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Banking industry

Washington Mutual Eliminates ATM Surcharge Fees in California

Strategic Insights

— 1 min read

Washington Mutual, a financial services company, announced that it will no longer surcharge at its ATMs in California, effective immediately. This move comes despite a court decision striking down legislation banning ATM surcharge fees. The company's move is seen as a response to consumer demand for a more customer-friendly approach to banking. Washington Mutual's Manager of Consumer Financial Center network, Mike Amato, stated that the company is a "true consumer's bank" and aims to show potential customers what sets it apart from other financial institutions.

Key Takeaways:

  • Washington Mutual will no longer charge non-customers for using its ATMs in California, effective immediately.
  • The move is a response to consumer demand for a more customer-friendly approach to banking, with Mike Amato stating that the company wants to show potential customers what sets it apart.
  • Washington Mutual offers truly free checking, free online banking, and unlimited free access to tellers and customer service representatives.
  • The company has nearly 1,000 ATMs in California, located primarily at its 548 financial centers in the state.
  • Washington Mutual's decision to eliminate surcharge fees is expected to attract new customers and add to the company's revenue.
  • The company will make a one-time donation of $100,000 to charity and has committed to contributing up to $500,000 in total during the week of October 23-30.
  • The four charities that will benefit from Washington Mutual's donation are the California Community Foundation, San Francisco Foundation, San Diego Foundation, and the Sacramento Regional Foundation.

Statistics:

  • Washington Mutual has nearly 1,000 ATMs in California, located primarily at its 548 financial centers in the state.
  • The company has over 2,000 consumer banking, mortgage lending, commercial banking, consumer finance, and financial services offices throughout the nation.
  • Washington Mutual had assets of $185.69 billion as of June 30, 2000.

Sources:

  • BUSINESS WIRE, "Washington Mutual Announces No Surcharge at Its ATMs in California", October 10, 2000.
  • Washington Mutual's press release on www.wamu.com.

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