A week before Chase took over Washington Mutual, I walked into a local branch to make a deposit.
“So, it sounds like there are changes on the horizon for WaMu,” I said to the teller as she was doing magic to the computer to make money go into my account.
“We’re not going anywhere,” she snapped and left it at that.
It occurred to me then that a) they were most certainly going somewhere and b) they were in desperate need of better talking points about it.
A few weeks later, I returned to the branch. New and perhaps hastily printed fliers were stacked on the counter. I took one from the pile. It said:
We love Chase. And not just because they have a trillion dollars.
What followed was a paragraph about their “bright new future” thanks to Chase’s sheer size (and trillion dollars in customer deposits).
Really? That’s the message you want to get across? That we needn’t worry about our money because we’re now customers of Chase, America’s largest bank? Wasn’t WaMu America’s largest savings and loan? And if anything, shouldn’t we be more wary of the biggest banks? Isn’t that kinda what caused much of this mess in the first place?
My new Chase debit card arrived in the mail the other day, officially signifying the beginning of the end of my relationship with WaMu. The piece of paper attached to it warned me to activate the new one before May 1, when the old one would expire. So I did, right then and there.
What that piece of paper did not warn me of was that once I activated the new one, the old one would stop working. (Or, if it did, it was so small that I didn’t notice.) Of course, I forgot to remove my old card from my wallet and not two days later, I used it out of habit at a restaurant.
DECLINED.
REJECTED.
WAMU NO LONGER WANTS YOU.
AND FRANKLY, CHASE DOESN’T CARE ABOUT YOU EITHER.
The bank that once lured me in with its welcoming Starbucks-like interior design was now leaving me high and dry—and so was my massive knight-in-shining-armor bank, the one that was supposed to swoop in and save my checking account.
The waiter returned with the bill; I apologetically gave him my new card and spouted out a bunch of nonsense about how “it’s not my fault! It’s my bank! They failed!” to cover up my embarrassment, which probably only made it worse.
Anyway. The point is this: I don’t love Chase just because they have (or had, before the market tanked) a trillion dollars. I chose WaMu for its prevalence: at a time in my life when I needed a bank to be flexible (in five years I lived in four states), it made sense to belong to a bank that had branches EVERYWHERE. Now? I’d rather bank in my community.
Frankly, I’m terrified at the thought of a bank being large—”too big to fail” is not a good thing. I’m also not happy with Chase’s less-than-frequent and not-particularly-informative communications to me, one mere account holder. At a time like this, Chase, when news of the End of Days spills out of my RSS feed like an over-poured IPA, I want you to reassure me.
And that begins by not leaving me with the bill.
You have two months to cooperate or I will find myself a community bank or credit union.