Many of you have asked about the conversion timeline for Wachovia banking centers. As Matt, Ann Marie and I have blogged about previously, these things really do take time, and no integration decisions are being made without thoroughly understanding how they might impact all of you, our customers.
But there is some news we can share with you! One caveat though (ah, there's always a catch) — the schedule could and probably will change, but naturally we'll let you know if and when it does.
While all the specifics aren’t quite worked out yet, here’s the basic plan: In the fourth quarter of 2009, we hope to convert the Wachovia banking centers in one western state where both Wells Fargo and Wachovia stores currently co-exist. We’re not exactly sure which state it will be just yet, but we’ll definitely let you know as soon as we are.
The remaining states will begin conversion early in 2010, and continue throughout that year. You should know too that some conversions may not take place until 2011 — after all, we've got signs to switch over, forms to change...and so on!
We know it seems like a long way out, but we want to take the time to be sure we do this transition right for all you. Thanks so much for being so patient, and stay tuned!
UPDATE! On Monday, April 20, Fortune magazine ran an article that takes a closer look at the Wells Fargo-Wachovia merger, including some aspects of our ongoing integration. In it, Wells Fargo executive vice president Patricia Callahan notes that Colorado, Arizona, Nevada, California, and Texas will eventually "get the makeover treatment first, with the bank converting no more than a few hundred branches at a time." Give it a read!
Thanks Molly for the update!
Joey
Blah. Typical I cant JPM Chase is moving fastern then you guys. I see lots of customer leaving to Chase.
Yes, thank you for the update, but I am still disappointed by how slowly this merger appears to be proceeding. Wells Fargo plans to covert ONE Wachovia state by the end of the year? That's ridiculous. Wells Fargo should be able to convert all states where Wachovia and Wells Fargo overlapped (California, Nevada, Colorado, Arizona, Texas, and Illinois) by the end of the year.
As a Wells Fargo customer living in New York City, it appears I will need to wait another year (or longer) to use any of the Wachovia branches in the city. Very disappointing. (I guess my hope for any new Wells Fargo branches or ATMs in NYC also appears to be out the window.) As I noted in a previous comment, JP Morgan Chase appears to be moving much faster with their acquisition of Washington Mutual. I'll take a wait and see approach to see how their merger proceeds. If JP Morgan Chase can pull it off smoothly, I'll just move my accounts there.
This is ridiculous. How can you make a claim like this when there has been nothing decided or communicated on how our banking products (relationship packages, accounts, etc.) will be affected? There's a lot we need to know first, before any subjective conversion dates. You're putting the cart before the horse.
Yes! This is what we want. Thanks for the update. Let's pack up Wachovia and get it out of here.
We appreciate the update, but this slow schedule is ridiculous. I agree with Tony that it is amazing that only one state will be converted by the end of 2009.
You've been planning this integration since October. Get a move on!
Any idea when both banks will offer the same checking/savings products and services?
I want to know if Way2Save is going to be kept. Also, I hope that Wells Fargo will not continue charging to have a rewards program on their credit cards.
I remember when First Union bought Wachovia that both banks offered the same checking accounts for many, many months before they actually integrated into one bank.
Why is it that I, a disabled married woman, can't get a debit card or write checks on a joint account?
chase bought wamu at the same time as wachovia was bought by wells and their progress is huge. Why is this merger taking so long when the logistics are the same?
I knew the process would be slow like in the previous mergers, but I think Wells Fargo could make a better effort in being clearer in its integration process. Are there any more media campaign ads talking about the merger reassuring customers? Why not at least introduce those more advanced Wells Fargo Online Banking features to Wachovia's own Online Banking system? Many Wachovia customers have reacted positively about it.
If its for the good of the customer, I truly hope it does go smoothly without any disrupting changes and/or higher fees like in the case with JPMorgan Chase/Washington Mutual (just google stories about it). Wells Fargo better hold its end of the bargain to its patient customers.
In reading your comments on this post, I again hear your frustration at the pace of the merger, and comparison between our approach and other banks. I just want you to know that these comments have been circulated among our merger team, and that we take your feedback seriously. Thank you for taking the time to write these thoughtful comments, they’re being heard!
Hi Molly. Thanks for the information. I am glad the Wells Fargo/Wachovia integration is not being "rushed" through or in competition with JPMorgan/WAMU as it sounds some people perceive it to be. Get things right the first time and it will all work out. Customers should keep banking as they normally do and just anticipate the numerous options I assume we will have. Thanks!
Wachovia and Wells Fargo really compliment each other quite nicely. There are more similarities than differences between them! Both companies have had remarkable success with integrations--especially Wachovia/First Union and Wells Fargo/Norwest. From the Wachovia side I can attest to the seamless transition, clear communication with focus on the customer to preserve the franchise throughout the entire process. It took 3 years to combine Wachovia/First Union. I'm confident both organizations will give it their all and see this through with little to no disruption to customers. Customers on both sides are really fortunate here, we just have to be patient. I understand the desire for rapid progress; however, I support a combination that is done right--even if it takes a little longer. Wells Fargo and Wachovia have my full support. Keep up the great work and stand firm on doing what's right for customers!
This is silly. I am in NYC and there have been several bank mergers over the past couple of years and they went quick and smooth. I switched to Wells Fargo to get away from Citibank in hopes that the Wachovia branch near my house will convert. I am not waiting till 2010. Goodbye Wells Fargo..
I would like to see Wachovia to begin introducing Wells Fargo type accounts, such as Advantage Checking, etc. This way we can start to adjust to Wells Fargo before the transition is complete. Wells Fargo has so many different types of accounts to choose from rather than Wachovia's. I think this step should be implemented as soon as possible before the bank name starts to change and we all start to see the red, yellow, and black signs. Side Note: I really hope that if this integration does take as long as three years, I would like to see Wells Fargo adopt Wachovia's banking colors - green, blue, and grey for all locations worldwide. Those colors are so much more warm and welcoming as customers walk into the branches.
~Joey~
I think it is sad that JP Morgan bought Wamu last fall and will have its branches and products integrated in less than a year, and it will take Wells Fargo 3 years.
This update is still ambiguous. It's sounds like office water-cooler talk.
I think what most people, especially customers, want to know what checking products will be around, such as 100% FREE CHECKING (no strings attached); i.e., Wachovia has 100% free checking WITH 100% FREE BILL PAY, without the direct deposit or savings transfers, or balance requirement that Wells Fargo has).
Will Wachovia's Way2Save Program become available to Wells Fargo customers?
When will customers be able to make deposits and withdrawals at either bank?
When will Wachovia's primitive online banking be integrated to Wells Fargo's?
I also think being a little more specific in the integration plan would be helpful.
These are the things we, the customers, want to know. These are the things important to us. Why are Wells Fargo executives not listening? John Stumpf, the CEO, should be reading this blog every day and even respond to customers. That would be REAL customer service that is meaningful, and would really set Wells Fargo apart from its competitors.
@Chris- While I agree Wells Fargo should not "rush" through its merger with Wachovia, Wells Fargo should be mindful of customers who may view the competition (JP Morgan Chase/ Washington Mutual or Bank of America) as better alternatives because they have their systems in place earlier than Wells Fargo.
As a customer who banks in both New York and California, while I would prefer keeping by banking relationship with Wells Fargo, Chase seems like a better alternative because they already have a large presence in New York and are already converting Washington Mutual's large branch network in California over to their system and signage. I think there are many bi-costal customers who may feel the same way.
Please keep Wachovia's Crown Banking packages!
@Joey - Joey, you've posted something about the colors before. I think the consensus here is to NOT make any changes to the Wells Fargo log. Wells Fargo's image is important, and has much more historical value than Wachovia's ever did. Wells Fargo was triumphant in taking over Wachovia (or merging, to sound more PC), so to the victor goes the spoils!
I'm currently a Wachovia customer, who can't wait for the blue and green to go. Bring on the red and gold!! Besides, the only reason why green was ever introduced into Wachovia's blue was to represent First Union's legacy. And Wachovia's logo is awful. What is it supposed to be? Looks like someone didn't know what kind of logo to create for the new Wachovia, so they drew a square, threw in some lines, and colored it blue with some green. That was the ugliest logo ever... UGLY!
I'm surprised Wells Fargo would want to keep the Wachovia name around for so long.
If you Google Wachovia on Google news, the name is associated with FINRA fines, telemarketing issues, and of course, Golden West. It is a tarnished brand.
This is all very odd. A very vague message about a very, very slow integration that is almost a year from now. Yet, Wachovia Securities is about to change names in a matter of weeks and there is absolutely not one single official communication (aside from the blog post a few weeks ago) about that change anywhere.
@Customer. You want a red bank? There is another bank that loves red. Red is an angry, aggressive color. Red and yellow look like a hot dog stand.
It was smart to combine the colors of First Union and legacy Wachovia into the current Wachovia logo. It showed that the management had respect for the histories of both banks.
Wachovia's logo is classy. The blue and green is calming and is more sophisticated.
I'm not dumb enough to think that this can happen overnight. But, after looking at Chase's schedule for WaMu (the other comments on here had me curious), the slow schedule of absorbing Wachovia makes me very concerned about Wells Fargo's competence. It makes me think this is being taken very slowly because they aren't quite sure how to do this.
@Customer….first of all, how do you know you have the same Joey? 2nd, Wells Fargo may have been triumphant in taking over Wachovia and so the victor goes the spoils, well my friend, I was here when Norwest triumph anted Wells Fargo back in 1998, but they chose to keep the Wells Fargo name due to its long history, not logos or colors. But if Norwest had decided to keep its name, their colors were blue and green, just like Wachovia’s. And 3rd, I said colors, not logos! I said implement the Wachovia colors into the Wells Fargo name. If you are going to criticize someone’s opinion, get it right the first time! Geez! I am patiently waiting for the merger to be complete just like everyone else, because I want to take advantage of Wells Fargo’s banking products and online services. I was just giving them suggestions because obviously with this huge merger, they are obviously thinking about doing a lot of changes throughout the entire company. Good day Negative Criticizer :)
~Joey~
@Customer - Back in 2001 when Wachovia unveiled it's new logo we were told it represented the legacy and coming together of two great companies--Wachovia and First Union--to create a truly differnt kind of financial services company. Wachovia blue and First Union green blended together. If you visit a financial center you will see how the branding was and is very successful. If you are Wachovia customer you would know this, so I suspect you are not.
People are tending to forget something here. First off Chase ended up aquiring Wamu outright in a weekend back in September. They had at least 3 months on Wells to begin integration processes since Wells didn't officially own Wachovia until January 1st 09. Secondly it'a true that Chase has brought the Chase brand to california already but what they don't mention is that they have simply changed signs and that the Wamu systems are still in place until October of this year, a full after having purchased them! This means that Wamu customers from California can't go to New York or any state with only Chase branches and use those branches until November! Chase seems to think that the answer to this is to have Wamu tellers at Chase and vice versa but this only seems to be more confusing for customers than helpful! While I agree that Wells maybe taking this a bit slow, they are proceeding far more logically than Chase is with their integration which is bound to have massive problems. Another note to remember is that Wamu is not nearly the size that Wachovia is and that integrating it is already far simpler than Wachovia so having a bit of patience is not so bad. For those who live in a state with just Wachovia but have Wells accounts just open up a simple account at Wachovia and wait things out. Wells will honor many of Wachovia's account agreements. So just wait! MODERATOR'S NOTE: The views expressed herein are those of the blogger alone and do not constitute an official position taken by Wells Fargo or Wachovia. Please see About This Blog for more information.
@Thomas. This is so true. I wonder how many Wachovia Securities customers don't know the name their brokerage firm is about to change names.
I wouldn't know if I didn't read this blog because I sure haven't received one mailing about it. Nothing on the horrendously designed Wachovia Securities website about it, either (I hope the website changes with the name, but I guess we'll find out when it actually happens).
If this it the type of communication that'll go along with the changes to the bank branches, thanks, but no thanks. I might have to look at another bank.
I was hoping this would be quicker.
If you don't realize that the planning for this integration has been going on since October 3rd, then you are not well-informed or do not know much about business.
I think one way Wells Fargo could speed the process is by separating the computer/accounts side of the merger from the actual bricks and mortar side (signs, decor, etc...). Doing so would allow everyone to bank at either a Wachovia or Wells Fargo Branch. Also, immediately begin issuing replacement Wells Fargo debit/credit cards to customers at Wachovia who lose their card or need to have it replaced.
I understand that you want limit confusion, which is going to happen with some customers, especially the older, but merging the back end first will immediately allow us to enjoy the benefits of a truly national bank.
I am going to miss the Wachovia name and logo, but from a marketing perspective it's long dead. I can't wait to have the carriage and horses in my wallet.
What are you going to do with locations that are next door to one another?
That definitely DOES NOT stop the presses. This blog is a joke.
When Wachovia announced the SouthTrust acquisition 35 days later they did an integration presentation in NYC. It's been 200 days since Wells announced the purchase of Wachovia and not a peep on integration timetables (all we get is "check back later").
What gives?
Wachovia's online bill pay sucks to put it plain. I liked Wellsfargo and this is stopping me from opening a new account for my small business with Wachovia.
@ Rick, in response to your comment on April 20, the details of which branches will consolidate is still being determined.
I like how I had to read in Fortune magazine that "...21 business-unit and staff-function integration teams, and many more sub-teams, are at work mapping a calendar they intend to complete by the end of April.
Each had significant operations in five states: Colorado, Arizona, Nevada, California, and Texas. Callahan says those states will get the makeover treatment first, with the bank converting no more than a few hundred branches at a time." Also, had to read Fortune to find out that Wachovia's ATMs will be upgraded to be envelope-free.
It is nice that the head of Wells' integration is giving interviews to Fortune magazine instead of posting the information to this blog. This blog is a joke.
The information in the Fortune article should've been posted on this blog well before it hit a magazine.
I read in the article that "Wachovia also ranks higher than Wells on customer-satisfaction surveys, and some Wells customers chafe at constantly being asked to buy additional products. "
I hope my local Wachovia branch doesn't turn into a used car lot atmosphere with my tellers trying to hawk every product and service.
Crown banking has much better benefits like free safe deposit box. My Crown Select package lets me take out money from other bank's ATM machines twice a month with no Wachovia fee.
I don't see anything like this on Wells Fargo's side. Are you going to add benefits to the Wells Fargo accounts to make them comparable to the level of service that Wachovia customer's are used to?
Is Way2Save going to be kept?
If Wells Fargo adopts the benefits of Crown Banking (ALL the benefits), they would have a huge competitive advantage. Right now only Chase is the only national bank that I know of that has benefits that equal or exceed Crown Banking at Wachovia.
Like many, I'm beyond impatience with the slowness in integrating services.
Specifally, as a Wachovia customer in Maryland, I've been waiting to see W-F's Express Send service to send funds to Mexico. . I see no excuse for not providing this service. Short of switching brands, which is of little interest to me (and I could care less about the articles on stage coaches, etc.), certainly special services on bank offers should be available through the other bank. One other comment, Jay wrote April 21 that Wachovia's bill pay is not up to snuff. I use it regularly, works like a charm, no cost to me, so what's your beef Jay? While W-F management twiddles its thumbs, your blog sinks to pointless fluff. This article seemed to promise substance. Alas, still no.
MODERATOR'S NOTE: Just so you know, we removed a URL from this comment in accordance with our Comment Guidelines. Nothing else has been changed or altered in any way. Please see About This Blog for more information.
By the way, the url censored from my April 25th was to the Wells Fargo website explanation of their Express Send money transfer service. Go figure...
I read on the Charlotte Observer's website that Wachovia Securities is changing names tomorrow. Tomorrow. And, not one official communication from this company.
This is the worst communication from a company ever on a merger name change. This is a sign of things to come.
I am switching banks.
@ Anonymous, thanks for your comment. We actually reported the name change March 2. May 1 is just the day it is official.
@ Doug C. With all due respect, the only reason that was reported on March 2, was because the news leaked in the media. In fact, the posting that is up for March 2nd, is a revision that was made. The blog entry also did not mention the exact date the change was going to take place.
However, this change was only reported on this blog. What about the tens of thousands of customers that don't read this blog? They had no idea the name of their broker was going to change until it did. Official statement inserts, mailings and postings on the Wachovia Securities website should have occurred many weeks before May 1, with an exact date of the change.
This type of communication makes me wonder if I will wake up (or read in the paper) that the name of my local branch is going to change tomorrow.
Thanks for providing the update. But I'm still in a pickle. We live in the Northeast and just recently converted all of our banking to WF in hopes that our local Wachovia branch would soon accept deposits, etc. Now we have to wait until 2010?! How do I get cash and check deposits into my WF account?
Looking forward to being able to do deposit at a Wachovia.
What is the time frame when Wachovia ATM'S be available for WFB customers to make deposits or withdaws on the east coast?
My primary bank is WF and I do business also with a small bank here in north Florida. The small bank is changing their branch network--closing branches near me---to make it very challenging to continue that relatioinship and I NEED Wells Fargo to convert the north Florida branches SOON. If not I am going to have to look at other alternatives. And you do not even have Florida on a schedule until 2010 or 2011? I agree with others that this is ridiculous and the plan of a dinosaur.
What I want to know, as the spouse of a Wamu-Chase banker, and me being a Wachovia-Wells Fargo bank goer, how fast you are gonna roll out new debit and credit cards? Will account numbers stay the same? Am I going to have to redo my direct deposit? None of this is spelled out clearly anywhere that I can find (easily that is). My wife's bank (now Chase) sent her debit cards out before deactivating her old ones so she could activate them at her leisure. All her other information stayed the same as well. I would assume (although we all know what they say) that this would be true in this case as well. Those of us unfortunate to work night shifts (regardless of how flexible your hours are) get the short end of the stick by having to wait around on a bank to open to handle these annoyances. Please make this information available.
As a Wells Fargo customer who lives in Atlanta, I cheered the Wachovia-WF merger in 2008 as I've been banking by mail for quite a few years now. I was told in December that I could begin using Wachovia branches for local banking "within a few months." To be now informed that I may have to wait until *2011* is incredibly disappointing. I've seen many bank integration efforts completed in months, not years. It looks like I'm not alone in thinking WF's efforts thus far are pretty lame.