Today I received a letter from my bank. It used to be WaMu but is now Chase with the WaMu name until early 2009. The letter is a standard corporate “personal” letter from the Senior Vice President — Chase Business Banking. And if you believe that one, I have some WaMu stock to sell you.
The letter begins:
At WaMu, the security of your business information is a top priority — and we know it’s important to you. Check Safekeeping is one of the best tools we have to keep information about your business secure. That’s why we are adding it to your account as a free service.
Beginning with your March 2009 statement, you will no longer receive canceled checks enclosed with your statement. However, with Check Safekeeping, you can still view your checks online by going to wamu.com/open and signing up for our free Business Online Banking service…
Now aside from the fact that I was under the impression I had free online business banking since I’ve been logging into my free Wamu business account since 2004, do they really think I believe I consider it a “service” to stop sending me my canceled checks and make me go online to view them? Seriously, WaMu has been badgering me for years to go with a paperless statement. That’s what they call it. Every month I get the recommendation to move to a paperless statement. Obviously, I haven’t wanted to cancel my written statement. So why would I consider it a service?
Do they really expect me to believe they are doing this because they are worried about “the security of my business information?” I live in a semi-rural community on a single lane, dead-end road with six houses. I and my husband work from home. My neighbor’s are retired or work from home. When something outside disappears, we know it’s raccoons or roaming dogs. I don’t see them opening the mailbox.
After giving me a sales pitch about Check Safekeeping and then giving me a pitch about also getting my statements exclusively online, I’m informed:
If Check Safekeeping is not for you, we can continue to send you canceled checks with your statement. If you have any questions, or to opt-out [emphasis mine] of Check Safekeeping, simply call us at 1-866-680-4957 by January 16, 2009. Otherwise, you will automatically received our Check Safekeeping service beginning March 2009.
In other words, I’m being switched unless I contact them and go through hoops within 2 weeks. It’s the standard opt-out model that is the hallmark of scammers and spammers throughout the web. I now know that WaMu/Chase’s executive and marketing departments still don’t get it. They are still thinking it’s the 20th Century and they are running the show. I guess they haven’t noticed IngDirect is offering free FDIC-Insured checking accounts with interest now. So if I’m going to have to do everything electronically already, why shouldn’t I be cool and hip as well?
After the mass reproduced signature of the Senior Vice President — Chase Business Banking is a note stating: “See important information on the reverse of this letter.”
On back, in small type is the following:
Under the terms of your account agreement with us, we may require Check Safekeeping. The terms of your account provide as follows:
If you request or we require Check Safekeeping, or if a substitute check is made of your check, your original check(s) will not be returned to you. In such case, canceled checks and other items will be deemed to be made available to you when your statement is made available. We are under no duty to retain the original (or substitute) of any canceled item. We may, at our option, retain the original or copy (including, without limit, an electronic record) of the item for such time as may be required by law; otherwise, we have no obligation to retain the original or a copy. Further, you agree that our statements provide sufficient information to determine the identification and authenticity of any transaction including, without limit, whether they are forged, altered or unauthorized if the statement includes the item number, amount and the date the item was posted to your account. Whether or not you receive your canceled checks does not waive or alter your responsibility to examine your statement.Any time limit for notifying us of any errors or discrepancies regarding such statement or items listed thereon is nor waived or altered. Check Safekeeping may begin or terminate at the first day of any statement cycle. If you need a copy of the check, just give us written or oral request to make copies: you may be charged a research charge, and/or check copy fee as set forth in the Statement of Fees applicable to your account.
Bullying legal weasel speak to say that:
- WaMu/Chase doesn’t need my permission to switch me to Check Safekeeping, they can do it whenever they like;
- Once I am switched to Check Safekeeping, Wamu/Chase is not responsible for any forgeries, fakes or illegal access to my account because
- Just telling me the Check number, the amount and the date the money was withdrawn from my account is sufficient information as far as they are concerned;
- They don’t have to actually keep the originals or even copies of the checks for physical verification (even though it might be necessary in a court case to prove that the transaction was forged or illegal) if they don’t want to (like to save storage space) and
- I’m entirely responsible for checking my statement when it becomes available and
- even though I’m not getting my checks back, any time limit they set for notifying them or errors or discrepancies (like a forged or altered check) still stands.
Well, Happy New Year to you, too!
I’ve kept my WaMu business account because I have a monthly withdrawl tied to that account and I felt a bit sorry for the WaMu employees who had nothing to do with the meltdown. And besides, it’s a free account that’s been used irregularly for the past year. But on receiving a letter that is insincere while alternating between lying and bullying, I’m looking for a new business bank — especially because my business account will be more active in 2009!
How should Wamu/Chase have handled this in a Web 2.0 world? By being scrupulously honest. They should have said something along the lines of:
As you know, we messed up and are having to pinch every penny we can to avoid laying off more staff. One of the biggest and easiest savings is by reducing postage costs. We’re sorry about this, but we really need to ask you to switch to our Check Safekeeping service. This means you won’t be getting your canceled checks back, but you can review them online. Actually, we’d really appreciate you switching to online-only statements as well. We’ll send you a monthly email notice when your new statement is ready, we’ll make your statements and check images instantly available to your for X period of time and available upon request for 7 years. You also need notify us within X days of receipt of your statement if there are any errors or discrepancies, so please check your statement as soon as it arrives.
If we don’t hear from you, we’ll be switching you to Check Safekeeping starting March 2009. If you really, really want to keep getting your checks returned, please call us by January 16, 2009.
But, please, do all of us at Wamu/Chase a favor and log into your account and switch to Check Safekeeping (and online-only statements). We want to keep our staff so we can work on providing the best service possible and redeem your trust.
An honest letter would have caused me to log-in immediately and switch my statements to online-only and Check Safekeeping. All you have to do is ask.
But if you try to con me, I’m out of here!
