Published by admin on September 25,2008
I love Washtington Mutual. I'm not just saying that. It's a great company. Home of free checking, free checks for life and the wavier of one overdraft fee per year. It is the quintessential college bank. Students who may have never had a checking account flock there knowing that they may be running on fumes but they will still be greeted with a smile at the teller.
WaMu is cool to outsiders too. Come make a withdrawl from a WaMu ATM with your snooty Wells Fargo ATM card and you won't get charged a fee from WaMu - Wells Fargo of course will hit you up for +/- three bucks for using another bank's ATM.
Corporate culture is great at WaMu too. I have an office near branches of both Washintgon Mutual and Wells Fargo. Walk into Wells Fargo and you talk to the teller as though you just got locked up at the county prison. That is, there is a yard-thick piece of bullet-proof glass between you and the fuzzy looking teller on the other side. At WaMu, there's no barrier. Just you and the teller at his "station" cleanly dispensing cash from some high-tech pod.
As the old proverb says, "All good things must come to an end" and the story of WaMu is no exception.
This is the headline right now on Yahoo! Finance:
"JPMorgan Chase buying Washington Mutual's assets for $1.9 billion after FDIC seizes bank"
What a great company with a great culture with great employees and a great retail banking network gone under by a series of bad decisions and stupid bets.
R.I.P. Washington Mutual. May the future of the banking industry learn from your successes and not repeat your mistakes.