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Media Contact: Amy Jones
(704) 383-4995

September 21, 2005
Wachovia Announces Launch of Remote Deposit Capture Product (RDC)

CHARLOTTE, N.C. – Wachovia announced today that it has launched Remote Deposit Capture (RDC), a new receivables service that allows Wachovia’s Treasury Services clients to electronically deposit checks by sending check images and deposit information to Wachovia.

This service helps Wachovia’s clients take advantage of Check 21 legislation, which allows electronic check images to replace actual paper checks. Using RDC, companies can scan checks at their desktops and electronically send check images and deposit information directly to Wachovia. By using this service, companies are able to reduce their number of deposit banks, save on transportation costs and decrease the float time between receiving and depositing a check. The RDC product also automates the process of creating deposit tickets.
“We are really proud to be able to provide our treasury services clients with this new and innovative means for depositing checks right from their desktops. Early adopters of our RDC product have found that it helps them reduce costs and improve the efficiency of their receivables and funds concentration processes. We’re confident that other clients will quickly see these same benefits,” said Michael Daley, Senior Vice President and Head of Product Solutions in Wachovia’s Treasury Services Division.
“We primarily receive corporate checks, so ARC is not an option for us. RDC is, and since we are not big lockbox users, this is our solution to speed up availability. At full implementation, we anticipate reducing our number of depository banks from around 20 to one or two, having better control over what is being deposited – since information will feed into our treasury workstation – and improved float, since we receive better availability from Wachovia and other big banks than over the counter at local banks,” said Christy Wright, Director of Finance and Treasury for business conglomerate EBSCO Industries.
“RDC is the perfect fit for our business. In our organization, local offices send deposits to their regional office prior to making the bank deposit. We recently placed scanning devices in the regional offices, immediately reducing our Days Sales Outstanding (DSO) by four days in the first region. We expect to find DSO improvement to be a common experience in all regions,” said Bruce Fisher, Manager of Treasury Services for a domestic unit of a well-known German manufacturing company.

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".
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. Wachovia had assets of $511.8 billion, market capitalization of $78.2 billion and stockholders’ equity of $47.9 billion at June 30, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,126 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 699 offices in 49 states and five Latin American countries. The Corporate and Investment Bank serves clients primarily in selected industries nationwide. Global services are offered through 40 offices around the world. Online banking and brokerage products and services also are available through Wachovia.com.