Dedicated to Deposits: Deals, Data, and Discussion

Those 5% WaMu CDs Are Nearing Maturity - Issues to Consider

POSTED ON BY

Chase Manhattan Bank
Were you one of those who opened the 5% APY 12-month WaMu CD last year when WaMu was desperate for cash? I was one, and my WaMu CD is about to mature next month. A few readers have also emailed me about this, and there are questions about the best way to close the CD and withdraw the funds. With WaMu being transitioned into Chase, there are some extra complications.

It would be unwise to let this WaMu/Chase CD automatically renew. The standard rate of a Chase 12-month CD is only 0.25%, and that is the rate you'll get if you let your CD automatically renew. If you want to stick with Chase, you should try to open one of their CD specials which at least has some reasonable rates. The most competitive is 2.25% APY for a 24-month term. This is listed at Chase's CD rate table as of 7/27/09. The special rates require a Chase checking account, and may also require new money, but you could always try to negotiate (see update at bottom).

As I described when I posted on these CDs last August, the grace period at maturity is 7 calendar days. You'll have to contact Chase at the date of maturity or during the grace period if you want to avoid automatic renewal. (see update at bottom).

On the issue of the best way to receive the CD funds, I've been told different things by multiple CSRs which is likely due to the Chase transition. As a Texas resident, my WaMu online account was transitioned into the Chase system over the weekend. Other states have different schedules. I logged into my Chase account yesterday, and the WaMu CD showed up along side my Chase checking account. So the transition seemed to go fine for me.

My plan to close the WaMu/Chase CD is to call Chase when the CD matures and request that the funds be transferred into my Chase checking account. Then I'll use my Ally savings account to intiate an ACH transfer to pull the funds from Chase. According to a Chase CSR who I called last week, I should be able to call during the grace period and have the CD funds transferred to my Chase checking account. However, I haven't received such confirmations from WaMu CSRs. I spoke with a WaMu CSR from their call center and she wasn't sure if that would be possible. The only two options she gave me to receive the CD funds were to request a check to be sent by mail or request a check at a branch. I called my local WaMu branch, and the local CSR said that I could visit either a WaMu or Chase branch (now that the transition in Texas has occurred) and request a check. She also wasn't sure if I could call and have it transferred into my Chase checking account (see update at bottom).

If you decide to request a check to be mailed, make sure you follow up. I have heard a few cases that occurred at other banks in which the bank did not follow instructions and just let the CD renew.

If have already closed out a WaMu/Chase CD or if you've received instructions from a WaMu/Chase CSR, please leave a comment.

If for some reason you forget to close the CD during the grace period and the CD automatically renews, you'll be liable for an early withdrawal penalty if you want to withdraw the funds. I thought this would be small since these penalties are typically based on what would be earned on 6 months of interest. The amount of interest earned when the rate is only 0.25% is going to be small. However, according to Chase's disclosure, the early withdrawal penalty for a 12-month CD is as follows:
For terms of one year or more, the early withdrawal penalty is equal to $25.00 plus 3% of the amount withdrawn.

And the penalty may eat into the principal:
Early withdrawal penalties may require a reduction in the principal amount if the amount of accrued and unpaid interest on the deposit is less than the penalty.

So if you miss the grace period, and you do an early withdrawal of the entire amount, you'll be hit with a very substantial penalty. For a $10K CD the penalty would be $325.

I'm going to miss that 5% CD. A year ago I didn't think we would be seeing interest rates as low as we have today.

Update 1:24PM PDT 7/27/09: I called again, but this time I was forwarded to the Chase sales department which appears to be the department which handles CDs. If your WaMu account has been converted to a Chase account, I was told that Chase rules apply. Chase rules that are different than WaMu rules include (according to the CSR):
  • Chase has a 10-calendar-day grace period which is an improvement over WaMu's 7-day grace period
  • I was told that Chase does not accept instructions before maturity. The CSR said that WaMu used to accept instructions before maturity, but Chase requires that you contact them at maturity or during the grace period
According to the CSR, they do accept instructions by phone, and they can transfer the CD funds into your Chase checking account. The transfer should complete in one business day. They can also mail you a check or you can pick up the check at a Chase branch (or a former WaMu branch). This applies to CDs that had been WaMu traditional CDs or WaMu Online CDs (mine was an Online CD). As for their CD specials, they currently do not require new money, so opening a Chase CD special with the old CD funds should be an option.

Edit 1:24PM PDT 7/27/09: Changed wording of the advice against auto-renewal. Bankers and their attorneys may see the recommendation as bad financial advice ;-)

Related Pages: Chase Manhattan Bank

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Comments
60 Comments.
Comment #1 by Doug (anonymous) posted on
Doug
I think I got in on the very last day of the 5% online WaMu CDs, and took the 13-month term, so mine won't mature til early November.

Hopefully rates will go up a bit by then, so my money can find a better home than what's available now.

Meanwhile, it is good to see my WaMu CD successfully transferred to my Chase account.

1
Comment #2 by john (anonymous) posted on
john
You can call in your instructions up to 35 days prior to maturity. I called the wamu customer service number and instructed the csr to transfer my cd at maturity to my wamu checking account. I was given a confirmation number and was told the transfer would take place the day after the actual maturity date. No problems - so far. ????

1
Comment #3 by Anonymous posted on
Anonymous
You have 10 days to renegociate or close your CD at Chase.

And you do not need new money to get the CD RATE SPECIALS. Existing money is okay.

1
Comment #4 by Anonymous posted on
Anonymous
Every time I call WaMu I get a different answer from the overseas CSR. The echo on the phone is so bad I can't understand what they're saying. I don't have a Chase or WaMu checking account (and don't want one).

One CSR said that all I have to do is call with instructions for the CD and other CSRs say that they need a notarized letter to get the funds. It may depend on the dollar amount of the CD.

I've gotten two different mailing addresses to send the letter to. You would think they would have a wire transfer option but they don't.

They said it will take 7-10 working days to receive a check. Their customer service is lousy!!

1
Comment #5 by Anonymous posted on
Anonymous
.

>> One thing that I recommend is to
>> NOT let your CD automatically
>> renew. The standard rate of a
>> Chase 12-month CD is only 0.25%,
>> and that is the rate you'll get if
>> you let your CD automatically renew.


You might want to consider choosing your words carefully. Perhaps you are straying into the domain of 'financial advice' when you start recommending people what to do, or not do, with their money.

As long as you mention that such and such bank has such and such interest, you are merely giving information about what you believe is accurate which is well short of 'financial advice'. As long as you write that 'I do not plan to renew', you are merely communicating what you are doing with your own money. But once you start 'recommending' others about actions they should/shout-not take with their money ... maybe you've crossed the line.

.

-1
Comment #6 by Anonymous posted on
Anonymous
I needed to call four times and sit on hold 4 times. The first 3 times my instructions to Chase to send me a check for the matured balance were ignored "somehow". 20 business days after I was first promised the funds, a Chase csr promised to "overnight" the check. I told them this was really aggravating, because I needed that money to pay taxes. They sympathized, and the check came 4 days later, by regular mail.

1
Comment #7 by marc (anonymous) posted on
marc
Umm, his "recommendation" is simply to not do something stupid. There's nothing wrong with telling someone to know throw money away when the tip has no downside to it. He's not telling someone to put the money in stocks, just that if you want to keep a 12 mo. CD going for another term, move it to some other 12 mo. CD that pays significantly better by calling them up or moving the money out. Same product (as long as FDIC is around, different bank doesn't matter).

1
Comment #8 by Anonymous posted on
Anonymous
Anon @ 9:05am:

Exactly what "line" is BankingGuy crossing here? In case you haven't realized it, this is an *informal* blog setting, not a face-to-face meeting with my investment adviser. I appreciate any *informal* advice BankingGuy provides, such as NOT carrying money over into a 0.25% CD (which obviously NO one should do, even in this environment). Perhaps you should choose YOUR words more carefully?

1
Comment #9 by Anonymous posted on
Anonymous
.

>> Umm, his "recommendation" is
>> simply to not do something stupid.

Stupid recommendation or wise recommendation ain't the issue here. Issue is the financial recommendation itself!


>> Same product (as long as FDIC
>> is around, different bank
>> doesn't matter).

But it does. Same product at a different bank may take the person about FDIC limit. If that happens then whether FDIC of exists or not don't matter.

.

1
Comment #10 by john (anonymous) posted on
john
When I called this last time , I was shocked with the customer service being as good as it was. I talked to someone here in the states that I could hear and understand. Helpful and knowledgable. VERY odd. I have called other times in the past and swore I would remove my money as soon as it matured. I will probably still do that. I am pretty sure the grace period after the maturity date is only 7 calender days. Start the process NOW. You CAN instruct how to cash out your cd up to 35 days in ADVANCE of maturity date. Keep names and where the csr is located and get a confirmation number.

1
Comment #11 by Anonymous posted on
Anonymous
I opened my WaMu CD on line. Does anyone know if I can get a check for the CD (once it matures) directly from a WaMu brick and mortar bank? ...the CSR sure didn't know.

Bank guy: thanks for all your excellent "financial advise!"

1
Comment #12 by Anonymous posted on
Anonymous
BankingGuy has not crossed any line. I get informal financial recommendations all the time from lots of people -- friends and coworkers, right on up to my accountant. These are just recommendations, take them or leave them. I always do more research before acting on any financial advice. BankingGuy's recommendations usually prove to be spot on when it comes to maximizing my returns on conventional accounts and CDs. If you dislike that he is freely giving advice that helps the little guy, there is a good chance you are a member of the Big Bank establishment or a financial planner.

Regarding the assimilation of WaMu into Chase, I got an e-mail telling me that I had to log in to my CD account and indicate that I wanted to continue to receive e-statements; otherwise, I would automatically start getting paper ones. My thought was that maybe the 5% rate is contingent on receiving e-statements, and it drops if you go to paper. Anyway ... there was no such option under the account, and the CSR's response via e-mail was generic and useless. So I'm waiting to see if anything unpleasant happens. Sure hope not. Anyone else have this experience?

1
Comment #13 by Anonymous posted on
Anonymous
When my 6-month CD matured, I called WaMu asking them to transfer the balance to my WaMu checking account. After spending 30 minutes giving all my personal data, she told me she still could not verify my information and so they could not do the transfer. And I had to go to a local branch. (Fortunately there is one near me.) But what a total waste of my time. The local branch manager told me that I could never have my money transferred over a phone request. I NEED to go to a local branch.

Be reminded that you don't get any interest earned for the 7-day grace period. Go get your money as soon as it matures.

1
Comment #14 by Anonymous posted on
Anonymous
Banking Guy,
I love this guy! He has helped me become fairly wealthy. I make over 100K in interest every year. He is on top of it. WIth his followers comments and everything else, have no issues. Thanks again

1
Comment #15 by Anonymous posted on
Anonymous
When my Cd was about to mature I called and the CSR set up a request for my money to be deposited into my checking account on the maturity date. I don't remember how early I did this but I recall there was a time element, perhaps 30 days before maturity. On the day of maturity my money was deposited into my WAMU checking account. I then wrote a check for the amount and moved it. No problems.

1
Comment #16 by Anonymous posted on
Anonymous
To Anonymous, 9:05 AM July 27, 2009

In theory, I think that I would agree with you. In practice, I don’t. The “theory” part is that if some unwise woman puts a hot cup of McDonald’s coffee between her legs, have it spill on her, gets burned, and then sues and wins an $80,000,000.00 settlement for her unwise actions, then Banking Guy should be aware that there are many unscrupulous people out there who might sue him for his “financial advice.”

However, I think that most people will realize that this is a blog site. Everyone, including myself in this post, is free to give their own personal opinion. I think it is up to each individual reader to decide whether or not to follow the advice of Banking Guy or of any of the posters. Banking Guy is stating the facts and offering his opinion. (In my opinion, his advice is pretty good.)

Also, if you scroll down a little, on the right-hand side of the page, you will see Banking Guy’s Disclaimer. The second paragraph reads: “Articles listed on this site are for informational purposes only and do not serve as investment advice or as a recommendation of the products or businesses described within.” That’s pretty clear to me. Banking Guy is offering information and not individual investment advice. How can he offer individual investment advice without knowing the specific finances of a particular reader?

So for the few who would like to hold Banking Guy responsible for their own mistakes I would say, “Read at your own risk.” Take the very good information that Banking Guy gives and use it as you desire. If you make money, great! If you lose money it was your decision where and how you invested your money.

Banking Guy, keep up the good work. It is greatly appreciated by many!

1
Comment #17 by Anonymous posted on
Anonymous
My WAMU 5% CD matures Sept. 26, this happens to be a Saturday. If they are open on Saturday, I plan to walk into the Chase Bank with my cerificate and ask for a check. Should be no problem, Right..
Thank you so much, Banking Guy, for all the excellent recommendations you hand out everyday.

1
Comment #18 by Anonymous posted on
Anonymous
I just called WAMU to have my CD moved to my WAMU checking account when it matures in August. The CD will be available the next day in my checking. Got confirmation number...no problem!

1
Comment #19 by Anonymous posted on
Anonymous
Snippy back and as usual is trying to stir the pot!

1
Comment #20 by Anonymous posted on
Anonymous
.


>> In theory, I think that I would
>> agree with you. In practice, I
>> don’t. The “theory” part is
>> that if some unwise woman puts
>> a hot cup of McDonald’s coffee
>> between her legs, have it spill
>> on her, gets burned, and then
>> sues and wins an $80,000,000.00
>> settlement for her unwise
>> actions, then Banking Guy
>> should be aware that there are
>> many unscrupulous people out
>> there who might sue him for his
>> “financial advice.”

I guess you got the point I'm making. When I 'recommend' BG to choose his words carefully, I am not being critical. Far from it.

I too appreciate the good deeds BG is doing, but I know that no good deed goes unpunished. Therefore I'm sounding a caution.

Of course BG can take this 'recommendation' or ignore it.

.

1
Comment #21 by Vivek (anonymous) posted on
Vivek
I'm just wondering why everyone is thinking of getting a check from Chase/Wamu, why not give them instructions to wire the funds once they are deposited in your checking account, which offers free wire transfer.

I know some banks/CUs charge for incoming wire transfers too (another scam), but in my opinion that would be the most convenient option when the other end doesn't charge for incoming wire transfer.

Just my 0.02 :)

1
Comment #22 by Anonymous posted on
Anonymous
A word of caution, Chase checking accounts go "inactive" after only 10 months of inactivity.
If you plan to transfer your CD funds to or from a Chase checking account, be sure to make the account active beforehand, otherwise you may have unexpected problems.

1
Comment #23 by Anonymous posted on
Anonymous
BankingGuy is giving great ideas, recommendations or advice if you want to call it that! It is all up to you to accept or reject it.

I have worked for several banks in an executive capacity. If you were to speak with a banking financial advisor, in my opinion, you would find someone that: 1) has little to no financial investment of his/her own money in the offering, 2)works mainly on commission--so your money is needed for a paycheck, 3) could care less about you, 4)has to meet financial bank goals otherwise is axed, and 5) lacks proper focus.

You should always be responsible for the outcome of your own money, and not be foolish to any consultant unless you want to give away your $$$. In that case, please write me.

1
Comment #24 by Anonymous posted on
Anonymous
I was told that wire transfer of a maturing WaMu CD is not an option.

1
Comment #25 by Doug (anonymous) posted on
Doug
Chase wire transfers only work with Chase checking or savings accounts, not CDs (WaMu or Chase).

So simply have the funds moved there first.

If you don't already have a free Chase checking acct, keep in mind you can get $50-125 just for opening one (see numerous BG posts).

Also, here's another bonus: WaMu used to offer FREE outgoing wire transfers. Chase will also do the transfer for free---but only if you point out that you used to be a WaMu customer.

1
Comment #26 by Anonymous posted on
Anonymous
Last year I transfered money from matured Online CD to checking account online. I did not talk to CSR or did not go to local branch. It looks since Chase, lot of things are changed making it painful to get own money.

1
Comment #27 by Anonymous posted on
Anonymous
Going forward, I'm going to be very careful with my blog post wording. Looks like the internet police have found this blog and are monitoring closely.

1
Comment #28 by Anonymous posted on
Anonymous
Nope, the internet police are not watching.

Just some "certified financial planner" bank employee who got a bee in his bonnet because BG had the audacity to remind everyone how truly greedy banks can be.

1
Comment #29 by Anonymous posted on
Anonymous
To: Anonymous, at 9:05 AM, July 27, 2009

Good advice. Banking Guy should be careful. He needs to write without creating any appearance of financial advice.

If some fool sues Banking Guy with frivolous suite it will be sad. Banking Guy may need to at least appear in court to respond.

1
Comment #30 by Anonymous posted on
Anonymous
.

>> how truly greedy banks can be.

... Err ... And what about those bank-flipping rate-chasing depositors?

... Nah ... Those depositors ain't greedy ... Those are the most generous, charitable, god-fearing, law-abiding, loyal, decent, human-beings that have ever done business with any of them banks!

.

1
Comment #31 by rjm (anonymous) posted on
rjm
I had a 4.25% 1 year wamu CD that I opened 7/21 that apparently.

I had WAMU set to send my a check on 7/3 which is the date they said it expired.

When I didnt get it todays mail I called and it hadnt been mailed yet. I asked for an ACH transfer but they refused.
So I accepted that they were mailing my check tommorow. (5 days late)

Then, I log into my Chase CC account there there is the old wamu account, showing it automatically renewed for another year at 1.25%.

Called back and they said thats wrong and it wont be renewed and my check will be mailed tommorow.

They offered me the 2.25% for 24 months despite me not having a checking account with them. I declined. Not enough of a premium to lock up my money for that long.

1
Comment #32 by Anne (anonymous) posted on
Anne
I called today for my cd maturing Aug. 28. They are transferring it into my checking account and the csr gave me a confirmation number. The funds will be available on Aug. 29th. She said I could give instructions 35 days prior to renewal. We shall see...

1
Comment #33 by Anonymous posted on
Anonymous
If you are going to edit Banking Guy’s comments and save him from future lawsuits, then why don't you contact him directly and keep this type of garbage off this blog!

1
Comment #34 by Anonymous posted on
Anonymous
.

Edit 1:24PM PDT 7/27/09: Changed wording of the advice against auto-renewal.

Yes, you're catching on ...

.

1
Comment #35 by Anonymous posted on
Anonymous
.

>> why don't you contact him
>> directly and keep this type of
>> garbage off this blog!

Well ... he already has responded to this sort of garbage ... so yours is moot point. :-)

.

1
Comment #36 by Anonymous posted on
Anonymous
One word of advice about WaMu free Checking Account for life. It will be converted to a Chase Free Extra Checking with no fees.

However, if you do not use it for six months, it will be converted to a Chase Better Banking Checking account with a $12 monthly fee or free with 1.5k in the account

1
Comment #37 by Anonymous posted on
Anonymous
Let it go Snippy, let it go!

1
Comment #38 by Anonymous posted on
Anonymous
Snippy, you must be a lonely miserable guy, who is looking to find a hair in an egg after it has been boiled over.
What is your problem?
The Banking Guy is just reporting of what is going on with the interest rates and specials.
We, the readers, either comment or ad our previous experience with the bank. His advice is always right on the money, including the CDs.
If you are tort lawyer, say so and get lost, if you are NOT tort lawyer, get lost anyway. You comments are convulsive and distasteful for this blog. Most of us don't even pay attention to you anymore.

1
Comment #39 by Anonymous posted on
Anonymous
I believe that if a CD matures on a Saturday (or any day for that matter), it matures at the END of the day. Which means that you can't get your money until the next business day. Monday in this case.

1
Comment #40 by M (anonymous) posted on
M
Thank you again for another helpful post! I have a 5% WamuCD which doesn't mature until October and have been trying to decide the best place to put it and how to get it there. If I decide to go with Reward Checking accounts, I am going to have to split it up between 3 or 4 different banks because of the top cap on the good interest rates. I have been wondering the best way to do it. I do have a Chase checking account and both accounts show on chase online. BTW for anyone interested in opening a Chase checking account to put their monies in to do an ACH push (no charge for ACH push or pull at Chase) I saw $100 bonus in Sundays paper for opening a Chase checking account. Thanks so much for all your help!

1
Comment #41 by Anonymous posted on
Anonymous
Ban Snippy!

1
Comment #42 by Anonymous posted on
Anonymous
M, I have 4 rewards checking accts. 3 are at Malvern Federal(up to 35K for each) and 1 at FNCB which has great cust service. You have to be able to keep track of your card purchases for each acct. I have labels on each malvern acct #1,#2#3 and do the charges at the beginning of the month. I use the cards anywhere i do not use my 5% cash back Chase card for groceries and gas and drugstores. i also have DD for my 2 jobs and use the bill pay for all bills i get. So far its working out. good luck barrytuneup@yahoo.com

1
Comment #43 by scott (anonymous) posted on
scott
Chase CSR's are clueless, I have two 5% CDs, One Matures in August and other Nov :). I called to ask about getting Matured CD put into the checking and was told no it can't be done that way and best thing to do is come into branch, Told him no Branches in MA and before opening with WaMu I made sure the CDs could be put into the checking. Then I asked to speak to someone with a brain. He came back and apologized and said no problem moving it into checking

1
Comment #44 by Virginia (anonymous) posted on
Virginia
Thanks for the advice, BG! We all really appreciate thoughtful and informative follow-up posts like this one. The suggestion to change the wording was probably good - erring on the side of caution is wise as long as you can still make your point. It would be really unfortunate if you got sued over something so minor. :(

1
Comment #45 by Anonymous posted on
Anonymous
Anonymous @ 1:43 AM said "...if a CD matures on a Saturday (or any day for that matter), it matures at the END of the day."

Actually, the CD can be redeemed on the maturity date as soon as the bank opens its door; interest payment ceases on that day, unless the CD is renewed/rolled over. If that date falls on a Federal Reserve non-banking day, then refer to the terms of the CD for the earliest redemption date.

1
Comment #46 by Anonymous posted on
Anonymous
Personally, I would not rely on instructions to get your money where it is going. Certainly, you must follow-up on it, which largely defeats the point.

I would suggest calling or going into a branch during grace to get it done. I would suggest going with the latter, if that is an option.

I will repeat a previous question: Should I expect to be able to close online CDs in branches now? Previously, you had to deal with online support to close online CDs; the branch folks could not touch them.

1
Comment #47 by Anonymous posted on
Anonymous
RE:"You CAN instruct how to cash out your cd up to 35 days in ADVANCE of maturity date. "
Please post the correct # to call to do this.

RE:"Also, here's another bonus: WaMu used to offer FREE outgoing wire transfers. Chase will also do the transfer for free---but only if you point out that you used to be a WaMu customer."

Any record of this... I'd LOVE to get mine wired.

1
Comment #48 by Anonymous posted on
Anonymous
I just called my local WaMu branch. They said I can definitely pick up a check from them on the maturity date for my on-line CD. All I need is my account number and two forms of ID.

1
Comment #49 by Anonymous posted on
Anonymous
I have just 12m CD that will mature at end of Sept and I don't see any other accounts when I logged to wamu online. However, I have in Active state my bank external account.
But, I don't see any ways to set up external transfer from this CD to my bank.
I sent email to wamu/chase and got useless reply with generic info, where I asked simple and specific Q. about how to setup this external transfer for matured CD?
In answer I got that my CD will auto renew with new APR and I'll have grace period, bla bla bla.
I plan to come to local branch and ask the same Q. or about how to get check?
Thanks to BG to bring this issue up.

1
Comment #50 by Anonymous posted on
Anonymous
RE:"You CAN instruct how to cash out your cd up to 35 days in ADVANCE of maturity date. "
Please post the correct # to call to do this.

>>>I'd try Chase Customer Service at 800-935-9935 and see if they can do it for you.

RE:"Also, here's another bonus: WaMu used to offer FREE outgoing wire transfers. Chase will also do the transfer for free---but only if you point out that you used to be a WaMu customer."

>>>This was a well known WaMu feature, but beware that I tried to do this when WaMu was still WaMu and was told you could ONLY initiate the free outgoing wires *IN A BRANCH*. No other way to do such as fax, online, or by phone. Since I lived several hundred miles from nearest WaMu branch and had opened the acct online, this was useless to me.

1
Comment #51 by Anonymous posted on
Anonymous
Also you can still go here:

https://www.wamu.com/personal/checking_account/wamu_free_checking/default.asp

and see the description of Wamu free checking stating free wire transfers.

1
Comment #52 by Anonymous posted on
Anonymous
Banking Guy is my hero.

1
Comment #53 by Anonymous posted on
Anonymous
I called Chase today to inform them that I do not want to renew my CD which matures on August 28, 2009. I spoke with four different people and I was told by all of them that I have to call on or after August 28th. I told them that I could give my request 35 days in advance, but all of them said that I could not.

Which number are you calling to let Chase know you don't want to renew your CD? These people were very hard to work with.

Also, they said that after they receive my request, it will be 5-10 business days before I receive my check. I'm not a very happy camper about all of this!

1
Comment #54 by Anonymous posted on
Anonymous
I have WAMU CD's that have converted over to Chase (Florida). Mature at the end of August. Called the Chase 800 number. The CSR was very nice saying she could help me until I said I wanted the money deposited into my free WAMU (Chase) checking account. Then she said I had to go into a local branch office, she could not help me. We will see what the local office has to say.

1
Comment #55 by Anonymous posted on
Anonymous
Be very specific & careful when speaking with Chase about your WAMU CD.

I called Chase/Wamu two weeks in advance of the CD maturity date; gave out huge amounts of privacy & identity data to 2 different reps.

I requested the maturing CD funds be transferred to my WAMU/Chase Savings Account.

The rep said "the transfer will take place within one business day."

This seemed odd since there was still 2 weeks left on the CD, but I thought "no problem; they want to get out of paying this 5% asap".

But at the end of the call by the grace of God I asked "are there any fees or penalties?" and the rep says yes, there will be a penalty for early withdrawal!

Chase will try to cheat you. Also be prepared to hand out all kinds of privacy data, including your height on your driver's license.

1
Comment #56 by Anonymous posted on
Anonymous
be advised! my c d matures and even though their CD notice that was mailed says to call the 800 number to close the acct, the rep in the phillipines said i must go in t he branch to close it due to the amount. this is redicuolous!

1
Comment #57 by Anonymous posted on
Anonymous
My WAMU 5% online CD matures Friday October 9 2009.
The WAMU/Chase conversion does not complete until October 24 in Arizona.
My only option is to deal with WAMU over the phone even though I already have accounts with Chase.
I have requested WAMU to deposit the CD proceeds at maturity into my existing WAMU checking from which I can make an external ACH transfer to my pre-linked external account.
This appears to be the most efficient option depending on how quickly WAMU makes the deposited funds in the checking account available for withdrawal.
Wish me luck...

1
Comment #58 by Anonymous posted on
Anonymous
My 5% wamu CD matured today. So I called the phone number on the letter they sent me. After punching all these options, finally I got to talk the customer rep in India. I had to answer two security questions. I was told they could not confirm the answer to the questions therefore they could not process my request. I asked to talk to the supervisor. She informed me that I have to call back tomorrow since they could not process the request today. I told her that I wasn't going to call tomorrow. I want it processd today. I opened the account online and I expected to close my account online or over the phone. I was then somehow transferred to a local branch. The poor teller told me he was not authorized to do it over the phone and I have to go the branch personally. I tried again the phone number and finally the customer in Phillipines asked me two security questions again. This time it went through. I was told the check will arrive in 5 to 7 business days. Be sure to get a confimation number. The whole process took almost an hour. So you may need to get prepared. Good Luck.

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Comment #59 by Anonymous posted on
Anonymous
I was just at my local WaMu branch - still separate from Chase until late Oct here in Colorado. The rep told me about Chase's early withdrawal penalties, and said that "since he had met with me" he could take care of the transfer from my maturing 5% CD later this month. So, if you get to the bank before the CD is mature, be sure to talk to the bank rep, so they will know you and can complete the transfer out of the CD when it matures.

I'm not sure if this would work in states where WaMu has already combined with Chase.

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Comment #60 by Rachel (anonymous) posted on
Rachel
I had two WaMu CD's to mature this past month. Both were HORRIBLE experiences trying to close the CD's. I was actually given a request confirmation number over the telephone and the CD's were automatically renewed anyway. They said they had no record of my request! I definitely recommend going in person to a branch to pick up a check!

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