PRESS RELEASES

Media Contact: Leah Dering
704-383-0551

October 27, 2004
Wachovia Introduces National Deposit Program
Single DDA provides easy account access across state lines

CHARLOTTE, N.C. - Wachovia's Treasury Services Division announced today the availability of a National Deposit Program for large, established multi-state retailers. This service enables Wachovia customers to easily receive, record and credit/debit commercial cash and check deposit accounts across multiple geographic markets.

National Deposit allows customers to consolidate banking relationships while standardizing daily cash and check deposit and cash ordering procedures, identifying all transactions by store or location, reducing monthly reconcilement and settlement effort and expense, and providing competitive local deadlines for same day credit.

"Our National Deposit service is a creative solution designed to address one of the most challenging issues facing multi-state retailers, namely, maintaining multiple bank relationships for deposits," said Tom McGurk, Senior Vice President and Collections Product Team Leader, Wachovia's Treasury Services Division. "By using Wachovia's National Deposit Program, these customers can reduce the number of bank accounts they manage and the administrative requirements associated with them."

Currently, Wachovia's Treasury Services Division offers the National Deposit Program across Tennessee, Georgia and Alabama with plans to expand into the Northeast and Midwest in 2005 and the West Coast in 2006.

About Wachovia's Treasury Services Division

As part of Wachovia's Corporate and Investment Bank, Wachovia's Treasury Services Division offers a comprehensive suite of integrated payables and receivables solutions, including electronic check conversion, accounts receivable conversion, a full range of ACH services, image technology, a national wholesale and retail lockbox network and international treasury solutions. In recent Phoenix Hecht surveys, 20 out of 26 of Wachovia's treasury services products were ranked "A" or "A+" by upper-middle and large corporate customers. Additionally, ten of the bank's key treasury product capabilities are ranked in the top four for market share in Ernst & Young's survey. Wachovia's Information and Access product, Wachovia Connection®, ranked first in that survey. For the second year in a row, Wachovia Connection was also voted the "Best Corporate/Institutional Online Cash Management Service in North America" by Global Finance, and the most recent Bank Leader Survey placed Wachovia's Treasury Services Number 2 for "Overall Satisfaction" and "Overall Quality of Customer Service".

About Wachovia

Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and retail brokerage operations nationwide. Wachovia had assets of $436.7 billion, market capitalization of $61.4 billion and stockholders' equity of $33.9 billion at September 30, 2004. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 12 million client relationships (including households and businesses), primarily in 11 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com.

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