Washington Mutual Launches National Advertising Campaign in Support of Its New WaMu Free Checking(TM) Account, Stirs Up the Industry

"Madness!" "Outrageous!" "How's this help the rich?"

There hasn't been this much commotion in the marbled halls ofbanking since the bars were removed from teller cages. What's gotold-fashioned bankers from NYC to LA chomping their cigars to a nub?

Washington Mutual's at it again.

The bank today launches a national advertising campaign supportinga new free checking account that's got bankers (at least the ones inthe ads) fuming over the unprecedented bundle of free features.

The humorous TV and print ads poke fun at old-fashioned bankerswho just can't believe the new WaMu Free Checking(TM) account and thebenefits it offers -- features such as free ATM cash withdrawals, afree overdraft (or non-sufficient funds) fee waiver each year, freechecks for life, cash back for debit card use, free outbound wires,and low balance alerts. All of these and more are in addition tofeatures such as no minimum balance and no direct deposit requirementsto avoid a monthly fee already offered under WaMu's original FreeChecking account.

"Exactly how does that help the rich get richer?" retorts Mr.Stodgy Banker in one ad while smoking his cigar and grasping hischampagne glass. He and a group of dismayed pinstriped cohorts arehumorously featured as a contrast to Washington Mutual'sconsumer-friendly banking in the new advertising campaign developed byLeo Burnett USA, based in Chicago.

"Our WaMu Free Checking(TM) account raises the bar for the bankingindustry, and our new advertising campaign is a compelling, creativeway for us to let consumers know that we have a product uniquelydesigned with their needs in mind," says Genevieve Smith, WashingtonMutual's chief marketing officer. "We are setting a new standard forbanking and delivering what consumers are asking for -- they tell us'give me a break if I overdraw my account,' 'don't nickel and dimeme,' and 'reward me for my business.'"

Washington Mutual versus 'Stodgy Banker' Concept Hits the Mark

Smith adds, "The point of the stodgy banker creative is satiricalbut direct, and it resonates extremely well with consumers. Themessage is clear: if a group of stodgy bankers hates one of the newfree features of our WaMu Free Checking(TM) account, we like it andconsumers win."

The advertising campaign launches today in major daily newspapersand on national television in major metropolitan markets throughoutthe country where Washington Mutual has retail banking stores.Washington Mutual declined to disclose the spending behind the newcampaign, but confirmed that its annual advertising budget aloneaverages over $100 million a year.

"Washington Mutual is an industry challenger, a thought leaderwith an entrepreneurial spirit, and as far away from stodgy as you canget," states Rich Stoddart, president of Leo Burnett USA. "Our job wasto further leverage their consumer-friendly brand and differentiatethem in the market as the bank that truly serves the everydayconsumer."

He further notes that the original concept of Washington Mutualversus stodgy bankers clicked early during the ad agency reviewprocess late last year. "What amazed us is that the Washington Mutualteam not only embraced this idea, but consistently pushed us to takeit even further. It's been an exhilarating ride made possible becauseWashington Mutual truly believes that a core part of their reason forbeing is to take a stand in one of the most staid industries in theworld."

Ad Campaign Designed to Break Through the Clutter

The new national campaign represents Washington Mutual's largestproduct launch ever, and the company is complementing it withbreakthrough local marketing events -- an approach Washington Mutualhas been noted for in the past. Integrated efforts include directmail, online advertising, subway and billboard signs, newspaper wrapsand guerilla marketing teams fanning out on street corners in majormarkets to ramp up the buzz. The new ad campaign literally comes alivetoday as actress/comedienne Aisha Tyler (former "Friends" actress and"Talk Soup" host) takes to the streets of NYC to interview a pen ofstodgy bankers about the features of the new WaMu Free Checking(TM)account.

"The overall campaign launch is designed to break through theclutter and reach out to consumers," said Chris Matthews, WashingtonMutual senior vice president of advertising and brand. "At the end ofthe day, consumers are the ones who benefit from the convenience andvalue never before seen in a free checking account."

The new TV spots were directed by Moxie Pictures' Martin Granger,who is known for helming humorous commercials for clients includingVirgin Mobile, Dasani, Budweiser and Burger King. Ad creative can beviewed at www.leoburnett.com/breaking/wamu.

About Leo Burnett, USA

Leo Burnett USA helps build many of the world's most valuablebrands, including McDonald's, Disney, Procter & Gamble, Marlboro,Altoids, Kellogg and Nintendo. As the most awarded agency at the EffieAwards for four straight years, Leo Burnett USA is the "Most EffectiveAgency in America."

The country's second largest agency brand as ranked by AdvertisingAge, Leo Burnett USA is the flagship office of Leo Burnett Worldwide,Inc., a global network of over 200 operating units including a varietyof specialty marketing services and 94 full-service advertisingagencies in 82 countries. Leo Burnett Worldwide (www.leoburnett.com)is a wholly owned subsidiary of Publicis Groupe (www.publicis.com).

About Washington Mutual

The new WaMu Free Checking(TM) account is offered by WashingtonMutual Bank and Washington Mutual Bank fsb. With a history dating backto 1889, Washington Mutual, Inc. (NYSE:WM) is a leading provider offinancial services for consumers and small businesses. At December 31,2005, Washington Mutual and its subsidiaries had assets of $343.12billion. Washington Mutual currently operates more than 2,600 retailbanking, mortgage lending, commercial banking and financial servicesoffices throughout the nation. Washington Mutual's press releases areavailable at http://newsroom.wamu.com.

The New WaMu Free Checking(TM) Account Features:

Free ATM Cash Withdrawals - Washington Mutual will not charge forwithdrawals from this account at non-Washington Mutual ATMs anywherein the world. (Non-refundable ATM operator and foreign currencyexchange fees may apply).

Free Checks for Life - Customers ordering their checks throughWashington Mutual can get them for free; select styles are available.

Free OD/NSF Fee (one per year) - One OD or NSF fee refund eachanniversary year; unused refunds can be carried over.

Free Gold Debit MasterCard with Rewards - The account comes with aGold Debit MasterCard and Washington Mutual will give a reward(currently $0.03) for each Debit MasterCard purchase transaction (pinor signature) during the prior year up to a $250 reward if the accountis open and in good standing on the anniversary date.

Free Outgoing Wire Transfers - Washington Mutual will not chargefor outbound international or domestic wire transfers. (Non-refundableforeign currency exchange charges and intermediary and beneficiarybank fees may apply.)

Free ID Theft Services - Customers will receive recoveryassistance if they ever become the victim of identity theft.

Free e-Alerts - Low balance, large withdrawal, and OD eventnotification alerts sent by e-mail. (Enrollment in free online bankingservice is required.)

Other features - No monthly fee. No minimum balance or directdeposit requirement to avoid the monthly fee. Option of free checkreturn or check storage, free teller access, no per check charges,free account access at more than 3,700 Washington Mutual ATMsnationwide, free 24/7 telephone banking, free personal online bankingwith Personal Bill Pay Service(R).