WaMu Hits One Million Mark in Small Business Checking Accounts

“Our increased focus on small business and meeting the needs of small business owners in a way that is uniquely WaMu’s supports our vision to be a leader in consumer and small business banking,” said James Corcoran, president, Retail Banking. “Our commitment has driven some impressive results: 35 percent compound growth in checking and 23 percent compound growth in deposits (Q105-Q108), which topped $9 billion at the end of the first quarter.”

Like its groundbreaking WaMu Free Checking™ consumer counterpart, Free Business Checking offers small business customers with a $100 opening deposit exceptional value: an account with no monthly service charge, balance minimum or transaction limits. For businesses with larger transaction volumes and balances, there’s WaMu’s Business Analysis Checking – customers can consolidate accounts into a single monthly account analysis statement, which allows their excess balances in one account to offset eligible service charges in another.

“WaMu small business customers receive the same brand of simpler, better products and friendly service that WaMu is known for,” said Frank Vella, SVP and small business division executive. “We articulate our approach in our “Learn. Advise. Grow.” customer value proposition which focuses on building a relationship with our clients, learning about their specific business and industry, and customizing banking solutions to fit their unique needs. We think of it as ‘business banking made personal.’”