Washington Mutual (WaMu) announced recently it has redefined every consumer’s must-have product by introducing a new free checking product that combines an unprecedented bundle of features that all add up to convenience and value never before seen in any checking account.

The new product, WaMu Free Checking account, offers all the features of Washington Mutual’s original Free Checking account plus: free ATM cash withdrawals, a free overdraft or insufficient funds fee waiver each year, free checks for life, cash back for debit card use, free outbound wires, free low-balance alerts with online banking, Free ID Theft Services – and much more.

Washington Mutual, a leading bank for consumers and small businesses, boldly stated this new account will shake up the entire banking industry. “We changed the banking industry by bringing Free Checking to consumers and small businesses more than a decade ago,” said Kerry Killinger, Chairman and CEO, Washington Mutual. “After a period of resistance by jost banks, this product eventually became the standard offering around the country. 

“Today, we are once again shaking up the industry,” Killinger continued. “New WaMu Free Checking redefines what a great value is for customers.  This product will set a new standard in banking, and we intend to let people know about it through an aggressive nationwide advertising campaign.”

Steve Rotella, President and Chief Operating Officer, Washington Mutual, pointed out that jost banks offer some version of free checking, but many put hooks and hurdles in the way to avoid the monthly fee, such as minimum balance or direct deposit requirements. This makes banking complicated and confusing for customers who simply want a truly free checking account.

“We’re constantly talking to consumers and it’s clear they’re overwhelmed, even annoyed by the requirements embedded in many ‘free’ checking accounts,” said Rotella.  “At WaMu, we’re breaking through the clutter by delivering what consumers are asking for - ‘give me easier access to my money,’ ‘give me a break if I overdraw my account,’ ‘reward me for my business.’”

“But that’s not all,” Rotella continued.  “When combined with WaMu’s friendly, helpful service and award-winning retail environment, we’re convinced that the new WaMu Free Checking account is the greatest value in consumer banking.  After consumers do the comparison, we think they’ll find our new product is by far and away the best.”

According to Killinger, the launch of the new WaMu Free Checking account represents a defining moment for the company.  “We’ve built our business by welcoming everyday customers to WaMu with our original Free Checking account, and then by winning them over with our other great products and customer service,” said Killinger. 

“We had great momentum in 2005, opening 725,000 net Free Checking accounts. We expect to significantly accelerate this growth with the new WaMu Free Checking account,” Killinger added.  “People looking for simplicity, convenience and value in their banking relationship will find it here,” he said.  “Making it easier for consumers and providing a great experience – that’s the WaMu way.”