PERSONAL FINANCE FAQS

On the 12^th month anniversary date of your Way2Save account opening, the bonus offered will be 5% of the eligible balance in your Way2Save account (maximum bonus paid is $300).  For example, your eligible balance is $1,000 on your first year anniversary date.  Take $1,000 x .05 = $50. This is the bonus amount you’ve earned that will be deposited to your Way2Save account for the first year.  For information on how the bonus will be calculated for the second and third years, see the Way2Save Agreement.

Yes, there is no penalty to withdraw funds from the Way2Save account. You have full access to the funds. The Way2Save account is subject to Regulation D.  Federal regulations limit third-party transactions or pre-authorized transfer (including overdraft transfers) or transfers made by personal computer (including Online Banking) or telephone from the customer's account to six per month, no more than three of which may be by draft or debit card.  If this limitation is exceeded on a regular basis, Wachovia is required to close the customer's Way2Save account. 

• All purchases made by Check Cards linked to your checking account.
• All bills paid online, including Online Banking with BillPay¹ or automatic debits from your checking account.

At the end of the posting day, we will total the number of qualified transactions that posted and create a single transfer for the total amount from your checking to your Way2Save account.  For example, if you had three qualified transactions post in one day, you will see a $3 Way2Save transfer from your Wachovia checking account that will be posted to your Way2Save account the next business day.

There are three situations that will cause a Way2Save transfer to be cancelled:

• If there are not sufficient available funds in the checking account to cover the Way2Save transfer amount.
• If any transactions have caused your checking account to be overdrawn, the Way2Save transfers will be cancelled until the balance in your checking account is greater than the current day's Way2Save transfer amount.
• If Overdraft Protection was initiated to cover posted transactions. Overdraft Protection will never be used to cover a Way2Save transfer.

The Way2Save transfers from the checking account will post to the checking account the same day. Due to our processing times, the Way2Save deposit into your Way2Save account will post the next business day. Our business days for processing are Mondays through Fridays excluding weekends and holidays.

The $1 Way2Save transfers are based on the transactions posted to your checking account.  It may take a few business days for your Check Card purchase to post to your checking account.  Our  business days are Mondays through Fridays.  Weekends and holidays are not included.  Once the transactions are posted to your checking account, the Way2Save transfer will be deposited into your Way2Save account the following business day.

We will cancel the automatic transfer if it would cause your checking account to become overdrawn.  The next scheduled transfer will occur as long as there are adequate funds in the checking account for the transfer. 

You can transfer up to $100 per month into your Way2Save account through a recurring, automatic transfer.  Call 800-WACHOVIA or visit your local Financial Center to set up a transfer. 

There is no minimum amount required.  All Check Card purchases, and online bill payments, including through Online Banking with BillPay or automatic debits from checking regardless of the amount will generate the $1 transfer. 

The program is set up to make saving happen automatically through qualified transactions and recurring, automatic transfers from checking.  You can not deposit funds directly into the Way2Save account.  If you would like to set up a recurring, automatic transfer from your checking to your Way2Save account, call 800-WACHOVIA or visit your local Financial Center. 

In the Way2Save Program, there are three required Wachovia products:

1. A Way2Save account.
2. A linked personal Wachovia checking account.
3. And a linked Check Card. 
   

The only way to discontinue the Way2Save transfers from occurring when using your Check Card is to remove yourself from the program by closing the Way2Save account. If you close the account, you will no longer be eligible to receive the annual bonus.

In the Way2Save Program, $1 is automatically transferred from your checking account to your Way2Save account for each Check Card purchase transaction made by you, a joint owner, or authorized signer of the checking account.  You do have full access to those funds and can transfer the funds back over to your checking account at any time.  

Yes.  The bonus is considered interest income that should be self reported to the IRS.

In order to be eligible to receive the bonus, your checking account, Way2Save account and Check Card must all be open, linked, and in good standing. If no Way2Save transfers have been made to the Way2Save account for a period of time that we consider substantial (for example three months), then we may close or convert the account to a Premium Savings account.  When this occurs, you are removed from the Way2Save program.  Check to see if your Way2Save account has been converted to a Premium Savings account.