This Investigation relates to Washington Mutual's practice of waiting 7-10 days to process credit card payments after being sent via first class mail. This deceptive lag causes late payments for which fees are charged and is a boon to the revenues of Washington Mutual. The companies practice in processing payments was deceptive and misleading, as consumers did not know of the fact that their payments would not be timely processed and they would subsequently be charged late fee.
Name (Stock Symbol)
Washington Mutual Bank
Washington Mutual Bank is a bank, now owned by JPMorgan Chase Bank, N.A.
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