Wachovia Bank: Just not the right fit for people like me.
Written: May 07 '07
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Pros: Easy to open an account, branches located in MANY cities.
Cons: So big they are only interested in commercial accounts of those of the very wealthy.
The Bottom Line: This just isn't the banking experience I'm looking for. I'm going back to the credit union circuit.
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| ltrain's Full Review: Wachovia Bank |
Do you choose your new bank or do banks choose you? Clearly, Wachovia feels that they choose their customers and those whom they haven't chosen they burden with undesirable results until they are free of them. Wachovia is interested in large accounts such as commercial accounts or the holdings of the wealthy only.
Why would I say that? Keep reading and I'll make my case!
A bit of background:
For me, choosing a bank is like buying a home. You research all your options, look for the choices that are available that fit your needs best, and hope you've prepared well enough to stay with the choice for the long term. When things don't go perfectly you don't immediately "jump ship" on your choice, you try to correct the situation.
I've always banked with local banks or credit unions and had to change my affiliation each time I moved. This time, however, I decided to go with a nationally located bank so that if I moved again I wouldn't automatically be forced to look for a new bank or credit union.
Checking:
There are seven types of checking account available to the masses from Wachovia. Many of these accounts are advertised as being specific to a certain type of customer (ie. students, seniors, etc.)
I've chosen the Free Checking option which has no fee associated with it. It's true, I have to purchase my own checks (but I don't buy through Wachovia). I've got a Visa checkcard associated with the account so it's convenient to spend my money. There aren't any fees associated with the Visa checkcard either.
I haven't had any problems with this account. As you'd expect, the record keeping at Wachovia appears to be accurate. I get a paper statement mailed to me each month and can access the account online at any time with no inconvenience.
Savings Account:
Wachovia's basic savings account (known as a "Premium Savings Account") comes with a $5.00 monthly fee if the balance is under $300 at any time during the month.
Wachovia's website defines these as the current interest rates on basic "Premium Savings" accounts:
Balance of $0.00-$9,999.00 gets 0.15% APY
Balance of $10,000.00-$24,999.00 gets 0.45% APY
Balance of $25,000.00+ gets 0.55% APY
(compared with a current prime rate of 8.25%)
I can also access this account online by dropping by Wachovia's site. Switching between savings and checking is a breeze on the site.
Save another way?
Wachovia also offers Money Market accounts, CDs and IRAs but I cannot comment heavily on those because I haven't opened one of them.
ATM Locations:
Of course this will vary from town to town but where I live there are NO drive up ATMs (other banks do offer these here) and only two walk in ATMs, both at Wachovia branches.
You can withdraw money from ATMs owned by other banks but Wachovia will charge you a fee for doing that (usually $2.00 each transaction).
Ambiguous loan practices:
Want to hear something odd? I called Wachovia to try to get pre-approved for an auto loan. On Saturday morning I completed the application via telephone and was told that everything looked good and I should get a return call with final confirmation within a few hours. On the following Wednesday I still hadn't gotten a call so I bought the car and financed through Chrysler Financial. About two weeks later I received a letter from Wachovia explaining that my application for an auto loan had been declined. In the SAME DAY'S MAIL Wachovia sent me an offer for a pre-approved credit card with a higher limit than the auto loan I'd applied for and nearly the same interest rate I'd expected to get from Wachovia on an auto loan. How unusual is that??
Online Banking:
Naturally, you can get started at www.wachovia.com
You can open an account, pay bills, view statements, and transfer funds online. The site is VERY easy to use. Another great feature is the ability to setup recurring bills or transfers to happen automatically on a certain date each month.
Paper statements:
As I said, I get one on each account each month. No additional charge for that service.
Customer Service:
I've dealt with Wachovia customer service via telephone a number of times. The wait typically isn't too bad (around five minutes) if you can pound your way through the automated system to get into the line to speak with a real person. The representatives are usually helpful and polite in the same way that a waiter at an exclusive restaurant is...they say the right words but somehow they still come across as condescending and arrogant. It's unfair of me to say that I guess since they do say the right things, but it's the impression I've always gotten.
At my local branches the tellers tend to be friendly and easy to deal with. Transaction go quickly and the lines are usually kept short.
Overall
The basic functions I expect from a bank are well handled by Wachovia. Accurate record keeping, a variety of account options, and a great online presence are all integral parts of Wachovia's package. It's the small things that I'm looking for that I can't get from Wachovia.
I don't like the idea of paying fees on a savings account based on a minimum balance. The fact that my home and cars are financed through someone other than "my bank" isn't the way I'd prefer things. I'm looking for a bank that views me and my credit score and offers a full package: loans, free checking, savings, and investment options. It's for this reason that I'm going back to the local credit unions to try to obtain the package I'm looking for.
Other options:
Some other options that you should research if you are looking for a bank are:
Family Trust FCU
Recommended:
No
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Epinions.com ID:
ltrain
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 in Kids & Family |
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Location: Right place, right time!
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