The Post-WaMu Blues: Chase Has Lost ‘That Lovin’ Feeling’
By Freddy J. Nager
Founder, Atomic Tango
So my longtime bank, Washington Mutual (WaMu), recently got taken over by megabank Chase. ‘Twas a sad day for us WaMulians, because, for all its faults — and it had a few — WaMu was a friendly place to bank, with everything from chirpy messages on the ATMs to free candy at the teller windows. What wasn’t to like?
WaMu was expanding rapidly nationwide without losing its character. But WaMu’s execs decided to join the greedheads in quaffing some subprime Kool-Aid. We all know what happened after that… With WaMu on the verge of failure, along came a monster of the financial deep — Chase — to swallow it up.
“I’ve penned some
new lyrics to a classic
pop song that will
no longer be heard
in our bank…a little ditty
I call ‘The Post-WaMu
Chase Blues.’”
We WaMulians sighed, but were still hopeful. Perhaps Chase would recognize what a great brand they had in WaMu, and would simply clean up its finances and keep it going. But it was not to be. The name was changed to Chase. And that’s not all…
The other day my wife and I strolled into a Chase branch. It was like entering the tomb of the unknown banker. WaMu’s bright yellow had been covered in deep corporate blue, and the flamboyant posters that once hyped WaMu’s services had been replaced by… blank walls.
The tellers who once wore casual shirts were now suited up. We guessed all this was to convey how solid and dependable our bank had become — but, uh, yo, East Coast dweebs, we’re all like laid-back Los Angelenos, you know? And we still vividly remember how Wall Street was like totally screwed up by men in conservative suits — men whose enormous badness made those Somali pirates look like shoplifters, right?
So, instead of instilling us with confidence, Chase’s ultra-corporate vibe just depressed us, and we couldn’t wait to leave the premises. Sorry, teller dude, but no thanks, we don’t have time to discuss your credit card offer…
Most striking of all was the silence.
It was like being in the public library of the undead. We felt compelled to whisper. And that’s when we realized there was no more pop music playing over the speakers, as there always had been in WaMu. Yes, the day when WaMu became Chase was also the day the music died.
In honor of this transformation, I’ve penned some new lyrics to a classic pop song that will no longer be heard in our bank. So with apologies to the Righteous Brothers and their hit “You’ve Lost That Lovin’ Feelin’,” here’s a little ditty I call “The Post-WaMu Chase Blues.”
“The Post-WaMu Chase Blues”
When you bought WaMu
you said everything would stay the same.
Then you spent 300 million
to redecorate and change the name.
You took a big happy bra-and
Then Chase-y, you done made it so bla-and…
CHORUS:
You lost that WaMu feeling.
You’re now just walls and a ceiling.
And that is so unappealing.
The fun is gone… it’s… wrong… whoohoo-not
Now your tellers wear suits
and no music ever fills the air.
Your vibrant colors are gone
and your once postered walls are bare.
It makes us all feel like snoozing
Oh Chase-y, don’t you know what you’re losing?
CHORUS:
You lost that WaMu feeling.
You’re now just walls and a ceiling.
And that is so unappealing.
The fun is gone… it’s… wrong… whoohoo-not
Chase-y, Chase-y, we still have all our savings with you.
If you would only please us — at least tease us — like WaMu used to doooo.
You had a brand… so grand… that millions of us came to adore.
And now… somehow… you think “trustworthy” means being a bore.
Oh Chase-y (Chase-y), Chase-y (Chase-y)
We beg you please… please,
Give us WaMu (give us WaMu).
We miss WaMu (we miss WaMu).
So bring it on back (so bring it on back).
Bring it on back (so bring it on back).
Bring back that WaMu feeling.
Its loss has sent us reeling.
Our souls are now congealing
‘Cause your brand… is… cold…
and it feels… so… old…
And we’re totally… not… sold…
Whoohoo-NOT.
[Editor's Note: This story originally appeared on the 'Cool Rules Pronto' blog. It is reprinted here with permission by the author, Freddy J. Nager, Founder & Fusion Director of the L.A.-based strategy agency and production company Atomic Tango.]
This article © 2012 by The Financial Brand and may not be reproduced.
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Love love LOVE this post, Jeffry – I, too, am a former WaMullian…and will dearly miss my infrequent trips to their funky facilities.
Awesome post – I have tons of friends that worked there – it’s a damn shame they are gone. Some really great people doing really great things – and then the greed bug took ‘em down.
Lots of lessons to learn –
D.
You will be getting a Chase Visa debit card which will be a whole lot more dependable than a MasterCard.
I couldn’t agree more the last experience I had working with them was a nightmare.
SUMMARY: WAMU customers should never use the “change address” feature when logged into their online accounts. If you are a WAMU customer and you need to change your address and order a new ATM card within 30 days YOU MUST CHANGE YOUR ADDRESS INSIDE A BRANCH to avoid excesss fustration. If you attempt to change your address online and then get a new ATM card you will have to put all banking on hold for more than a month or open up a new account. Sounds insane? It happened to me.
I am very frustrated with WAMU’s attempt to serve customers. DO NOT UNDER ANY CIRCUMSTANCES ATTEMPT TO CHANGE THE ADDRESS ON YOUR ACCOUNT ONLINE. I hope someone heeds my advice before its too late. Here is what happened to me.
1. I went to a WAMU ATM and for the first time in my life I actually forgot to remove my ATM card. The card was sucked back into the machine. I called customer service that night and they said “no problem the branch will call you when they recover the card tomorrow.” So I decided not to worry about it.
2. I had a very busy day the next day and I didn’t call the branch and they didn’t call me. I called them within 48 hours after this incident and they informed me that within 24 hours they had to shred my card… ok not good but I thought well… I’ll just order a new card. They direct me to call customer service to order a card.
3. I Call WAMU customer service and inform them that I need to change my address on file and I need to have a new card sent to me. The agent informs me that it will take 30 days to receive my card. I ask why. He says its because I need it sent to a different address than the one on file. I can’t receive a card within 30 days of him changing my address. I asked if the result would be different if I changed it myself online and he said that that is what I should do.
I change my address online.
4. I call customer service back and ask for a card. They inform me that because I changed my address online I can no longer order a new card unless I physically go inside a branch and order one. The agent apologizes but states that if I just go inside the branch I can resolve this issue.
5. I go inside the branch and they state that because I changed my address online and not in their branch I have to wait 30 days before they can even process my request to have a new card sent out. Ok this is mind blowing I am physically standing in the branch and they are telling me they can’t even enter in the request that would eventually allow my card to be delivered to me. I must physically enter the branch 30 days from today and then make the request in person that a new card be sent out which would take an additional 7 to 10 business days.
The best they could do for me is open up a brand new account. I asked if I could transfer money from my old account to my new account online and the answer was no.
CONCLUSION: WAMU CUSTOMERS DO NOT CHANGE YOUR ADDRESS ONLINE
Please note folks: This is a B2B website.
I love this Post!
I worked for WaMu….. Now Chase =( and I hate it.
I miss WaMu so much! Chase is just so stuffy and up tight. They do not care about their employees like WaMu did.
But I must come to the realization, just like every other former Wamulian, that WaMu is never coming back!
Damn the Media for blowing up WaMu. Everytime they would talk about financial crisis, they would plaster a picture of WaMu on the news. That is what caused the outflow of funds.
Why did’nt the Fed’s give WaMu Money? One weeks later, they gave money to all of the other big banks?
Well thanks for reading while I let off some steam….. if anyone did. =)