February 2009 Archives

Molly Murphy

Here's a kind of interesting fact: As our companies integrate, Wells Fargo and Wachovia will be doubling the number of retail banking offices and greatly expanding our presence across the country — places like my home state of Minnesota. And as we here at the Wells Fargo-Wachovia Blog continue our spotlight on some of the many cities that we're calling home, this time I get to "take you around" my town of Minneapolis-St. Paul!

First, a little financial background about Minnesota. Wells Fargo is a big fish in the Land of 10,000 Lakes. We have 180 community banking branches and 540 ATMs. We also have some experience with integrations: prior to 2000, we were Norwest (1983-2000) and before that, Northwestern National Bank (1872-1983).

I called my colleagues who live on the coasts to find out what they think of when I say Minnesota. Surprise, surprise..."cold weather" and "lakes" topped the list.

Well, that's a start.

On average, Minnesota has 75 days a year below freezing — that's only 20% of the year. We don't think of it as being too cold here -- just wrong clothing. And we certainly don't let the cold keep us inside. It's something to celebrate.

Not long ago, I ran across some ice sculptures in Rice Park that are a part of St. Paul Winter carnival.  I thought this one was pretty good. It's a scene of a guy sleeping in a hammock on the beach under some ice palm trees. Clearly below freezing temps do not damper creativity...or wishful thinking.

But our taste for arts goes far beyond ice sculptures. The Twin Cities' vibrant arts community offers museums, symphony and jazz concerts, dance, Broadway touring shows, and more. The Minneapolis Sculpture Garden and the Guthrie Theatre  are my favorites. In fact, the Guthrie was named one of GQ Magazine's "10 Most Important Buildings of the 21st Century."

The buildings in downtown Minneapolis and St. Paul are also unique and a great example of our adaptability. We have over ten miles of heated, pedestrian skyways that go from building to building, linking them together and eliminating the need to walk outside in the cold weather!

Spending time with family is also a shared value here. During the summer months, many go "up north" to lake cabins. Time with family and friends is spent barbequing, boating, fishing, golfing or water skiing  (an activity invented in Minnesota, I might add). To get totally off the grid, some head up to the Boundary Waters Canoe Area  for 1500 miles of canoe routes. My favorite family activity is "going home" to our family farm that my brother runs.

Many families share the love of sports. Needless to say, hockey is BIG. Our NHL team, the Minnesota Wild , has sold out every home game since the beginning of the franchise in 2000. Thousands came out for US Pond Hockey Championship  about a month ago too. If you drive through a few neighborhoods during the winter, it's likely you will see a pickup game. Of course, other sports are popular too: cross-country skiing , soccer, basketball and lacrosse, just to name a few.

See? We have much more in Minneapolis-St. Paul beyond lakes and sub-zero weather. Unfortunately, I can't possibly you all about them in such a short post. I guess you'll just have to come and check it out for yourself!

Ann Marie Quinn

I’d like to introduce you to Ed Terpening, head of our Social Media Department. Ed joined the company three years ago, and before you knew it, we were all using the terms “blogosphere” and “social media.” Better yet, we actually understand what those things mean! My latest personal favorite term I’ve learned from Ed is “tag cloud” — I'd kind of like to use one at my next family reunion. Hmm…okay, on second thought, maybe not.

Thanks, Ann Marie, and hello everybody! I've read lots of comments from you about the very fact this blog exists, and how we're taking advantage of blogging, like this one from Tony:

Mr. Stumpf, thank you for creating this blog during this complex integration. This is a truly innovative way to communicate any pending changes.

As a Wells Fargo customer who lived through the Wells Fargo/Norwest merger, I can assure Wachovia's customers that Wells Fargo can pull this off with few, if any, glitches. And, as a Wells Fargo customer living in New York City, I look forward to having a local Wells Fargo branch to visit soon. Please open more stores and ATMs in the New York metropolitan area ASAP. Thanks!

Posted by: Tony | January 5, 2009 04:49 PM

Given both the strong interest in this blog, and great participation by customers (we've received more comments on this blog in the first 2 days than we typically receive in a month!), I thought I'd tell you more about what we're doing with social media and why.

March 15th will mark our 3-year anniversary blogging. Three year anniversary? I guess we need a Leather gift  — perhaps a saddle will do (or perhaps an iPod case…it's 2009)?

When we started blogging in 2006, we did so because we wanted to figure out if we could use this new way of communicating to help our customers succeed financially. After all, you can call us, log on to our website, use an ATM, or visit a trustworthy branch. Why not talk to us in the blogosphere?

Our first blog, Guided by History®, was focused on the 100-year anniversary of the 1906 Great Earthquake & Fire  that leveled much of San Francisco. We partnered then with the American Red Cross's Bay Area  chapter and city government to remind people that "the next big one"  could happen anytime, and to be prepared. We'd planned on ending that blog after the big anniversary events April 15th, but our readers voted with their continued visits, so we kept going....

Molly Murphy

We're about two months out from the tax filing deadline, and I don't have to tell you April 15 will be here before you know it. Every year it seems that tax time evokes many questions and all sorts of emotions among customers.

Some of you may wonder how the integration of Wells Fargo and Wachovia will affect your tax time preparation. Well, here's the short answer: It's business as usual. (You've heard that before, haven't you?) In any case, your tax documents will be available from your current financial institution.

Plenty of you take tax time it in stride — maybe you even look forward to a big refund. Others of you would probably rather have a root canal than do your taxes. Well, I know exactly how you feel. Personally, I used to dread tax time. I'd put off doing them as long as I possible could, until l was a complete and total stress case. And I noticed many of my friends felt similarly.

To remedy my procrastination, I hosted an "All Squared Away Day" party. It's a party with only one caveat: your taxes have to be completed to attend. As All Squared Away Day drew closer, it gave my friends and me a positive incentive to get our taxes submitted early.

When I finally sat down to get all squared away, I was pleasantly surprised at how easy tax preparation can be with the resources on the Wachovia and Wells Fargo websites. They have tons of great information to make preparing taxes easer and faster, and may even save you some money.

For you great folks with accounts at Wachovia, there's a Tax Filing Tool Kit on wachovia.com that helps you:

1. Determine 2008 tax rates
2. Keep track of important dates
3. Download state and federal forms

You'll find a tax preparation checklist and information about how to deposit your tax refund right into your Wachovia IRA.

Likewise for Wells Fargo customers — you can access Wells Fargo tax documents, get an overview of new tax laws (in language even I can understand), get help figuring out what tax deductions you may be eligible and lots of other really helpful stuff at the Tax Resource Center.

So no matter what situation you're in when it comes to taxes, we have plenty of resources to help! And you still have plenty of time to check out these websites before filing.

For those of you who dread tax time, consider throwing your own "All Squared Away Day" party. Although it won't reduce your tax bill, it's a simple way to make tax time a little more enjoyable.

Until next time...Happy Tax Season!

Matt Wadley

The American Customer Satisfaction Index  (ACSI), one of the most highly regarded independent measures of how satisfied U.S. customers are with the quality of consumer goods and services, has announced that Wachovia is #1 in its 2008 survey of customer satisfaction amongst financial services companies. This marks the 8th consecutive year that Wachovia has held ACSI’s top spot!

The recognition from you, our customers, is a testament to the dedication and hard work of my colleagues in 2008, who continued to provide great service to our customers during a challenging year for our economy and company.

Many of you have commented on our blog and voiced your hopes that the integration of our two companies will not impact Wachovia’s award-winning commitment to customer service. Well, now that Wells Fargo and Wachovia have joined together, there are 281,000 employees in your communities across the country leveraging the best-in-class approach that has led Wachovia to the top of ACSI’s rankings for the entire 21st Century.

Think about that: 281,000 people committed to continuing our focus on delivering outstanding service to our customers. That’s bigger than the population of 46 countries! 

So a big “Thank you!” to all of our great customers for helping make Wachovia #1 in customer satisfaction again this year. We really look forward to the challenge of meeting – and exceeding – your service expectations and topping the 2009 ACSI survey as the new Wells Fargo.

Marianne Babal

As Valentine's Day  approaches, we probably all think fondly of special people and role models in our lives. Or maybe we simply anticipate a special Valentine's card from a child who spent lots of effort and tons of glue making it for you.

Wells Fargo had its own special Valentine: John J. Valentine, president from 1892-1901.

This tall, lanky Kentucky native joined Wells Fargo in 1862 as the company's express and stagecoach agent at Strawberry, California. Valentine's job was to keep stages, mail, and valuable express packages moving over the mountain road to Nevada's Comstock mines — no easy task.

The snow fell so deep in February, 1867, that on one trip Valentine traveled all day and made just four miles along the shore of Lake Tahoe.  On March 24, The Daily Trespass of Virginia City reported that Valentine "has had a very rough time of it in the Sierras this winter, trying to keep the coaches of the company going, but he seems to thrive on labor and perplexities."

The indefatigable Valentine advanced to Wells Fargo's general superintendent in 1869. He engineered Wells Fargo's expansion nationwide in 1888, successfully negotiating contracts on the Erie Railroad that brought Wells Fargo into New York City and coast to coast by rail.

Valentine earned a reputation as a determined leader and a devoutly religious man and humanitarian, who personally led charitable efforts among employees collecting relief funds for victims of the Chicago Fire of 1871 , Yellow Fever epidemic at Memphis  in 1873, Mississippi Valley floods  of 1874 and other disasters.

His Rules & Instructions to Employees of Wells Fargo & Co's Express in 1888 read in part:

The most polite and gentlemanly treatment of all customers, however insignificant their business, is insisted upon. Proper respect must be shown to all — let them be men, women or children, rich or poor, white or black — it must not be forgotten that the company is dependent on these same people for its business.

Matt Wadley

So we all get that our local bank store offers us a convenient place to make a deposit, get out some cash, and maybe speak with someone about a loan. This is how we all bank, regardless of whether we have our accounts with Wells Fargo or Wachovia.

But have you ever wondered how companies — like grocery stores and restaurant chains — manage their day-to-day finances? Well, for these types of businesses, those with annual sales from $10 million to $500 million, Wells Fargo has a dedicated staff of 1,700 team members in 38 states.

On Monday, this division — Commercial Banking — announced the management teams for the East and West Coast. This group brings together leaders from both legacy Wells Fargo and Wachovia to oversee 18,000 client relationships nationwide, representing nearly $30 billion in deposits and over $55 billion in loans.

And since this is obviously a big step in integrating our two companies, we thought you might like to know!

Ann Marie Quinn

It's been a little over a month since our companies officially joined together, and we are just as sincere as we were on day one in our hope that the Wells Fargo-Wachovia Blog has been a helpful resource for you so far! And don't forget: As new information comes out, we will definitely be informing you all. So please stay tuned....

In the meantime, here are a few more links to some media integration coverage:

• The Sun News/myrtlebeach online  — Wednesday, January 14, 2009
• Minneapolis-St. Paul Star Tribune  — Saturday, January 17, 2009
• Bloomberg.com  — Tuesday, January 26, 2009
• San Diego Business Journal  — Tuesday, January 26, 2009
• Forbes.com  — Thursday, January 28, 2009
• E-Commerce Times  — Saturday, February 1, 2009
• Philly.com  — Sunday, February 1, 2009
• Bank Systems & Technology  — Saturday, February 1, 2009
• ragan.com  — Tuesday, February 10, 2009

Molly Murphy

Over the holidays I got to spend some time with my dad. My dad is an older, traditional Midwestern farmer, whose idea of showing you he cares is to ask how your car is running. He's a man of few words. In fact, when he talks about anything for more than 5 minutes, it's significant.

Dad is also a Wells Fargo customer here in Minnesota. And he has a Wachovia account in Florida because he winters at a Venice Beach mobile home retirement community. So he wanted to know how much FDIC insurance  he would have with each bank — questions many of you might have as well! Here's pretty much how our conversation went....

So What's Insured and What's Not? 

DAD: Molly, now that the merger's happened, how much FDIC insurance will I have at Wachovia and Wells Fargo? And don't give me the pencil-pusher spiel!

ME: No spiel! Here's the deal. The amount of FDIC insurance you have depends on the type of account and if it earns interest. It also depends upon how the account is set up or titled, because the FDIC separately insures accounts in different "ownership categories."  You know, like are you the only person on the account, or is it a joint one with mom, or have you set up us kids as beneficiaries...that kind of thing.

Basically, until the end of this year you have up to $250,000 of FDIC insurance at Wachovia and in addition, up to $250,000 of FDIC insurance at Wells Fargo for accounts you own under different ownership categories. Make sense?

DAD: Can you give me an example?

ME: Well, let's say you have a few different checking and savings accounts that both you and mom are on. You would have $250,000 in FDIC insurance on that set of accounts until the end of the year at each bank.

Now, let's say you also had another set of checking and savings accounts where you're the only one listed. You'll get another $250,000 of insurance at each bank on those accounts until the end of the year too...because a single account is a different ownership category than joint accounts. 

DAD: Okay...

ME: You'll have an unlimited FDIC guarantee until the end of the year on checking accounts that do not earn any interest.

DAD: Hmm...all my accounts earn interest, so I guess that doesn't apply to me.

ME: Well, if you're fortunate enough to be close to the $250,000 limit, the best thing to do is just call your banker so she can double check to make sure you're all set! Plus, Wells Fargo and Wachovia will keep you informed throughout the integration.

DAD: That's easy enough!

And with that, I thought our FDIC question and answer session was done. But I was wrong! Fast forward to about an hour later — my family is playing bingo. In the middle of the game, my dad brings up another question out of the blue...

Ann Marie Quinn

A couple weeks ago we shared our new TV spot with you. Today we're happy to do the same with our two Spanish versions: "Shadows" and "Horses"! "Horses" in particular has a pretty neat visual image of two teams coming together as one.

In fact, One team, twice as strong is a message that will be heard consistently throughout the campaign. Our TV advertising continues to be one of the best ways we can reach out to you, our Hispanic customers, communities, community leaders and employees. Enjoy!

Hace un par de semanas compartimos con ustedes nuestro nuevo comercial de TV. ¡Hoy tenemos el placer de volver a hacerlo con nuestras dos versiones en español: "Sombras" (Shadows) y "Caballos" (Horses)! "Caballos" tiene una imagen muy particular de dos equipos que se unen para volverse uno solo.

De hecho, Un equipo, el doble de fuerte es el mensaje que se repetirá a lo largo de esta campaña. Nuestra publicidad en televisión sigue siendo una de las mejores maneras que tenemos de llegarles a ustedes, nuestros clientes, comunidades, líderes comunitarios y empleados hispanos. ¡Disfrútenlos!

Below is a list of the shows and channels that will be running the spot — tune in and let us know what you think!

La siguiente es una lista de los programas y canales que mostrarán el comercial – ¡véanlos y déjenos saber qué opinan!

Univision TV Network

• Despierta América (News Magazine)
• Fuego En La Sangre
• Sábado Gigante (Variety)
• Cristina (Talk)

Univision Radio Network

• Eddie Sotelo, "Piolín"
• Dra. Isabel
• Rafael Pulido, "El Pistolero"
• Julie Stav

abc Network

• ESPN Deportes Radio (ESPN Sports Radio)
• TodoBebé

If you have any questions or want to keep up to date on the integration, please visit the Wells Fargo–Wachovia Information Center en espanol.

Visiten el Centro de Información Wells Fargo–Wachovia Information Center en español para responder a muchas de sus preguntas y poder mantenerlos al tanto de la integración.

Ann Marie Quinn

We have received a number of comments about our team member recognition event in Las Vegas. In the spirit of our blog, we want to respond to your concerns by sharing the following statement, just released by Wells Fargo.

WELLS FARGO RESPONDS TO MISLEADING REPORTS ABOUT EMPLOYEE RECOGNITION EVENTS

Cancels Wells Fargo Home Mortgage Meeting in Las Vegas

SAN FRANCISCO, February 3, 2009 — Today's Associated Press story about Wells Fargo's recognition events is intentionally misleading. The event is not a "junket" for executives but a four-day business meeting and recognition event for hard-working team members who made homeownership achievable and sustainable for borrowers across the nation. In 2008 alone, the team members who were invited to this event and their colleagues produced $230 billion in mortgage loans for U.S. homeowners.

Through all economic cycles, our recognition events have been an important part of our company's culture. Late last year, we cancelled recognition events for 2009 except those where the financial commitment was so great that no meaningful savings would occur by cancelling these events. We had scaled back the mortgage event, but in light of the current environment, we have now decided to cancel this event as well. We do not plan to have any other recognition events this year.

The Associated Press story also misleads readers by implying Wells Fargo used the government's investment to pay for these events. As we've said before, we've used the government's investment to lend to creditworthy customers and to help homeowners avoid foreclosure.

Since credit began contracting 18 months ago, Wells Fargo has made almost half a trillion dollars in new loan commitments and mortgage originations. Last quarter alone, we made $22 billion in loan commitments and $50 billion in mortgage originations. That's more than $70 billion or almost three times the amount of the U.S. Treasury's investment in Wells Fargo — which has begun to benefit from our performance through the dividend we will pay to the Treasury this quarter.

Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 11,000 stores, over 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. has the highest credit rating currently given to U.S. banks by Moody's Investors Service, "Aa1," and Standard & Poor's Ratings Services, "AA+."