PRESS RELEASES

Contact: Mary Beth Navarro
(704) 374-2292

August 19, 2003
Wachovia Introdcuces Free Student Checking as College Students Start the New School Year

CHARLOTTE, N.C. - Wachovia Bank, N.A., now offers Free Student Checking. Free Student Checking requires no minimum balance or direct deposit, has no monthly service fee and provides students access to the largest financial center network on the East Coast.

The account also features the College Connection relationship. This benefit provides students with 12 non-Wachovia ATM transactions each month (four withdrawals, four inquiries and four transfers) at no charge when the student's parents have a Wachovia checking account. The ATM benefits extend to foreign countries as well.

"Wachovia's Free Student Checking is a great value for college students who are headed off to school," said Betty Cowell, head of Wachovia's Deposit and Access Services group, which creates the bank's checking and other deposit accounts. "The College Connection relationship feature allows students to enjoy additional banking options at no charge."

Now that the First Union/Wachovia merger has been successfully completed, students from Florida to Connecticut can take advantage of Free Student Checking.

Additional Free Student Checking account benefits include unlimited check writing and teller visits, free Online Banking and a free VISA Check Card. Students who choose the account will have access to 2,600 financial centers and more than 4,600 ATMs where they can conduct banking transactions.

ABOUT WACHOVIA

Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $364 billion and stockholders' equity of $32 billion at June 30, 2003. The company operates full-service banking offices in 11 East Coast states and Washington, D.C., and offers retail brokerage services in 48 of the 50 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com.

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