WaMu Launches Anti-Stodgy Banker Ad Campaign

The humorous TV and print ads poke fun at old-fashioned bankers who just can't believe the new WaMu Free Checking(TM) account and the benefits it offers -- features such as free ATM cash withdrawals, a free overdraft (or non-sufficient funds) fee waiver each year, free checks for life, cash back for debit card use, free outbound wires, and low balance alerts. All of these and more are in addition to features such as no minimum balance and no direct deposit requirements to avoid a monthly fee already offered under WaMu's original Free Checking account.

"Exactly how does that help the rich get richer?" retorts Mr. Stodgy Banker in one ad while smoking his cigar and grasping his champagne glass. He and a group of dismayed pinstriped cohorts are humorously featured as a contrast to Washington Mutual's consumer-friendly banking in the new advertising campaign developed by Leo Burnett USA, based in Chicago.

"Our WaMu Free Checking(TM) account raises the bar for the banking industry, and our new advertising campaign is a compelling, creative way for us to let consumers know that we have a product uniquely designed with their needs in mind," says Genevieve Smith, Washington Mutual's chief marketing officer. "We are setting a new standard for banking and delivering what consumers are asking for -- they tell us 'give me a break if I overdraw my account,' 'don't nickel and dime me,' and 'reward me for my business.'"

Smith adds, "The point of the stodgy banker creative is satirical but direct, and it resonates extremely well with consumers. The message is clear: if a group of stodgy bankers hates one of the new free features of our WaMu Free Checking(TM) account, we like it and consumers win."

"Washington Mutual is an industry challenger, a thought leader with an entrepreneurial spirit, and as far away from stodgy as you can get," states Rich Stoddart, president of Leo Burnett USA. "Our job was to further leverage their consumer-friendly brand and differentiate them in the market as the bank that truly serves the everyday consumer."

He further notes that the original concept of Washington Mutual versus stodgy bankers clicked early during the ad agency review process late last year. "What amazed us is that the Washington Mutual team not only embraced this idea, but consistently pushed us to take it even further. It's been an exhilarating ride made possible because Washington Mutual truly believes that a core part of their reason for being is to take a stand in one of the most staid industries in the world."

The new national campaign represents Washington Mutual's largest product launch ever, and the company is complementing it with breakthrough local marketing events -- an approach Washington Mutual has been noted for in the past. Integrated efforts include direct mail, online advertising, subway and billboard signs, newspaper wraps and guerilla marketing teams fanning out on street corners in major markets to ramp up the buzz. The new ad campaign literally comes alive today as actress/comedienne Aisha Tyler (former "Friends" actress and "Talk Soup" host) takes to the streets of NYC to interview a pen of stodgy bankers about the features of the new WaMu Free Checking(TM) account.

"The overall campaign launch is designed to break through the clutter and reach out to consumers," said Chris Matthews, Washington Mutual senior vice president of advertising and brand. "At the end of the day, consumers are the ones who benefit from the convenience and value never before seen in a free checking account."