NSA request withdrawn for Washington Mutual
The U.S. Postal Service and Washington Mutual Bank withdrew their request with the Postal Rate Commission for a recommended decision on classifications, rates and fees to implement a baseline negotiated service agreement.
USPS and Washington Mutual had filed for an NSA on March 29 based on encouraging the bank to increase its use of First Class Mail. The parties sought a three-year deal covering First Class for the bank's credit card services.
"Since the time that the postal service and Washington Mutual negotiated the NSA, business conditions for the bank changed," said Mike Plunkett, USPS manager of pricing strategy. "When we reviewed the recent mailing history of the bank in response to an inquiry from the PRC, we reevaluated the negotiated terms and mutually agreed that we would withdraw the case and terminate the contract."
An NSA is a contract between the USPS and a company, providing customized pricing incentives based on the company's mail operations. The changes in rates and mail classifications needed to implement an NSA require review and recommendation by the PRC and approval by the USPS Board of Governors.
Washington Mutual, Seattle, provides financial services for consumers and small businesses. As of Dec. 31, WaMu and its subsidiaries had assets of $343.1 billion. It operates 2,600 retail banking, mortgage lending, commercial banking and financial services offices nationwide.
WaMu and the USPS had suspended proceedings on their NSA earlier this year and asked for an extension on the suspension in the summer. The parties wanted to review PRC filings regarding other NSAs and revise their own. In particular, they wanted to revise historical volumes that were filed in the case.