Need to know Wachovia transition to Wells Fargo
If you have Wachovia as your bank you’ve probably received an insanely thick envelope with all of the information on the upcoming transition to Wells Fargo. I was even intimidated by it, and am usually eager for information of this type. I have therefore decided to make this post explaining what needs to be known. Generally this is only the information pertaining to free checking and way2save as these are the accounts I have.
Many things will stay the same. The free checking is the same, and we don’t need to get a new check card or checks. We won’t get a new Wells fargo card until ours expires or we order a new one because it is lost/stolen.
The biggest changes occur with way2save and overdraft protection. There are no limits on how much a month you can put into the new Wells Fargo way2save account per month, the accounts acts more like a traditional savings account in this manner. There is a 13 month period during which the way2save account earns premium interest rate of 3% on the first $500 in it. But overdraft protection has changed for the worse. There is a $10 overdraft protection transfer fee to use overdraft protection, and it transfers a minimum of $25 each time. I still need to call someone to find out more info on the $25 minimum. The account is also assessed a $5 a month fee, however this is waived if you make at least one save as you go transfer, so I doubt anyone will be charged this fee.
The big thing that these letters keep pointing out is that beginning the evening of July 8th through July 11th we will have limited online access for our accounts. Don’t plan on checking on them during this time. Our accounts will still work and automatic payments will still occur over this period. We just may not be able to view our accounts online. Beginning on July 11th once we log onto wachovia.com we will be prompted to set up our Wells Fargo account. In order to continue having online access to our accounts we must set up the Wells Fargo account before Occtober 8th. It seems Wells Fargo is more mobile friendly and we will have more access on our smartphones, although the sign up process cannot occur mobilly.
Online bill pay has one major difference which needs to be thoroughly considered. Bill pay which is already set up will maintain through conversion, but Wells Fargo processes the payments as much as 5 days earlier than Wachovia. Also if you have bills due right around the date of the transition you need to watch them, because if the account converts before the payment is taken from your Wachovia account, but after the date it should be taken from your new Wells Fargo account it may not be made. This is all very confusing, and I’m glad I don’t do Bill pay, but I thought I’d throw it in there since I’m sure it will affect a lot of people. With Wells Fargo if your Send on date occurs over a weekend or holiday the payment is processed on the next business day wheras it used to be the previous business day for Wachovia, so you need to make sure everything will still be paid in time. It should though, since they process it 5 days early anyway. I would suggest calling them with bill pay questions. Before July 9th call 1-877-489-3817
Hopefully this transition runs smoothly and we don’t incur too many undue fees.