A loyal reader named Glenn writes in with this story:
Hi Julia. I’m sure that you remember the $100 promotion WaMu was offering not too long ago. I don’t know if you decided to give their offer a try, but I did. Guess what? I collected my $100 bonus today and closed out my accounts. I didn’t write any checks, use the ATM, or make any withdrawals of any kind during the promotion phase. Basically, I just put the money and the accounts out of mind. That was my plan from the very beginning. Keep the money there long enough to earn the $100 bonus then take the money and run.
I opened my account back on January 8. The day before yesterday, I received my checking account statement in the mail showing me that the $100 bonus was deposited into my checking account back on February 11. That’s a full 8 weeks faster than the 12 weeks I was anticipating. Did any of your other readers inform you that they got their bonus money?
And I won’t forget to report the $100 on my 2009 tax returns. Keep up the good work.
Glenn
Welcome to Bargain Babe! I’m Mara, and I’m so glad you’re here. I am an obsessive bargain hunter and penny pincher, and I am determined to live a full life without EVER paying full price.
I got my $100 bonus from WAMU checking account with in 7 to 8 weeks of account open on this promotion. I won’t forget to report the $100 on my 2009 tax returns. Thanks.
Maybe it’s just me, but I find Glenn’s actions unethical. I’m surprised that you would condone something like this and post it on your blog.
I’m disappointed.
Pam, what do you find unethical about Glenn’s actions? He followed WaMu’s rules. There was no requirement that he keep the account open. Do you think WaMu expects to retain everyone who signed up under this deal?
Hi Julia, I also got my $100.00 Thank you. I did not cash out because I like that the do not charge for checks!!!
I’ve been banking with WaMu for many years, as well as with the previous incarnations of that chain of bank name changes, starting with Pacific Nat’l Bank, through American Savings, etc. In fact, I recently made my final mortgage payment, which shows how many years have gone by! For the most part, I’ve been satisfied with the service I’ve received… despite the fact that I didn’t qualify for the $100!!!
I agree that it is somewhat against my ethics to only sign up and not give the bank a fair shot at earning your trust and business–I wouldn’t sign up only for the bonus without honestly giving them a try.
Ditto what Pam had to say. I too was surprised to see this and am disappointed with bargainbabe’s reply. Doing this may not be what some consider unethical, but it certainly is not character building. The bank is giving this offer so they will be given a chance. We are all in these difficult times together and should watch out for one another. If one is going to take the bank up on the offer they should give the bank a fair chance. Run with the money if WaMu does not step up to the plate with good service and product. I love a bargain, but only a bargain that is fair and makes me feel good about myself at the end of the day.
I don’t blame anyone for taking the money and running. I have also been a customer with WAMU for many years with no problems. But you never know what may happen tomorrow. I’m sure they assumed some people would do this and hoped most wouldn’t.
I don’t see a probem with taking the money out. Has anyone ever walked into a store and only boought the ‘sale’ item and left without buying anything else. Well most of the time the sale items could be just a teaster with the hopes that you will buy something else while shopping at their store.
I only had a $75 offer 🙁 but I did get the money on my last statement 🙂 and will keep the account open. In this era of bank failures I figure it can’t hurt to have multiple banks!
I agree with Pam this time too.
I agree with Pam and the others that object to opening an account and then taking the money and closing the account. Whether it followed WaMu’s guidelines or not, it is taking advantage of a situation – stealing. We already have several accounts at WaMu (opened before this great offer) and have stayed faithful to the bank and its successor.
I don’t know why he is going to claim the 100 on his taxes, it is only if you make 600 or more and are 1099.
It is NOT stealing…WaMu offered to give him the money.
Taking advantage is the American Way. It’s also very shrewd. Quite commendable, actually. Do you actually think the president of WaMu didn’t take advantage every chance he could? Wake up you naive fools! Way to go Glenn! P.S. The guy who only got $75 should go after WaMu for ripping him off!!
Interesting that this particular deal is turning into a discussion about ethics.
While I would agree that Glenn’s actions were completely legal, I’ve strongly believed that what is “legal”, and what is “right” do not always coincide. Just because something is legal does not mean it is also right.
I would consider depositing the money solely to get the reward, to be unethical.
Did WAMU expect a certain percentage of participants to “take the money and run”? I’m sure they did – a smart business anticipates true behaviors, not ideal ones. Does that make it right? Not in my book.
It’s not wrong to not claim the $100 on your taxes, and I wouldn’t say it’s ethical to take the money and run. It’s not a good thing – if a bank is nice enough to offer you this deal, you should return the favor and stick with them for at least a little while.
But if the bank REALLY cared, i would think they’d refuse to let you cash out till you’ve stayed with them for 6 months or something.
A few years ago I kept getting $100 offers from BofA (I’m with WAMU). I kept missing the deadlines, but if I had such an offer today, I’d switch in a minute.
Wow. Look what I started. 19 posts in just 5 days. Whether my actions were condoned or decried, it certainly struck a chord with you fellow bargain hunters. So far, it looks like an even split in terms of supporters and detractors. I am fine with all of the nay sayer’s comments because they’re entitled to their opinions. I just hope it doesn’t result in a loss of readership for The Bargain Babe because that was not my intent. If you’re thinking of unsubscribing, blame me, not her.