversation I had with my 2nd grader just last month after watching the run on the bank scene in "Mary Poppins": "How do you know you can get your money back when you put it in the bank?" she asked me. I reassured her about how our system works... but now, I wonder if that system really does work so well. Apparently, not at Wamu!!!!
Are accounts will definitely get moved out of this badly-managed institution-- if they ever find our funds, that is.
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1. Written by jhin, on 13-05-2008 14:41
try to contact the FDIC, (the federal regulators) file a complaint
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2. Written by Get Over IT, on 09-03-2008 17:24
Youll get your money back. 
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3. Written by shipaddict, on 08-03-2008 20:47
We have had nothing but problems with Wamu Bank and our mortage. Our payments never balance with their balance. We have had a lot of escrow money disappear that never was credited to our account. A disgrunted employee tracked down our missing money and printed out the info and mailed it to us so we had proof that it had been paid and then went missing. So we have a copy of our checks and the print out to prove we apid it. I called the corp office and demanded to speak to the CEO's office. I got a few different people in that office till I got a good one that agreed to help resolve the problem. We finally got released from paying any escrow to our mrtage and set up a private escrow account at another bank. However, the monies we paid towards the escrow in 2007 is still missing and no one at Wamu will find it and apply it to our mortage. As soon as our house is paid off we will never ever use that bank again. They really cannot be trusted with our money.
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