tuphat said:Business Week item, titled: "Savings That Fade in the Fine Print. Dig deeper into the details of Wachovia's new savings account offer. The deal isn't quite as good as it sounds." Mentions that the advertising budget for the product is in "tens of millions."

http://www.businessweek.com/print/magazine/content/08_06/b4070072805961.htm

Here is my FWF mentality for this account. Do nothing but a monthly automatic $100 transfer of funds from their free checking to their way-2-save account for one year. I didn't do the total math, but the APR will be more than 8% APY for the 1,200 dollars that you put in. Forget about the debit card purchases or the bill payments - too tedious to keep track of for not enough return, and you can get rewarded better for these types of transactions somewhere else. Just remember to fund the checking account with $100 every month for the automatic transfer. If it weren't for the hard inquiry, it'd be a breeze, else it's good if you look at this within the limits. I'll probably do it in a month after some inquiries drop off my report.

Changes to this Agreement. We reserve the right to suspend, terminate, or change the Program, or your participation in the Program at any time.

The simplest change would be to cap the bonus at $300 between accounts. Depends on how many people are maxing-out the accounts and transfers.

When my branch rep did it, he punched it into the system, logged out, then logged right back in to see that it was there. So far, two of them have gone ahead w/o a hitch.

Floydian said:CycloneFW said:When my branch rep did it, he punched it into the system, logged out, then logged right back in to see that it was there. So far, two of them have gone ahead w/o a hitch.

Hrm, alright, I'll go into the branch and try again. Thanks!

No need to trouble yourself to the branch.

I called them, and the phone rep linked all 5 of my "checkings" to their respective "way-2-save". All over the phone and without a hassle.

1-(800)-922-4684

good luck.

Floydian said:
I have a strange question--

Is anyone else having trouble setting up these $100 auto transfers? I tried over the phone to set up a monthly transfer, which did not go through on the date specified (my January transfer). I also tried to set up a monthly transfer in a branch, which she said would work, but also did not go through (my February transfer).

As there's seemingly no way to track these transfers, has anyone had a surefire way of doing this? I'm sure people have as there are quite a few reading this thread. Also, if anyone knows how to track these transfers, that would be helpful to know as well.

Floydian,
the transfers were pain for me as well.
I opened accounts in the branch on 01/30 with deposit of 5 $100 checks (100 per account)
The rep suggested to leave several days before the transfer so i asked to transfer on February 5th.
The transfers did not happened.
on the 6th I called 1-800 number and was told that the transfers did not happened because the branch put hold on the new funds.
The phone rep suggested to set day of transfer to 10th. (the hold was till ninth).
Which i did.
On tenth the transfers did not happened again.
I called on 11th and was told that the transfers did not happened because it takes at least 5 days to process the change to transfer day.
She suggested to change it to 20th (leaving 6 biz days)
i agreed. i checked today again... no transfers happened.
I called again and was told today that they can only happen at the end of the month. (29th of this month).
I asked why i was misinformed previous 3 times but the rep could not give the answer.
I expressed my dissatisfaction with the way this was done so far but the rep said he can not do anything about it...
He said i can only wait till the next month and see if the $$ moved to way2save.
so far it has been way too much effort.
but i have to wait to collect on 50+25 bonus anyway.
if the transfers will not happen by the end of this month i will probably wait for the bonus take the $$ + the bonus
and just wait till i can close the accounts without penalty.
Call it a lesson learn.

mxf said:Floydian said:
I have a strange question--

Is anyone else having trouble setting up these $100 auto transfers? I tried over the phone to set up a monthly transfer, which did not go through on the date specified (my January transfer). I also tried to set up a monthly transfer in a branch, which she said would work, but also did not go through (my February transfer).

As there's seemingly no way to track these transfers, has anyone had a surefire way of doing this? I'm sure people have as there are quite a few reading this thread. Also, if anyone knows how to track these transfers, that would be helpful to know as well.

Floydian,
the transfers were pain for me as well.
I opened accounts in the branch on 01/30 with deposit of 5 $100 checks (100 per account)
The rep suggested to leave several days before the transfer so i asked to transfer on February 5th.
The transfers did not happened.
on the 6th I called 1-800 number and was told that the transfers did not happened because the branch put hold on the new funds.
The phone rep suggested to set day of transfer to 10th. (the hold was till ninth).
Which i did.
On tenth the transfers did not happened again.
I called on 11th and was told that the transfers did not happened because it takes at least 5 days to process the change to transfer day.
She suggested to change it to 20th (leaving 6 biz days)
i agreed. i checked today again... no transfers happened.
I called again and was told today that they can only happen at the end of the month. (29th of this month).
I asked why i was misinformed previous 3 times but the rep could not give the answer.
I expressed my dissatisfaction with the way this was done so far but the rep said he can not do anything about it...
He said i can only wait till the next month and see if the $$ moved to way2save.
so far it has been way too much effort.
but i have to wait to collect on 50+25 bonus anyway.
if the transfers will not happen by the end of this month i will probably wait for the bonus take the $$ + the bonus
and just wait till i can close the accounts without penalty.
Call it a lesson learn.

Ugh, that sounds like the exact process I am going through! I'm hoping the latest transfer that I setup for the 22nd of February will go through. In addition, the phone rep is sending me a letter confirming the transfer due to my issues in the past with having no money transfered. I still have yet to receive the letter, and fingers crossed, we'll see if this $100 transfer will occur, or at least receive a letter that some transfer is supposed to occur... Paper evidence would be nice for backing up my story.

Steps in my process:
1/15 Opened an account with $200
1/25 Set up over the phone a $100 transfer on the 29th of each month, including January
1/30 Nothing happened
2/5 Went in to the branch and deposited $100 to my checking, and set up a new transfer for the 15th of February
2/16 Nothing happened
2/18 Set up a transfer over the phone for the 22nd of each month, requested confirmation letter due to lack in tracking
2/22 Waiting...

Unfortunately this is quite a lot of work for this meager bonus... kudos to those who have been able to set this up without a hitch! For the amount of advertising I have seen for Way-2-Save, it's been ironic how hard it is to use one of the special "saving" features on this account.

As a side note, the $1 transfers happen without a problem.

To all those having problems...

According to the rep I've spoken to:

1- Make sure that there is at lest 5 buisiness days between the date you set up the transfer and the transfer date.
2- Make sure that you wrote down EACH respective way-2-save acct number. The transfers WON'T go through if their set to any other way-2-save.
i.e. If "free_chk#1" is linked to "way-2-save#3" and "free_chk#4" is linked to "way-2-save#2" it WON'T work!
(The rep I spoke to had to do a little work to be certain that each of my 5 checkings were linked to their correct way-2-saves.

mnsweeps said:I am going to open a free checking at local branch and need a referral...sorry had no idea where to post a request ..i know i will be dinged for posting a referral request here...

PM me your details. Thx

PM sent.

CycloneFW said:http://www.wachovia.com/misc2/0,,1900,00.html said:
And now get paid even more to save.
All Way2Save account holders as of May 30, 2008 will earn the 2008 Wachovia Championship winner’s under-par score as their interest rate during June, July, and August. (APY for this period will not be less than the normal rate of 5.00%.)



EDIT: to make link clickable

So going by past wins, the rate will be 8% to 13% for those three months?

Re: Championship "apy" for June, July, and August. Floor is 5%, for Way2Save accounts open as of May 30, 2008. APY for June, July, and August will be the below par number of the winner of the Championship.

Past winner final scores and below par numbers (par for 4 days=288) are:

2007 275 -13
2006 276 -12
2005 276 -12
2004 277 -11
2003 278 -10

So, if the pattern continues, 13%? <fingers crossed>. Finals on CBS May 4, @3-6p.
BTW, Tiger Woods (winner in 2007) is not yet listed as a committed participant.

Cheers.

edit: corrected rate to apy, dates.