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Old 10-06-2008, 02:22 PM
 
693 posts, read 1,954,185 times
Reputation: 251

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It seems Wells and Citi are going to split Wachovia and any merger could take YEARS to be completed... but here's my prediction: whoever owns it will continue to operate as "Wachovia"...my reason is that Wachovia has exceptionally high customer service ratings and very loyal customers. It's foolish to give up name recognition.

So, I am planning on leaving my accounts where they are until I see any changes to fees and policies.

Last edited by Damemeow; 10-06-2008 at 02:35 PM..
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Old 10-06-2008, 02:47 PM
 
96 posts, read 176,674 times
Reputation: 38
Personally I think that your money is safe with Wachovia, but I feel pretty secure in BOA right now. They're huge, and buying banks. I think BOA is definately safe, but I'm Wachovia will still be able to give you money if you were to make a withdraw
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Old 10-06-2008, 03:09 PM
 
Location: South Carolina
44 posts, read 118,598 times
Reputation: 17
I was fine last week with everything going on, I just kept an eye on it.

However this week did not give me a level comfort. I closed all but 2 accounts and moved to a new bank.

It's a pain, but I need to feel secure. Wachovia has not impressed me with the way this has been handled at all.
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Old 10-06-2008, 03:14 PM
 
Location: NE Charlotte, NC (University City)
1,894 posts, read 5,725,143 times
Reputation: 1041
SunTrust has been great for us so far. We dumped BofA for abusing their "fee" assessment. We picked SunTrust since our mortgage is through them. You get the second highest checking account for free if you have a mortgage with them. They've pretty much bent over backwards to get our business and keep it.
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Old 10-06-2008, 03:48 PM
 
1,800 posts, read 5,163,873 times
Reputation: 734
Quote:
Originally Posted by Native_Son View Post
No reason to move your money unless your deposits exceed $100K.

Otherwise, stick with your banker friend.

Now, if the new regime changes services and you don't like them, that's a good reason to switch...
Great advice, thank you.
I marched in to our Wachovia branch today (to make a deposit NOT a withdrawl) and I thought; I could never just walk in here and take all my money out...these people know me and they've been so damn nice to me!

But, if the regime changes and all my friends are gone, so am I and my money.
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Old 10-06-2008, 04:09 PM
 
Location: State of Being
35,885 posts, read 67,004,073 times
Reputation: 22370
Quote:
Originally Posted by stmaarten View Post
Great advice, thank you.
I marched in to our Wachovia branch today (to make a deposit NOT a withdrawl) and I thought; I could never just walk in here and take all my money out...these people know me and they've been so damn nice to me!

But, if the regime changes and all my friends are gone, so am I and my money.
That seems very reasonable to me! I think you made a good decision - and you have a plan if things change!
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Old 10-07-2008, 05:24 AM
 
Location: Charlotte, NC
7,041 posts, read 13,103,299 times
Reputation: 2323
Everyone please remember....people pulling money out of banks is what has contributed in a large degree what has happened to both Wamu & Wachovia. So, please calm down, let the dust settle, then make your choices!
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Old 10-07-2008, 06:40 AM
 
Location: Lakeside. Of course.
532 posts, read 1,565,625 times
Reputation: 1245
Quote:
Originally Posted by rraabb11 View Post
Does anyone have any suggestions for a small local bank where I could put my next downpayment on a house, collect a good rate of interest, and not get penalized for taking the money out? i figure i'll be ready to purchase in a year or so...BBT looked like they had a nice savings program, what about CD's?

Thanks!
Are you eligible to join a Credit Union? When we sold our house, we didn't have another to put our equity in. When I talked to my Credit Union, they told me about a CD specifically for this situation. It's called a Home Buyer's CD. You can put your money into it and it collects a pretty decent interest rate. It has an expiration date (I don't remember how long... 6 months or longer, maybe?) BUT, if you need the money for a new home purchase before the CD matures, you can get the money back out for any home purchase related expenses! It really worked well for us!!! HTH

Quote:
Originally Posted by Native_Son View Post
No reason to move your money unless your deposits exceed $100K.

Otherwise, stick with your banker friend.

Now, if the new regime changes services and you don't like them, that's a good reason to switch...
ITA with Native_Son. Don't panic.
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Old 10-07-2008, 08:19 AM
 
Location: North Carolina
172 posts, read 527,667 times
Reputation: 61
Quote:
Originally Posted by chicagocubs View Post
Everyone please remember....people pulling money out of banks is what has contributed in a large degree what has happened to both Wamu & Wachovia. So, please calm down, let the dust settle, then make your choices!
I agree completely. I have no intention of pulling my accounts out of Wachovia.
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Old 10-07-2008, 08:36 AM
 
Location: The 12th State
22,974 posts, read 58,470,348 times
Reputation: 14917
I roll over my 401k from Wachovia retirement services to my credit union back

I did this because it was under 3 different banks before it was with Wachovia and I dont want to know where exactly all my money is at 30 something years from now.
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