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FREQUENTLY ASKED QUESTIONSWhat is Way2SaveSM? Way2Save is a high-yield, automatic savings tool designed to help Americans save money. Way2Save helps people save money automatically, by using their Check Card the way they normally would, and it offers a competitive interest rate and real incentives for saving money. Wachovia created Way2Save to give consumers an automatic and disciplined way to save. The program motivates customers to save since their bonus grows depending on how much they save—up to $300 per year.
How does Way2Save work? Is there a minimum balance? Way2Save transfers $1 from a customer's Wachovia checking account into a new, special Way2Save savings account each time he/she makes a purchase with his/her Check Card or makes a payment via an online bill payment or automatic debit from his/her checking account. There is no minimum balance required to open a Way2Save account, though a new Wachovia checking account may require a minimum opening balance of $100. What are the benefits of Way2Save? Way2Save makes saving easy and automatic, and encourages customers to save by offering incentives to leave money in the account to build their savings instead of spending it. For the first three years of the program, customers earn an annual bonus on the balance of their savings account.
In addition, customers can choose to transfer up to $100 a month from their Wachovia checking account to the special Way2Save savings account to see their money grow even faster. After three years, customers earn a competitive, traditional savings rate, and Wachovia will discuss other savings options with them if those would be more advantageous to the customer at that point. How much money can the typical customer expect to save in years one, two, and three? A typical customer can expect to save the following amounts after each year in the program, for a total of about $2,000 in the Way2Save account after three years (assuming 23 Check Card transactions, four online payments, and a recurring transfer of $25 per month):
Is there a limit to the number of monthly transactions a customer can make to generate the $1 transfers? No, there is no limit to the number of Check Card purchases, online bill payments, or automatic debits that generate the $1 transfers. How do the Way2Save transactions appear on a customer's statement? Way2Save transactions are aggregated daily and appear as a "Way2Save Transfer" on the customer's statement. The transactions are the last posting of the day (ex: behind a mortgage payment or car payment). Why did Wachovia create this new product? Wachovia created Way2Save to offer consumers an easy, automatic, and fun way to save. Given the savings crisis in the United States and the financial challenges that Americans face, Wachovia conducted extensive research to better understand Americans' attitudes and preferences about saving, in addition to the barriers they face when it comes to saving. Consumers told us they have difficulty saving on a regular basis, and they need help getting started. For this reason, Wachovia created Way2Save. The studies also found that consumers want encouragement and motivation to help them start saving. Way2Save gives them a unique way to start saving and compelling incentives, including high interest rates and annual bonuses, to grow their savings on a regular basis. How have consumers responded to Way2Save? Wachovia launched the Way2Save program in January 2008. The program concept tested well with mass consumers for three key reasons:
Additionally, we are very encouraged by the partnership and support we've seen from our savings education partner, the Consumer Federation of America (CFA), and its campaign, www.americasaves.org. We are working with America Saves and CFA in 2008 to deliver savings seminars to consumers through employers and community partners across Wachovia's markets. The seminars are designed to provide advice, education, and encouragement to help consumers start saving or save more. Consumer advocacy organizations, such as America Saves, have publicly stated that they would recommend products that are easy, automatic, and offer attractive interest rates. What happens after the third year? After three years with Way2Save, Wachovia believes the average customer will have saved $1,000 to almost $5,000 in their Way2Save accounts. Wachovia expects that the incentives, encouragement, and advice it provides customers during their first three years with the product will help them accumulate savings balances. These balances may qualify them for other interest-bearing savings products that may pay an even higher rate of interest. Is the Way2Save product for everyone? Way2Save is best suited to individuals who monitor their checking account balances and can manage to put aside some small savings each month. It's also a great way to start saving. Way2Save is an easy way to save money automatically, since customers accumulate savings by using their Check Cards the way they normally do. Customers receive a 5.00% annual bonus on balances contributed into the account by their one-year anniversary with Way2Save. Customers' accounts must be active and have a positive balance to receive the bonus. Can customers deposit money directly into the Way2Save savings account? The program is designed to grow savings balances automatically and offers three ways to put money into the account. Deposits cannot be made directly into the Way2Save account outside of these three ways. Wachovia offers a full range of other savings products for customers who want to be able to directly deposit funds into savings. Can customers withdraw money from the Way2Save savings account? Customers can withdraw money from their Way2Save savings account at any time. The Way2Save savings account is an excellent way to help customers save for emergencies and short-term goals because customers can access their savings whenever they need it. Can customers overdraft on the Way2Save account? Wachovia encourages customers to set up their Way2Save savings account as overdraft protection for their Wachovia checking account unless they already have overdraft protection, either through a link to another Wachovia savings account or to a Wachovia credit card. As a special benefit for Way2Save customers, Wachovia will waive the normal $10 fee for any transfer needed from the Way2Save savings account to checking to cover an overdraft or insufficient funds item. A customer could still overdraft their account in this situation if they spent all funds in both their Wachovia checking and their Way2Save savings account. In addition, Wachovia will not make a $1 Way2Save transfer from checking to savings if that transfer would create an overdraft or insufficient funds situation. Instead, the Way2Save transfer for that day would be permanently cancelled. This provides peace of mind for our customers. Can a customer use multiple Check Cards on the Way2Save account? Customers who have multiple Check Cards linked to a single Wachovia checking account, as is often the case with a joint checking account, can take full advantage of Way2Save. Each Check Card or online payment will create a $1 transfer—so savings can add up quickly for joint account holders.
Wachovia kicked off its Savings Education Initiative almost two years ago when it started to research the pressures that consumers face when it comes to saving money. America's negative savings rate has compelled Wachovia to find ways to help Americans start saving and save more. In addition to research and new products, Wachovia will introduce a series of savings seminars in its markets during America Saves Week, February 24 through March 2, 2008. The seminars will be delivered through large employers with whom Wachovia has relationships, as well as through community partners. The seminars are designed to educate and motivate people to save. What has Wachovia learned through its consumer research? In Wachovia's proprietary research and in the independent research we've conducted with the Consumer Federation of America (CFA), we learned some important things:
What type of advertising is Wachovia doing to support the new Way2Save program? Television, radio, and billboard advertisements will begin to air Monday, January 28, 2008 and will run from three weeks to 40 weeks, depending on the advertising channel. The core message of the advertising that will support the new savings program is, "Way2Save, a better way to save." For more advertising and marketing details, please contact Angela English in Corporate Communications at (704) 383-0412.
Wachovia Bank, N. A., and Wachovia Bank of Delaware, N. A., are Members FDIC.
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