PRESS RELEASES

The First Union Relocation Card is a prepaid debit card designed to help companies manage their relocation expenses for employees. The card carries the VISA^© symbol, enabling relocating employees to use the card to pay for moving expenses at more than 22 million VISA merchant locations worldwide, plus access cash at more than 643,000 ATMs in the VISA/Plus network.

“The Relocation Card is a smart move for companies and their employees,” said Cynthia Randolph, Vice President and Product Manager for First Union’s General Bank Products & Services. “It streamlines the administrative process of relocations for companies, replacing other forms of disbursement, such as lump-sum checks to employees. At the same time, it makes the moving process easier for employees. They can pay for most move-related expenses immediately, eliminating the need to use personal cash or credit.”

A recent study by the Employee Relocation Council found that surveyed companies relocated an average of almost 500 employees in 2000. The average relocation cost for a homeowning employee was $57,279; for a renting employee the average was $16,701.

“We relocate more than 200 employees in a typical year, and managing that process is a major undertaking,” said Jessica Graham of Harris Teeter Stores Inc. “This product is a significant time-saver for us. But just as important, it is a great benefit for our employees. Employees have told us the Relocation Card really simplifies the moving process, which can be stressful even in the best of circumstances.”

Once companies sign a contract for the First Union Relocation Card program, they can request new cards for individual employees online. Companies can establish individual dollar limits and a standard expiration date for their cards. They also can customize cards with their company logo.

Each card can be sent directly to the employee, along with card activation instructions and a register for tracking transactions, or to the company for distribution. Rush shipping is available for cards to arrive within 24 hours. When employees use the card, they simply sign the receipt, and the expense amount is automatically deducted from the limit established by their company. Companies get regular reports on spending activity, plus toll-free access to First Union’s dedicated Relocation Card Services customer support team.

The Relocation Card’s benefits for companies include the ability to:

• Designate the card limit and expenses that can be applied to the card, eliminating the time-consuming paperwork required to process, report and reimburse individual expenses;
• Reduce check issuance and the associated processing expenses and fraud losses;
• Track and analyze relocation spending through regular reports;
• Eliminate relocation expense accounts and direct reimbursements to employees;
• Move relocation funds quickly and easily; and
• Invest deposit balances because all Relocation Card transactions are processed nightly against a single commercial deposit account.

For employees, the Relocation Card:

• Removes the need to file expense reports and wait for reimbursement;
• Separates relocation funds from family funds for easier tracking; and
• Provides a monthly statement of card transactions for easy tax filing.

The Relocation Card is sold and marketed centrally by First Union’s Corporate Mortgage Services, the nation’s third largest relocation mortgage lender. Interested companies can contact Cynthia Randolph directly at 704-383-0909 or speak to a First Union Corporate Mortgage Services Client Relations Director at 1-800-347-6744.

About First Union National Bank

First Union National Bank is a subsidiary of Wachovia Corporation, formed on Sept. 1, 2001, through the merger of First Union Corporation and Wachovia Corporation. Wachovia Corporation is a leading provider of financial services to 19 million retail and corporate customers throughout the East Coast and the nation. The company, which had pro forma assets of $322 billion as of June 30, operates full-service banking offices in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 47 states and global services through more than 30 international offices.