WaMu bankers pen

Washington Mutual Bank launched ‘Free Checking’ with no strings attached, in 1994. At the time, as other banks charged, it was very popular with customers.

WaMu bankers pen

WAMU – A DIFFERENT KIND OF BANK

Founded in 1889, Washington Mutual was known for years as a strong, if rather sleepy, regional bank. By the 1980s however, the industry was consolidating and WaMu was feeling increased pressure to compete.

In 1994, when other national banks were still charging monthly fees and requiring minimum balances and direct deposit, WaMu launched Free Checking, with no strings attached. It struck a chord with consumers and helped elevate WaMu to being one of the biggest banks in the country during a period of new market expansion, acquisitions, and heavy advertising....

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