WaMu Introduces Paperless Account Application

The new function gives sole proprietors the ability to open an account online.

WaMu (NYSE:WM) has unveiled an online paperless account opening process for small businesses. The new function gives sole proprietors the ability to open an account online in eight steps.

Online account opening generally require customers to visit the branch or fax in identification documents. WaMu's new process can be completed online and allows the new account to be funded using an electronic transfer, credit or debit card charge, or mail-in deposit. A $100 opening deposit offers customers an account with no monthly fee, and unlimited check debits and credits.

"WaMu's vision is to be the nation's leader in consumer and small business banking," Frank Vella, senior vice president and small business division executive at WaMu, said in a statement. "Having already made a name for ourselves in consumer banking, our objective now is to extend our brand of products and services for which WaMu has become known to small business owners."

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