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WAY2SAVESM ACCOUNT AGREEMENTThis Agreement (the "Agreement") is an addendum to the Deposit Agreement and Disclosure for Personal Accounts (your "Deposit Agreement") and the Debit Card Agreement and Disclosure for Personal Accounts (the "Card Agreement") and sets forth the terms and conditions which apply to the Way2SaveSM Savings Account (the "Way2Save account") and Way2Save Program (the "Program"). The words "you," "your," and "yours" in this Agreement mean the person or persons who is/are participating in the Program. The words "we," "us," "Bank" and "our" mean Wachovia Bank, National Association or Wachovia Bank of Delaware, National Association. The term "business day" means every day except Saturdays, Sundays, and federal holidays. The term "electronic payment" means any Wachovia Online BillPay(excludes online payments that post to your account as a paper check) or automated debit processed through the Automated Clearing House (ACH). 1. The Program. Wachovia has introduced a savings program, where $1 is automatically transferred from your checking account to your Way2Save account for each check card transaction and each electronic payment1 made by you, a joint owner, or an authorized signer on the checking account. At the close of each business day, we will total the $1 from all qualified transactions (see section 3) that post to your checking account and process a single transfer (the "Way2Save transfer") from your checking account to your Way2Save account the next business day. On any business day, if you do not have sufficient available funds in your checking account, or if any transaction has overdrawn your checking account, or if overdraft protection was initiated, the Way2Save transfer for that business day will not occur. If your Check Card purchases or electronic payments are subsequently canceled, reversed or disputed, for any reason, the corresponding Way2Save transfers will remain in your Way2Save account and will not be credited back to your checking account. 2. Enrollment. Wachovia customers are eligible to participate in the Program if they meet and maintain the requirements. There are three required Wachovia products that make up the Program: (1) a Way2Save account, (2) a linked personal checking account, and (3) a linked Check Card (the "Check Card"). The Way2Save account is a necessary component of the Program and is not available as an individual account. The Way2Save account must remain linked to a checking account to take advantage of the account features and benefits. If the Way2Save account is not linked to a checking account or if no Way2Save transfers have been made to your Way2Save account, for a period of time that we consider substantial (e.g. three months) then we may close your account or convert your account to a Premium Savings account. A checking account can only be linked to a new Way2Save account one time and there is a limitation of 5 checking and Way2Save accounts per customer. You must also agree to receive a consolidated statement for your checking account and Way2Save account. 3. Qualified Transactions. A "qualified transaction" is any signature-based or PIN-based Check Card transaction or electronic payment. All other banking transactions not specified above (such as ATM withdrawals, checks, wires, deposits, transfers) are not qualified transactions. Only qualified transactions that post to your linked checking account are eligible for the $1 automatic savings feature. We reserve the right to determine in our sole discretion whether a particular bank transaction is a qualified transaction. 4. Funding Your Way2Save Account. Way2Save accounts are opened with a zero balance. The Way2Save account is established as a way to automate your savings and during the first three years, will be limited to the eligible automated deposits described below:
You agree not to make deposits other than the automated deposits allowed or provide the Way2Save account number or other information to any third party for the purpose of making non-eligible deposits to this account, during the first three years. All non-eligible deposits received will be rejected from the Way2Save account and deposited to the linked checking account or returned. 5. Interest Rate. During the first 3 years of the Program, a special interest rate and Annual Percentage Yield (APY) will be offered and will be: 5.00% APY Year 1 and 2.00% APY Years 2 and 3. The APY on your Way2Save account will change 12 months from the date the first transfer was credited to your account and each 12 months thereafter, during the first 3 years. At the start of year 4, the APY will be the same as the Premium Savings rate in effect at that time. The Way2Save account is a variable-rate account and the rate is subject to change. 6. Way2Save Bonus Promotion. Wachovia will reward you for saving with an annual bonus for the first three years, as outlined below:
The eligible balance is equal to your savings contributions for the current year (i.e. the sum of your $1 transfers and up to $1200 of recurring transfers) or your Way2Save account balance, whichever is less. As applicable, the bonus will be calculated on the12 month anniversary of your enrollment in the Program and each year thereafter, and credited to your Way2Save account within 4 weeks of the anniversary date. To receive the bonus, your checking account and Way2Save account must be open, linked, and in good standing at the time the bonus is credited. 7. Withdrawals. You have full access to the funds in your Way2Save account at anytime. Please refer to your Deposit Agreement for withdrawal limitations associated with savings accounts. 8. Changes to this Agreement. We reserve the right to suspend, terminate, or change the Program, or your participation in the Program at any time. We may also close or convert your account to another type of account when we consider it appropriate or necessary to do so. We may terminate the Way2Save Bonus Promotion at any time without notice. 9. Tax Information. The amount of the Way2Save bonus payment will be reported to the IRS as interest earned in the year credited. Way2Save Fees*
*Other fees may apply. Refer to the Schedule of Fees and Funds Availability for Personal Accounts. Save Like A Champion! Rate Disclosure Addendum You are eligible to participate in the special Way2Save promotion related to the 2008 Wachovia Championship. The 2008 Wachovia Championship, Wachovia's PGA TOUR event, will be held April 28 - May 4 at the Quail Hollow Club in Charlotte, NC. This promotion is for accounts opened by May 30, 2008. The Way2Save interest rate for June, July and August will be the 2008 Wachovia Championship winner's under-par score (example: winner's under-par score of 12 = 12.00%). Refer to the table below to locate the winner's under-par score and the blended Annual Percentage Yield. After the promotional period, the interest rate will revert to 4.88 % (5.00% APY) for the remainder of the first year. Thank you and congratulations for starting to Save like a Champion!
580023(Rev 02) 1 Excludes online payments that post to your account as paper checks. Wachovia Bank, N.A. and Wachovia Bank of Delaware, N.A. are Members FDIC. |
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