Many people are unable to get a loan from a bank, due to many reasons including their credit. If you are for some reason unable to receive funding from a bank, lightningfastloans.com can help get an online loan and receive the funds as soon as the next business day. There are no hidden fees, no vague responses. Available nation-wide.
The Washington Mutual Card services have been made much easier! The bank’s online banking system is especially intended for busy people who are in need of useful assistance and shortcuts for their banking needs. Through this service, customers need not go to any bank branch to accomplish their transactions.
This enhanced service for Washington Mutual Card customers provide them with an online registration and a free of charge telephone conversation with a certified bank teller. These dealings are done conveniently with online services.
To access your Washington Mutual Card online, you need to sign up using the bank’s online site. Upon signing up, both checking and savings account may be accessed expediently. Additionally, by transacting online, you will also be allowed to communicate with your credit union about Washington Mutual Card accounts funding. Depositing can be done through mails. Simply authorize an electronic transfer of mails and the deposit is sure to be transferred safely to a branch.
Customers can freely use the online services for their checking account. By using this online banking system from WaMu, a checking account holder may instantly view and analyze his or her account. He or she may arrange for funds transfer and may be able to contact a particular banker. Customers who so choose to deal online is provided with considerable ease in placing direct deposits or even stop and discontinue a particular check payment. In addition, security and safety in transaction is made possible by first asking for personalized PIN when accessing accounts and also in speaking with a live banker.
This live telephone banker will instantly speak with you as soon as you open your account, one for excellent customer service. If you happen to make a mistake or is worried about anything negative that may occur with your account, the friendly customer service agents are always ready to assist you.
One example for this is when you have to transfer funds from Washington Mutual Card account to any other bank or financial institution accounts, there might be some confusions or unclear options that prompted you to choose an inappropriate selection, you may simply give a call to Washington Mutual Customer service hotline which is up and running all hours all days a week to inquire and require urgent assistance for your concern. Free checks plus a debit card are sent by Washington Mutual Bank two weeks after you sign up.
Washington Mutual Bank, better known as WaMu, is one of the largest banks in the United States. Originally based in the Washington state area, WaMu has since expanded to be a national company that even has its stock actively traded on the American stock market. One of the aspects of this history that makes this bank especially interesting is the fact that they are constantly on the forefront of innovation.
There are many examples of Washington Mutual being one of the first banks to experiment with new ideas or practices that are commonplace today among banks and banking institutions in general. Some of theses examples include:
– The first home loan, given in 1890
– The first “shared” network of ATM machines, in the late 1970s.
– Designed a retail store design that was so unique that it was issued a U.S. patent to avoid copycats.
These are just three examples out of many more that show how it can pay to break out of the pack and think creatively. What makes the first example even more amazing, however, is that while they gave what might very well have been the first home loan in 1890, the bank was only founded in 1889.
Washington Mutual was started in Seattle shortly after a devastating fire nearly wiped out the city. During this time of rebuilding this bank become renowned for being extremely involved in the local community. This reputation helped the bank to grow and expand as the city of Seattle recovered, and they did well enough that eventually they continued to grow and go from a local bank to a regional, then national, bank chain.
WaMu’s original name in 1889 was actually “The Washington National Building and Loan Association” and was developed specifically to set up a safe system where investors could lend money to neighbors who needed to rebuild after the Seattle fire. This system which helped to guarantee safe investing and efficient use of the money helped create a bank that would still be growing over a century later.
This bank made the first monthly-installment home loan, at least on the Pacific Coast, on February 10, 1890, to a Norwegian sailor who borrowed $700 in order to build a hose in Ballard, which was a specific Seattle neighborhood. This “creative” version of a home loan proved to be both wildly successful and poplar, gaining so much press that Seattle ended up being re-built on these loans, as Washington Mutual made more than 2,000 similar loans to help build 250 blocks of housing in Seattle.
In modern times, WaMu continues to strive to be a bank that is known for being a part of every community you can find a branch in. The first open annual shareholder meeting took place in 1984, and has remained an annual tradition since then. Washington Mutual is now a publicly owned bank that is larger than at any other time in its history thanks to continued growth.
No one can know what the future holds, but if the past is any indication, then the forward thinking that has helped Washington Mutual Bank grow in the past will keep them at the forefront of banking in the future.
Responding to an unfilled need for credit for local government, local businesses and consumers, three states in the last month have introduced bills for state-owned banks — Oregon, Washington and Maryland – joining Illinois, Virginia, Massachusetts and Hawaii to bring the total number to seven.
While Wall Street is reporting record profits, local banks are floundering, credit for small businesses and consumers remains tight, and local governments are teetering on bankruptcy. There is even talk of allowing state governments to file for bankruptcy, something current legislation forbids. The federal government and Federal Reserve have managed to find trillions of dollars to prop up the Wall Street banks that precipitated the credit crisis, but they have not extended this largesse to the taxpayers and local governments that have been forced to pick up the tab.
In January, Federal Reserve Chairman Ben Bernanke announced that the Fed had ruled out a central bank bailout for state and local governments. The collective state budget deficit for 2011 is projected at $140 billion, a mere 1% of the $12.3 trillion the Fed managed to come up with in liquidity, short-term loans, and other financial arrangements to bail out Wall Street. But Chairman Bernanke said the Fed is limited by statute to buying municipal government debt with maturities of six months or less that is directly backed by tax or other assured revenue, a form of debt that makes up less than 2% of the overall muni market. State and municipal governments, it seems, are on their own.
Faced with federal inaction and growing local budget crises, an increasing number of states are exploring the possibility of setting up their own state-owned banks, following the model of North Dakota, the only state that seems to have escaped the credit crisis unscathed. The 92-year-old Bank of North Dakota (BND), currently the only state-owned U.S. bank, has helped North Dakota avoid the looming budgetary disasters of other states. In 2009, North Dakota sported the largest budget surplus it had ever had. The BND helps fund not only local government but local banks and businesses, by providing matching funds for loans to commercial banks to support small business lending.
In the last month, three states have introduced bills for state-owned banks, following the North Dakota model. On January 11, a bill to establish a state-owned bank was introduced in the Oregon State legislature; on January 13, a similar bill was introduced in Washington State (discussed in an earlier article here); and on February 4, a bill was introduced in the Maryland legislature for a feasibility study looking into the possibilities. They join Illinois, Virginia, Hawaii, and Massachusetts, which introduced similar bills in 2010.
The bills are widely supported by small business owners. The Seattle Times reported on February 3 that 79% of 107 business owners surveyed by the Main Street Alliance of Washington supported the Washington bill. More than half said they had experienced a tightening of business credit, and three-fourths of those said they could create additional jobs if their credit needs were met.
A survey by the Main Street Alliance of Oregon produced similar results. Their survey, which covered 115 businesses in 28 communities, found that two-thirds of small-business owners had delayed or canceled expansions because of credit problems; 41 percent had been turned down for credit; and 42 percent had seen their credit terms deteriorate. Three-quarters of the business owners surveyed supported the Oregon bill.
Also supporting the idea of a state-owned bank is Oregon state treasurer Ted Wheeler, with this twist: he thinks Oregon can unlock additional lending capacity in partnership with existing institutions by creating a “virtual” bank. The state would not need to build new brick and mortar banks requiring hundreds of new employees to service them. The new tools afforded the state by being a “bank” could be arranged quickly and cheaply through a framework he calls a “virtual economic development bank.” In an OpEd posted on Oregonlive.com on February 9, he wrote:
This new model would consolidate Oregon’s various economic development loan programs in one place, and allow state government to step in as a new lending participant, which will help qualified Oregonians to secure additional financing. We also have strategic investment tools such as the Oregon Growth Account that could be better utilized as part of this framework.
Banks “create” money by leveraging their capital into loans. At an 8% capital requirement, they can leverage capital by a factor of twelve, so long as they can attract sufficient deposits (collected or borrowed) to clear the outgoing checks. States give this leveraging power away when they put their deposits in Wall Street banks and invest their capital there.
State and municipal governments have assets tucked all over the state in separate rainy day funds, which are largely invested in Wall Street banks for a very modest return. At the same time, states are borrowing from Wall Street at much higher interest rates and have to worry about such things as credit ratings, late fees, and interest rate swaps, which have proven to be very good investments for Wall Street and very bad investments for local governments.
By consolidating their assets into their own state-owned banks, state and local governments can leverage their own funds to finance their own operations; and they can do this essentially interest-free, since they will own the bank and will get the interest back. The BND contributed over $300 million to state coffers in the past decade, a notable achievement for a state with a population that is less than one-tenth the size of Los Angeles County.
With the current economic recession, many homeowners are frantic. Their incomes have gone down due to layoffs in the family, pay cuts at work, or personal financial crises – but their monthly mortgage payments remain the same. With monthly payments becoming a steadily increasing percentage of their incomes, homeowners simply can’t afford the mortgages they once could. If you are nodding your head reading this article, then you need to look into Washington Mutual Bank loan modification.
To qualify for loan modification by Washington Mutual, you need to first have a loan from them. In general it has to be a first mortgage (never before modified or refinanced) and you have to be the primary occupant of the home (no second homes or investment properties). There are several options Washington Mutual offers to help customers having trouble paying their mortgages down, and loan modification is one of them.
To obtain Washington Mutual loan modification, start by contacting a professional counselor. You are out of your league trying to contact your bank directly on your own to get a modification. A financial counselor has your best interests in mind and represents you to your bank when requesting your modification. They help you to get a fair deal through the process, making sure your bank is not brushing you off or taking advantage of you. Many financial counselors employ attorneys that are specialists in their area to represent you to your lender.
Through your financial counselor, you will submit a hardship letter formally requesting a loan modification. Use your counselor’s advice when writing this letter. It should be short, no more than two pages. It should detail briefly your economic hardships and why a loan modification is necessary for you. Use your letter to demonstrate that you are committed to keeping your house and that you will never again default on a modified loan.
Your hardship letter will be accompanied by copies of your financial documents, tax information, and verification of monthly income. Your lender will use this information to decide whether you are eligible for and deserving of a loan modification.
Washington Mutual is a famous company and one of the largest banks in America. The JP Morgan Chase has recently acquired this company. As the merge was taking place the customers of Washington Mutual were assured about the safety of their accounts and were promised that they would be unaffected in any case by this merger. In fact it is one of the first bank that agreed with President Obama’s home stimulus plan with the slogan of “Make home affordable” and helped its customers to have their loan modified into lower monthly installments as well as have their mortgage at lower rate of interest. All this was done with the help of their Washington Mutual loan modification program.
The main essential requirement for the loan modification is that the borrower should be residing in the house for which he had taken the loan and now wants it to be modified into affordable terms and conditions. If you have left the house under a housekeeper or have made it a vacation home, you will not be qualified for the loan modification program. The bank also adjusts the repayment installments into amount that is easily payable and the sum total of all the installments is less than 31% of the borrower’s monthly income.
Washington mutual loan modification program is designed and planned to help homeowners avoid foreclosure and keep their home safe too. The bank is extremely concerned about the safety of your house and will help you save your house anyway. The Washington Mutual works fast and finalizes the deal as quickly as possible so that the homeowner does not have to wait for long. If you want to apply for the loan modification program of Washington Mutual, you must collect the necessary document and fill up the application form accurately so that the chance of approval of your application increases.
If you are not sure about which program is beneficial for you, you can call the loss mitigation department of the bank and enquire about it there. The whole department is ready to help you and you can avail the opportunity but it will be better if you note down the questions you want to ask before calling the bank. This will help you get all the information at a time and you will not miss out anything that would have been important to ask otherwise.