10.10.2000 ET

(CSRwire) Washington Mutual announced today that it will no longer surcharge at its ATMs in California, effective immediately. Recent legislation banning ATM surcharge fees was struck down in court, but Washington Mutual has responded to a clear demand expressed by consumers.
"Inviting noncustomers to use our ATMs surcharge free is another way of showing Californians that we listen to them and price our products and services in a way that makes sense to the market," said Mike Amato, Manager of Washington Mutual's Consumer Financial Center network. "We are a true consumer's bank, and we know that people don't want to be nickel and dimed with fees. This is just one example of our customer-friendly approach to service."

Amato explained that offering noncustomers free ATM use is part of an entire package of customer-oriented products and services. For example, Washington Mutual offers truly free checking, which lets customers decide what services add value to their account; free on-line banking and unlimited free access to tellers and customer service representatives.

"By eliminating our surcharge, we have a great opportunity to show potential customers who we are, what we stand for and how we operate differently from other financial institutions. We expect to add new accounts by doing so."

Of the top-three banks in California, only Washington Mutual has surcharge-free ATMs. Washington Mutual has nearly 1,000 ATMs in California, located primarily at the company's 548 financial centers in the state.

"Many people cannot afford to pay ATM surcharge fees to access their own money," said Los Angeles City Councilman Alex Padilla, who represents the Northeast San Fernando Valley. "These fees that can reach $3.00 or more per transaction can be an incredible burden for low- and moderate-income people who utilize ATM machines. Washington Mutual's decision to eliminate surcharge fees will benefit many consumers."

To celebrate the new policy, the company also announced it would donate $1.50 to charity for every non-customer transaction conducted throughout the state of California from October 23 to October 30, and has committed to contribute up to $500,000 in total during the week. Washington Mutual will launch the drive with an initial donation of $100,000 divided equally among four charities.

The four charities that will be the beneficiaries of all money to be donated on behalf of consumers using Washington Mutual ATMs include California Community Foundation in Los Angeles, San Francisco Foundation, San Diego Foundation, and the Sacramento Regional Foundation. Washington Mutual's contribution will be earmarked to support the Foundations' efforts to reduce high school drop out rates, improve academic achievement and increase parental involvement.

With a history dating back to 1889, Washington Mutual is a financial services company that provides a diversified line of products and services to consumers and small- to mid-sized businesses. At June 30, 2000, Washington Mutual and its subsidiaries had assets of $185.69 billion. Washington Mutual currently operates more than 2,000 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation. Washington Mutual's news releases are available at www.wamu.com.

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