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Media Contact:   Leah Dering 704-383-0551 November 08, 2004 Wachovia Introduces Lockbox Service for High-volume, Low-dollar Remittance Clients "Wholetail" lockbox streamlines accounts receivable posting and reduces payment exceptions CHARLOTTE, N.C. - Wachovia's Treasury Services Division announced today the availability of an enhanced lockbox solution for customer and business-to-business payments, combining high-speed retail lockbox processing with the flexibility and data collection capabilities of low-volume wholesale lockbox processing. This combination of wholesale and retail lockbox processing, known as Wholetail lockbox, reduces costs, time and errors associated with the accounts receivable (AR) posting process, said Alison Quigley, Senior Vice President and Receivables Manager with Wachovia's Treasury Services Division. "We have combined the best of retail and wholesale lockbox processing to meet the unique payment processing needs of certain Treasury Services clients in industries such as mortgage, real estate, property management, healthcare, insurance, tax, utility and telecommunications," Quigley said. "Wachovia's Wholetail Lockbox service provides these clients with a new solution to meet their high-volume, low-dollar AR needs." With Wholetail Lockbox, Wachovia scans customer payments and all machine-readable remittance coupons. Next, a check digit routine is used to validate captured data, thereby reducing errors and raising the hit rate. Once checks are encoded and endorsed, funds are deposited into the corporate customer's account. Clients receive a payment report and images with which they can update their accounts receivable files. In addition, they can access all archived receivables data through Wachovia's Web-based systems. About Wachovia's Treasury Services Division As part of Wachovia's Corporate and Investment Bank, Wachovia's Treasury Services Division offers a comprehensive suite of integrated payables and receivables solutions, including electronic check conversion, accounts receivable conversion, a full range of ACH services, image technology, a national wholesale and retail lockbox network and international treasury solutions. In recent Phoenix Hecht surveys, 20 out of 26 of Wachovia's treasury services products were ranked "A" or "A+" by upper-middle and large corporate customers. Additionally, ten of the bank's key treasury product capabilities are ranked in the top four for market share in Ernst & Young's survey. Wachovia's Information and Access product, Wachovia Connection®, ranked first in that survey. For the second year in a row, Wachovia Connection was also voted the "Best Corporate/Institutional Online Cash Management Service in North America" by Global Finance, and the most recent Bank Leader Survey placed Wachovia's Treasury Services Number 2 for "Overall Satisfaction" and "Overall Quality of Customer Service". 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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