Please give any information/thoughts/rumors/etc. concerning the absorption of Wachovia by Wells Fargo.
Wells previously announced in their conversion blog that Colorado branches would be converted in November. They also recently gave an expected order for other state conversions. Wells Fargo said: During 2010, we expect to convert banking stores in the states where Wells Fargo and Wachovia overlap: Nevada, Arizona, Illinois, California, Texas, Missouri, and Kansas. (Those are in the order we expect to convert.) Near the end of 2010, we'll begin converting the non-overlapping states: Alabama, Tennessee, Mississippi, Georgia, New Jersey, Deleware, Connecticut, New York, Pennsylvania, Florida, Virginia, Maryland, Washington D.C., South Carolina, and North Carolina. (Again, listed in the order we expect to convert.) As I mentioned in the Way2Save thread, earlier in the year, Wells Fargo stated that they were keeping the W2S; but did not give any details as to how that would work out.
Recently, I found that the Wachovia website no longer display interest rates for demand deposit accounts (savings, checking, etc.). I was told that this is due integration.
Conversion Dates Integration Map Mortgages - October, 2009 Colorado - Nov. 7, 2009 FDIC Charters - March 20, 2010 Nevada - March 20, 2010 Arizona - March 20, 2010 Illinois - March 20, 2010 Credit Cards - April 10, 2010 California - April 25, 2010 Texas - July 24, 2010 Kansas - July 24, 2010 Alabama - September 25, 2010 Tennessee - September 25, 2010 Mississippi - September 25, 2010 Georgia - October 23, 2010 Add'l Conversion - December 4, 2010 Brokerage - January 1, 2011 Delaware - February 5, 2011 New Jersey - February 5, 2011 Connecticut - March 12, 2011 New York - March 12, 2011 Pennsylvania - April 16, 2011 Florida, North & Central - June 11,2010 Florida, South - July 9, 2011 Virginia - August 6, 2011 Maryland - September 17, 2011 District of Columb.ia - September 17, 2011 South Carolina - September 17, 2011 North Carolina - October 15, 2011
Deposit Account Conversion Information Wachovia Welcome Guides and Disclosures Checking Wealth Management Banking -> Wells Fargo PMA Prime Crown Access, Free, Free Student, At Work Regular, My DirectPay Card -> Wells Fargo Free Checking Account with Bill Pay* Access Fifty -> Wells Fargo Access Fifty* Crown Banking, Crown Select, Crown Select Sweep, At Work Crown Access -> Wells Fargo Crown Banking* Crown Classic -> Wells Fargo Crown Classic* Free Interest, Personal Interest, Private Advisory -> Wells Fargo Interest Checking*
Other Accounts CD, Callable CD, Convertible CD, Step-Rate CD, 9-Month No Risk CD -> Wells Fargo Time Account IRA MMA -> Wells Fargo Retirement High Yield Savings Variable Rate CD-IRA -> Wells Fargo Retirement Market Rate Plus Savings Retirement CD, Convertible CD-IRA, Liquid CD-IRA, Step-Rate CD-IRA -> Wells Fargo Retirement Time Account
*These appear to be special conversion accounts, and cannot be opened as new accounts. Features are similar, but not identical, to the Wachovia accounts which they replace.
Conversion Weekend Timeline 1. Friday, branches close early for final conversion work. 2. Friday evening, current balances unavailable online. Friday pending transactions disappear. 3. By Saturday afternoon, final Wachovia transactions post; interest and Way2Save bonus credited. 4. Saturday evening (9p ET, per a comment), ex-Wachovia accounts live on Wells Fargo website. Final Wachovia statements available on Wells Fargo website. 5. Sunday, login to Wachovia website automatically redirects to Wells Fargo for login or sign-up. Final Wachovia statements mailed.
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ThursdaysChild
Missed.
rated:
posted: Oct. 5, 2009 @ 2:34p
Thanks for starting this thread. I am extremely sceptical about the merger, notwithstanding the praise heaped upon Wells by its customers and "team members" in reply to the CEO's welcome letter. Not that I'm a Wachovia fan. I'm a holdover from World Savings (remember those great CDs?).
If there are any Wells Fargo customers here, please let us know if there's any truth to the rumor that you cannot ACH money out of your Wells accounts to another institution. I have a Wachovia CD which I (had) plan(ned) to roll into my Wachovia checking account and ACH out, then close the account. I'm hoping I can do this before the conversion; otherwise it might be a PITA to get my money.
I was a Wachovia customer for 4 years (I opened my account when I moved to the Northeast from Chicago). I am highly skeptical of Wells Fargo and immediately closed my account after I heard about the merger. If you've heard anything about the merger between TD and Commerce, you know that you have reason to be concerned.
My wachovia mortgage is getting gobbled by WF, the only thing I want out of the merger is a .25% rate reduction for automatic payments. That would make my day and I am going to push hard for it once I am assimilated this month.
DamnoIT said: My wachovia mortgage is getting gobbled by WF, the only thing I want out of the merger is a .25% rate reduction for automatic payments. That would make my day and I am going to push hard for it once I am assimilated this month.
How do you get this .25% rate reduction? Is it for Wells Fargo customers?
Ank329 said: DamnoIT said: My wachovia mortgage is getting gobbled by WF, the only thing I want out of the merger is a .25% rate reduction for automatic payments. That would make my day and I am going to push hard for it once I am assimilated this month.
How do you get this .25% rate reduction? Is it for Wells Fargo customers?
I think it may only be avaialable to a WF underwritten loan. It was for those who tied their WF account to do autopay on thier mortgage. I am still going to push for it when we are borg.
DamnoIT said: Ank329 said: DamnoIT said: My wachovia mortgage is getting gobbled by WF, the only thing I want out of the merger is a .25% rate reduction for automatic payments. That would make my day and I am going to push hard for it once I am assimilated this month.
How do you get this .25% rate reduction? Is it for Wells Fargo customers?
I think it may only be avaialable to a WF underwritten loan. It was for those who tied their WF account to do autopay on thier mortgage. I am still going to push for it when we are borg.
Hmm... I recently got a mortgage through WF and I didn't know about this, I gotta look into this and see if I can get a rate reduction.
Ank329 said: DamnoIT said: Ank329 said: DamnoIT said: My wachovia mortgage is getting gobbled by WF, the only thing I want out of the merger is a .25% rate reduction for automatic payments. That would make my day and I am going to push hard for it once I am assimilated this month.
How do you get this .25% rate reduction? Is it for Wells Fargo customers?
I think it may only be avaialable to a WF underwritten loan. It was for those who tied their WF account to do autopay on thier mortgage. I am still going to push for it when we are borg.
Hmm... I recently got a mortgage through WF and I didn't know about this, I gotta look into this and see if I can get a rate reduction.
Thanks for the info!
This may have been a short lived offer this past spring then the refis were hot. I am not seeing it mentioned at the present.
unlike Chase...which converted over WAMU pretty fast...sounds like Wells Fargo is doing the Wachovia conversion at a "turtle slow" pace...... Other then their "cute" stagecoach design checks...what is so great about them? They don't even have their own ACH transfer system.....
craig10x said: unlike Chase...which converted over WAMU pretty fast...sounds like Wells Fargo is doing the Wachovia conversion at a "turtle slow" pace...... Other then their "cute" stagecoach design checks...what is so great about them? They don't even have their own ACH transfer system.....
Their PMA Checking Account gives you 100 free trades for each brokerage account; and the requirements for the PMA account are low (25k) which includes 10% of your mortgage balance.
Ank329 said: craig10x said: unlike Chase...which converted over WAMU pretty fast...sounds like Wells Fargo is doing the Wachovia conversion at a "turtle slow" pace...... Other then their "cute" stagecoach design checks...what is so great about them? They don't even have their own ACH transfer system.....
Their PMA Checking Account gives you 100 free trades for each brokerage account; and the requirements for the PMA account are low (25k) which includes 10% of your mortgage balance.
ThursdaysChild said: Thanks for starting this thread. I am extremely sceptical about the merger, notwithstanding the praise heaped upon Wells by its customers and "team members" in reply to the CEO's welcome letter. Not that I'm a Wachovia fan. I'm a holdover from World Savings (remember those great CDs?).
If there are any Wells Fargo customers here, please let us know if there's any truth to the rumor that you cannot ACH money out of your Wells accounts to another institution. I have a Wachovia CD which I (had) plan(ned) to roll into my Wachovia checking account and ACH out, then close the account. I'm hoping I can do this before the conversion; otherwise it might be a PITA to get my money.
I think you are right. I have a wells fargo account and I have have not found a way to ACH out.
yes...from what i understand, Wells Fargo to this day, STILL does not offer it's customers any ACH Transfer system for a fee or free...just plain doesn't provide one.... Of course, on the Brokerage side, i understand that they do...i guess there they had no choice as they realize that people aren't going to use them for trading, purchase funds, etc...if they don't have some easy way to get money into them....
so, looks like you'll have to use another means of getting money out from them....
sechs said: As I mentioned in the Way2Save thread, earlier in the year, Wells Fargo stated that they were keeping the W2S; but did not give any details as to how that would work out.Poster in the Way2Save thread reports that he was told at a branch that there would be no new W2S accounts starting in January. Existing accounts would be grandfathered.
craig10x said: yes...from what i understand, Wells Fargo to this day, STILL does not offer it's customers any ACH Transfer system for a fee or free...just plain doesn't provide one....That blows.
Can Wells customers transfer between accounts online?
Pretty funny that WF is such a dinasour with the ACH think, must be an archaic policy to keep money less avaialable and to keep more in the thier accounts. You can send up to 1k per day to another WF account but you have to know the number and it doesnt keep it in memory or anything to the effect so you have to enter it time and time again. Its a Fossil man!
sechs said: Can Wells customers transfer between accounts online?To answer my own question, I talked to a friend with a Wells Fargo checking account for nefarious purposes.
There is, in fact, no system for transferring money to or from external accounts. You can move money between WF accounts.
It seems ridiculous that they do not have a system. They could even charge for it. Granted, I don't use Wachovia's system, as it's slow and they charge for some transactions, but it's there nonetheless.
DamnoIT said: Pretty funny that WF is such a dinasour with the ACH think, must be an archaic policy to keep money less avaialable and to keep more in the thier accounts. You can send up to 1k per day to another WF account but you have to know the number and it doesnt keep it in memory or anything to the effect so you have to enter it time and time again. Its a Fossil man!Actually, Wells does let you store another customer's acct info; DW & I often move $ back and forth between our accounts (subject to a $1K daily limit, as you point out).
craig10x said: unlike Chase...which converted over WAMU pretty fast...sounds like Wells Fargo is doing the Wachovia conversion at a "turtle slow" pace...... Other then their "cute" stagecoach design checks...what is so great about them? They don't even have their own ACH transfer system.....
Wachovia and WF used incompatible systems for platform backend. Converting from one to the other without downtime is an extremely long process.
The Krabby O'Monday's was a restaurant that took the place of the Krusty Krab in the episode, "Selling Out". The restaurant was owned by Howard Blandy, and managed by a fish named Carl. Outside, the restaurant kept its shape, but the clamshell sign said Krabby O's and the body said Krabby O'Monday's. Inside, there were much more additions like a giant sports screen, sports jersey and flag displays, and an air hockey table. Squidward was a waiter, SpongeBob was in the kitchen, and later, Mr. Krabs became the busboy. Mr. Krabs was shocked to learn that the restaurant had processed patties made out of garbage and that there were automated registers. The restaurant was destroyed when Mr. Krabs plugged up the patty processor, causing it to explode. Mr. Krabs then bought it back after it exploded. This restaurant is an obvious spoof of T.G.I. Friday's and Ruby Tuesday's from the name, to the uniforms, tables and the atmosphere.
This is somewhat unbelievable, given the fact they have no external ACH mechanism.
In a recent study, the Brookings Institution, a nonprofit public policy organization based in Washington, D.C., ranked Wells Fargo first out of 68 leading U.S. corporations when it comes to technological and digital innovation, topping corporations that are generally considered leaders in the field, including Google, Apple, Amazzon and Disney.
“As the first major financial institution to offer Internet banking, Wells Fargo has a proud history of pioneering in the digital world,” said Jim Smith, executive vice president, Wells Fargo Internet Services Group. “We work very hard to ensure our offerings are user-friendly and innovative. Being ranked number 1 is a great honor, and we'll continue to listen to our customers to give them the very best experience when they visit Wells Fargo by computer or mobile device.”
sechs said: The conversion date for Colorado is November 7.
I'm going to presume that no one from Colorado is reading here, as I would have expected them to pipe up with some information....I'm actually in (cold and snowy) Colorado; I've posted on the Way2Save thread. As I read the details of the Wells blog, I have to conclude reluctantly that those of us with multiple Way2Save accts might as well close all but one of them before the Nov 6 conversion. I'm disappointed but not all that surprised that Wells didn't grandfather in existing accts. It was nice while it lasted.
sechs said: Has Wells Fargo provided you with any information on the conversion?
I would be interested in knowing how accounts are mapping over.I got a bunch of stuff in the mail, which I admit I just skimmed over. It contained a list of all our accounts, and just stated that after Nov 9, we would log in as usual and be directed to Wells' web site. We already have Wells accounts, so I assume they'll show up there, but who knows? My main concern is figuring out what to do with our extra 8 Way2Save accounts - close them before the conversion or not?
folks can we all post comments about how unhappy we (existing customers) are with the new changes proposed. I know they will not fix the new Way2Save, But I think we can put enough pressure to keep existing Way2Save accounts as is (5% & $300 annual bonus)
krk77 said: folks can we all post comments about how unhappy we (existing customers) are with the new changes proposed. I know they will not fix the new Way2Save, But I think we can put enough pressure to keep existing Way2Save accounts as is (5% & $300 annual bonus)Post your dissatisfaction on the wachovia-wells fargo conversion blog.
kjgco said: My main concern is figuring out what to do with our extra 8 Way2Save accounts - close them before the conversion or not?Even at the 2% rate, it seems reasonable to keep them open until conversion. Then, you can just cut down to one or none, at your option.
kjgco said: Looks like 2 neg comments made it by the Wells modsIt also looks like a couple of people complained about not being able to milk the account, rather than just how crappy the changes are in general. That's a great way to let Wells Fargo know that they'll be pushing away more "bad" customers than "good" ones....
Unless you're reading something there that I'm missing, this just sounds like some poor schmuck going out of his way to use his debit card to stuff, or use their bill pay system, even though he doesn't want to.
I was at my usual branch to close my converted Way2Saves and open new ones, and chit-chatted a bit with the banker.
She said that she has been told that April 25 is the target date for changing branding (signs, etc.) on branches in California. One might deduce that conversion of the state would be around that time.
She was not aware that Wells had announced a replacement for Wachovia's Way2Save.
She also remarked that negative Internet articles about Wells Fargo are now filtered on the Wachovia network.
According to this website, the wells fargo way2save is different than the wachovia way2save..NOT in a good wayYou might want to catch up on the last three weeks of this thread, as well as the Way2Save thread, before making any additional posts.
novocane said: billolsen said: Can anyone tell me what is in it for WF they keep calling me to get me to sign up for a PMA account, is it better than the crown accounts from wachoiva I went in today and the P.B. was pushing like crazy for me to put 100. into an account to start a relationship and start a PMA account just seems like theres a reason for the push will I be giving somthing up
PMA is Wells Fargo full featured account, but it requires 25K assets (10% of debt considered assets) to be free, otherwise it has a ridiculously high monthly fee. It does have some decent benefits though, if you qualify. At most banks, the customer service agents get paid, or need to maintain quota based on product count and upselling to higher accounts, so no doubt the sales rep is pushing the PMA accounts to meet his/her incentives.
It's 50k in some states. 10% can be mortgage balances. It's a great account if you're an investor as it offers 100 free trades per account, per year. But if you're not an investor, you can find better. Though if you're an active trader, 100 trades on most discount brokers would end up costing you anywhere from $4-10 per trade, whereas with the PMA package if you got dinged with the $30 monthly service fee but maximized your trades, it would end up being $360 for 100 trades, or $3.60 per trade. Even less if you add in an IRA which also gives you free trades.
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