Washington Mutual External Accounts
I recently opened an HSA
at another bank. That bank is out of state. I wasn't looking forward to
mailing checks to make deposits and writing checks on the HSA to reimburse
myself for medical expenses. The
external accounts feature makes that all
unnecessary. I can transfer funds between my WaMu accounts and my HSA from
the WaMu website without ever licking a stamp or signing a check.
To verify ownership of an external account, WaMu makes two small deposits of less than a dollar (then yanks them back out with a single withdrawal). When the deposits appear in your external account, you confirm the account on the WaMu website by entering those amounts.
I first saw this technique used by PayPal. Now it seems to be a standard account confirmation method.
If WaMu just offered OFX as one of the transaction download formats, I'd give them a perfect score.
This site is the personal weblog of Marc Mims. You can contact Marc
by sending e-mail to:
Marc writes here about cycling, programming, Linux, and other items of personal interest.
This site is syndicated with RSS.
CSS stolen from Tom Coates who didn't even complain.