Bank Study

Commerce Bank | Wachovia | Bank of America | Chase | Wells Fargo | Citibank | Washington Mutual (WaMu) | SunTrust | BB&T | Conclusion

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Washington Mutual (WaMu)

WaMu is a perfect example of unbridled enthusiasm and confusion among bankers when it comes to effective brand preference.  They have confused cool and of-the-moment advertising with effective brand messaging.

WaMu used to be the darling of Wall Street and now it is the ugly stepchild. By servicing the greed of its shareholders, they have in fact turned their backs on the very customers they promise to serve.

In the greatest irony of all, Washington Mutual promises “No worries,” which is exactly the burden that those who keep deposits at the bank carry now.

WaMu promises us that — “We’ve got your back…wahoo hoo!” And guess how they deliver that promise? Well, they tell us that “We don’t nickel and dime you,” and, as an example of such magnanimous behavior, they tell us that “you get free checks for life.”  Wait a moment…free checks?  Have we not heard that before?  We wonder if they are also convenient, friendly, competitive and have investments? To date, this is what has counted for smart branding in the banking market.

Grade- C-

Commerce Bank | Wachovia | Bank of America | Chase | Wells Fargo | Citibank | Washington Mutual (WaMu) | SunTrust | BB&T | Conclusion

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