WaMu Launches Paperless Checking Account Openings on the Web

"Consumers around the U.S. with access to the Web can now take advantage of the great new features of the WaMu Free Checking account, including no Washington Mutual fees for ATM cash withdrawals, free checks for life, free outgoing wire transfers, cash back on debit purchase transactions and one free overdraft or bounce check fee per year," said Steve Rotella, president and chief operating officer of Washington Mutual. "The account can be opened in minutes at www.wamu.com."

Washington Mutual, through its banking subsidiaries Washington Mutual Bank and Washington Mutual Bank fsb, is the first major bank to offer consumers the convenience of opening a checking account entirely online and eliminate the need to send a traditional signature card. Other banks require forms be printed and sent in before an account is opened. WaMu has introduced technology that can process the information online, verify identity, and open the account instantly. After funding, a customer uses the first check in their checkbook, which has been specially designed so that once written and processed, it is scanned and used to serve as the sample signature for the account.

The process is simple and fast. Anywhere they can access the Web, consumers can open a checking account and combine it with free online bill pay, e-alerts, direct deposit, and much more. This online capability expands WaMu's reach beyond its more than 2,100 retail banking stores in 15 states, so consumers stuck with inferior checking accounts elsewhere in the country can now get a new WaMu Free Checking account.

Authentication technology similar to the process used to access credit reports online verifies identity when opening the account. WaMu relies on information typically not used or carried by the customer to validate the identity of the applicant. The account can then be funded electronically from another institution or a WaMu account, by check in a branch or by mail if preferred. Once the account is funded, a customer will receive a Gold Debit MasterCard(R) allowing access at more than 3,000 Washington Mutual ATMs and, can get cash withdrawals at other banks' ATMs with no WaMu fee.

"While other banks throw up roadblocks and make banking more complicated, we're making it simpler and straightforward," said Rotella. "We continue to innovate in this industry and bringing new WaMu Free Checking approval entirely online is just one more way we're making banking easier for consumers around the U.S."