Welcome to the News View for "Washington Mutual".
Here, on these archive pages, you'll find all of the articles on Payments News for Washington Mutual listed in date sequence beginning with the most recent article at the top of the page.
Aspan notes: "If there is one issuer from which JPMorgan Chase is taking lessons these days, it is all the way at the other end of the spectrum from Wamu and Providian: American Express Co. ..."
As part of its announcement, the OTS provided a Fact Sheet on Washington Mutual .
Included in the transaction is the card services segment of Washington Mutual - according to the presentation prepared by JP Morgan Chase, it will become the #1 US credit card issuer with $181 billion in receivables.
If true, the combination would bring together the #2 US credit card issuer (JP Morgan Chase - by receivables) with the #6 issuer (Washington Mutual). Based upon year-end 2007 numbers, the combined company would have $177.7 billion in receivables vs. Bank of America, the current #1 US credit card issuer, with $158.1 billion in receivables. For more background on Washington Mutual's credit card business segment, see this Washington Mutual Card Services presentation from July 2008.
Although consumer understanding of credit scores has improved over the past year, it remains poor, according to the latest credit score survey commissioned by the Consumer Federation of America (CFA) and Washington Mutual Bank (WaMu). Less than one-third of Americans (31%), for example, understand that credit scores indicate risk of not repaying a loan, rather than factors like knowledge of, or attitude toward, consumer credit.
Washington Mutual has announced that it 'expects to issue 12-15 million Debit MasterCard with PayPass cards in 2008, making it the nation’s largest issuer (as of Q42007). WaMu launched Debit MasterCard with PayPass nationwide in January, offering the card to new customers opening its signature WaMu Free Checking account, as well as to all WaMu Small Business customers. In March, the bank began issuing Debit MasterCard with PayPass to customers whose debit cards are renewing.'
Washington Mutual (WaMu) has joined NACHA as a direct financial institution member. According to the most recent NACHA Top 50 list, WaMu is the nation's fifth largest receiving financial institution of ACH payments.
Washington Mutual and ESPN have launched the ESPN Total Access Visa Card and they're calling it "the most comprehensive affinity credit card for sports fans ever." The card allows fans to earn rewards tied to their enthusiasm for sports, and "provides unique access to a wide range of sporting events and VIP experiences that only ESPN can provide."
Plaintiff law firms Berger & Montague and Lerach Coughlin have announced that a nationwide settlement agreement has been reached in a consolidated federal class action lawsuit about use of certain payment cards for foreign transactions. Defendants in the case include Visa, MasterCard, Bank of America, Bank One/First USA, Chase, Citibank, Diners Club, HSBC/Household, MBNA and Washington Mutual/Providian. MasterCard this morning has filed an 8-K with the SEC stating it "has agreed to pay $72.48 million, which constitutes its share of defendants' $336 million settlement." As an aside, MasterCard also reported that it had agreed to settle the "Schwartz Matter for $13.44 million, which is expected to be paid in 2007."
Washington Mutual has introduced a new paperless account opening experience that couples 100% online approval and opening, and eliminates the need to mail a traditional signature card. The signature on the first paper check the consumer writes is scanned by the bank and becomes the sample signature for the account.
Washington Mutual is promoting its new free outgoing wire transfers to LA's Latino community. WaMu says it is "making the process of wiring money more affordable by introducing the new WaMu Free Checking account, which offers free foreign and domestic outgoing wire transfers."
The Consumerist is collecting stories from consumers who have recently had their debit cards replaced by their banks - several of which involve Washington Mutual in what appears to be the routine migration of WaMu's debit cards from Visa to MasterCard and not the result of any debit card data compromises.
Washington Mutual has announced it is introducing a new free checking product that "combines an unprecedented bundle of features that all add up to convenience and value never before seen in any checking account." The new WaMu Free Checking account features include free checks for life, free ATM cash withdrawals, and a Gold Debit MasterCard with rewards of $0.03 per purchase transaction (either PIN or signature-based).
American Express announced two major bank credit card issuing partnership deals this week: Bank of America and HSBC.
In both deals the removal of each bank from the list of defendants in the litigation American Express is pursuing (re: damages associated with MasterCard and Visa losing the US antitrust case) may have been an important element.
Washington Mutual has announced the launch of the Washington Mutual MasterCard Gift Card. The card costs $3.95 plus a $1.00 first class shipping and handling charge in addition to the value loaded onto the card.
First Data Corp. has announced that it has been selected by Washington Mutual to provide authorization and settlement processing for Washington Mutual's nine million card signature debit portfolio -- extending a previously announced relationship between Washington Mutual and First Data's STAR Network where STAR serves as the preferred brand and network for PIN-secured, online debit point-of-sale, and ATM processing.