New Las Vegas bank differs radically from competitors

Thursday, April 6, 2000 | 10:39 a.m.

Free checking, no teller fees. No ATM fees and no minimum balance requirements.

These features were part of Washington Mutual's appeal as it opened the first of its Las Vegas Valley branches this week. But roaming tellers, Internet kiosks, retail shops and children's play areas are a more interesting draw.

Looking more like a Starbucks than a financial institution, Washington Mutual on Rainbow Boulevard and Sahara Avenue comes complete with a concierge to greet and direct customers.

Its contemporary design includes light brown wood paneling, earth tones and track lighting, creating a looser atmosphere than traditional banks. And yes, there will be coffee.

"Traditionally we've broken every rule in banking," said Keith Cahill, first vice president and senior regional manager for Washington Mutual.

The Seattle-based company's Las Vegas branches are the first to test this new retail concept.

Customer dissatisfaction is the company's main reason for trying out the new-style banks. Las Vegans have a high rate of bank dissatisfaction -- 25 percent -- prompting the company to try its new concept here.

"Of all the markets we've ever entered into, this is the highest level of dissatisfaction," said spokeswoman Libby Hutchinson.

Excessive fees, such as teller and ATM charges, were complained about frequently.

"They feel like it's their money and they don't want to spend a lot of money to access it," Hutchinson said.

The level of service is another frustration for customers, she added. "People are tired of being helped by machines."

The bank also is counting on serving the influx of people moving from California, Oregon, Idaho and Utah who are already familiar with Washington Mutual, Cahill said.

Washington Mutual's "teller towers" -- situated in the center of the bank where the teller, known as a customer relations representative, stands next to the client face to face -- replace the traditional line of tellers behind a high counter.

On a crowded afternoon, employees known as e-tellers might stroll through the bank with hand-held portable machines that accept deposits and print out receipts to send customers out the door, eliminating the need to snake customers through a maze of velvet ropes. E-tellers also may run out to assist a backed-up drive-through line, Cahill said.

There are no suits. Wearing Dockers and oxfords with the Washington Mutual logo, the employees may be spotted roaming about the sunlit, 3,200-square-foot bank.

Because there are no cash drawers involved in customer transactions, any one of the employees may walk up to a tower and assist a customer.

The money spits out of the tower as it would from an ATM machine. Coins slide down to a coin cup from a vault encased in the teller tower.

"This is what the people have asked for," Cahill said. "We're trying to get away from the traditional stuffiness of banking."

The retail shops will feature financial books for children and adults, such as "Personal Finance for Dummies" or "Alexander's Trouble With Money." Magazines, software and merchandise like piggy banks and blankets will be sold.

The children's play area features a television that will play Disney movies and interactive math games. A tunnel, a fun mirror and money-oriented toys to familiarize children with banking are also part of the play area.

Those who want to do investment research or check their account balance can go to wamu.com -- the bank's Internet site available at a touch kiosk.