Wachovia now part of Wells Fargo
Wells Fargo closed on its deal with Wachovia yesterday. What does that mean for local Wachovia customers
BY BILL FREEHLING
Date published: 1/1/2009
BY BILL FREEHLING
Wachovia is now officially part of Wells Fargo, but representatives from both banks say Wachovia customers should continue with "business as usual."
The San Francisco-based Wells Fargo's deal to purchase Wachovia closed yesterday, creating a national banking behemoth with about $1.4 trillion in assets and $787 billion in deposits.
Wachovia had been one of the biggest banks in the Fredericksburg area by customer deposits, so now Wells Fargo takes over that leadership position. But customers shouldn't expect any immediate changes.
"Really, customers should feel comfortable just banking as usual," said Wachovia spokeswoman Christine Shaw.
That means Wachovia customers can continue using their same debit cards and checks. Both banks say future changes will be communicated well in advance.
The Wachovia signs at area branches likely will remain up for a while, said Wells Fargo spokeswoman Julia Bernard.
According to Wachovia's Web site, Wachovia customers will be able to use Wells Fargo's branches and ATMs once the two companies are integrated. That process could take 2-3 years, according to reports. For now, customers are advised to bank as usual at Wachovia branches and ATMs or online at Wachovia.com.
The Wells-Wachovia takeover isn't the only big financial sector deal to mark the end of 2008. PNC Financial Services Group bought National City Corp., and Bank of America acquired Merrill Lynch.
Bill Freehling: 540/374-5405
Email: bfreehling@freelancestar.com
Date published: 1/1/2009
Most recent reader comments:
Wachovia should have been allowed to die
(posted by
Mandrake
, Jan. 4, 2009 11:33 am)
Their customer service is awful and their people uncaring about
doing a good job and working hard to make a sale. Bad
attitude towards customers always sinks the ship.
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