It was announced today that the US government closed Washington Mutual today, making it the largest bank failure in American history. Normal business operations will continue, as JP Morgan and the FDIC have come in to rescue the bank.
Months and months ago, I posted that WaMu would not offer paperless statements for their credit accounts. Calls and letters did not convince them to even make my account a special case. After expressing that the use of paper statements was bad for the environment, I still got nowhere. I expressed to them that all my other banks and credit issuers, including, ironically, JP Morgan Chase, provided me with paperless statements.
Well, it looks like karma has gotten back to WaMu. Think of all the money they could have saved by switching over customers to paperless statements. All the cost of paper and postage could have been used to fight off this failure. Though, it is hard to see another bank fail, as it shows the further demise of Wall Street due to poor decision making by Republicans, I get a little sweet pleasure in knowing Washington Mutual, the paper waster and trash producer, has failed!
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September 26th, 2008 at 7:53 pm
Yeah I cannot believe a bank would not go paperless because not only does it save money and paper but it is also very secure since anyone can just steal mail and steal identities and what not. I had almost switched to WaMu but I didn’t so Wahoo! to me for not. haha, Wahoo!