An Overview of the Wells Fargo Wachovia Merge

            A chameleon of blue and green turns to orange and red. This resembles the stagecoach which arose over banners across the Southern East of the United States. Wells Fargo Company, whose banking legacy of stability dates back through history to 1852, merged with Wachovia. Similar to a tiger that changes their environment for sense of fear and survival, the bond of these two financial entities gives structure for growth in dramatic economic times. Much like a blending of two environments, the change of the two financial businesses has remained smooth.

            Numbers on customers’ accounts have not changed, nor have service charges been applied for checking and ATM service. Although phone banking before the merge used to allow use of both account numbers and customers’ access numbers, now only account numbers are utilized. The transition of Washington Mutual to Chase seemed much harsher for the individual, Chase did add checking fee base on monthly deposit balance. Account information given on the automotive system for Wells Fargo is not as inclusive or specific as it was with Wachovia. This makes it a less attractive tool for practical everyday household budgeting. Moreover, on-line banking remains to be a course desired by most financial institutions. All on-line banking for pre-existing Wachovia customers is easily convenient for conversion.

            Bank to Bank Transfer Services need to be set up for the advance security measures by September 10, 2011. Bills which are withdrawn from account for payment will happen five business days earlier than they were with Wachovia. This may affect on-line bill payments made after June 13, 2011. Account history for already Wachovia on-line customer will date back seven years. Customers who receive only paper statement will only receive prior 90days of bank history on-line, unless they registered on-line before June 11, 2011. The Central Florida’s merged takes place during the middle of June 2011. The schedule for the rest of the areas of the state for conversion is during July 2011. Wells Fargo has done a good job in making the transition casual and painless. They encourage registration for on-line banking simple and timeless when walking into a local banking branch. None is wiser to where the system may grow after the month of September 2011.

            Wells Fargo is rated #1 among the largest U.S. banks in America for Customer Satisfaction in 2010. The window into this nature is revealed through the increase of staff among the bank branches. While the average Wachovia branch carried three to five tellers and agents on a given shift, today’s Wells Fargo is averaging seven bank tellers and customer service representatives. The strength of 6,200 combined Wells Fargo and Wachovia building forms a solid wall of security for financial development during an era where national economy is weak. Wells Fargo is focused on establishing credit and home equity for customers whom matured economically. There are opportunities for investments and retirement saving plans. Extra customer services employers reflects Wells Fargo ability to meet this need within their environment.

            It is a slow and gradual growth much as watching grass grow in the yard. It may not be measured, nor noticed minute to minute. However, overall it is a thriving force in the community. Human nature brings society through numerous challenges, yet, the nation still continues to expand and find ways to survive. This merger between these two financial institution gives a healthy spirit to cheer for a home team; a winning team.