Contact:
Mary Beth Navarro
(704) 374-2292
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November 09, 2004
Wachovia Re-invents Free Checking
Extra Free Checking Account Sets New Standard Among Top 5 Banks
CHARLOTTE, N.C. - Wachovia Corporation (NYSE: WB) has re-invented its personal Free Checking account to better meet consumer needs. Extra Free Checking requires no minimum balance, has no monthly service fee, and unlike many banks' free checking accounts, does not require direct deposit. It also comes with the Visa Extras debit rewards program and Free Online BillPay.
"Wachovia's account is different for two reasons," said Betty Cowell, head of Wachovia's Deposit & Access Services Group. "First, we don't require direct deposit. That requirement excludes many people from obtaining free checking, and we want Extra Free Checking to be open to everyone.
"Second, we offer a free Check Card with free Visa Extras, a rewards program that lets customers earn points every time they sign for a purchase with their debit card. These points can be redeemed for gift certificates to popular restaurants and shops, even for travel. Most banks do not offer debit rewards, but we listened to our customers, who told us they want to be rewarded for their debit purchases."
Wachovia also announced Nov. 1 that it would begin offering Free Online BillPay with its Free Checking account. Wachovia previously offered Free Online Banking, but Free Checking customers were charged a monthly fee for Online BillPay.
Features of the Wachovia Extra Free Checking account include: - No minimum balance
- No monthly service fee
- Unlimited check writing
- No direct deposit required
- Only $100 to open
- Free Online Banking and Online BillPay
- Free Check Card with Visa Extras rewards program
- Unlimited visits to Wachovia financial centers, Wachovia's automated phone service and Wachovia ATMs, plus access to SouthTrust ATMs to get cash or check balances with no fee
The same Free Checking account will be offered under the SouthTrust brand name at SouthTrust financial centers. SouthTrust financial centers will be integrated into Wachovia and begin operating under the Wachovia brand name starting in second quarter 2005.
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 west to Texas, and retail brokerage operations nationwide. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve approximately 14 million client relationships (including households and businesses), primarily in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states and Washington, D.C. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through wachovia.com.
Wachovia had assets of $436.7 billion, stockholders' equity of $33.9 billion and market capitalization of $61.4 billion at Sept. 30, 2004. SouthTrust had assets of $53.8 billion and stockholders' equity of $4.7 billion at Sept. 30, 2004.
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