There's been a lot of buzz about President Obama's "first 100 days" in office, so it got me thinking that it was also time for us to take a step back and see where we are in using this blog to communicate with you about the merger. I could just tell you how I think we're doing, but this blog is a partnership with our readers — and since you're the customer — I really want to hear from you.
Let's start with the promise we made, which our CEO John Stumpf wrote in our first post on January 4th:
One way we'll keep you updated on what's happening with the integration of Wachovia and Wells Fargo is through this blog. Here we'll share news and information, and you can "join the conversation" and let us know along the way how we're doing and what we can do better to make the transition as smooth as possible.
So, as we integrate our two companies, it's business as usual for you. We hope to see you back here from time to time for updates and discussion along the way.
John wrote that he wanted to hear from you on how things were going, and I'm happy to report that you've scored 100%! We receive more comments on this blog than any other at Wells Fargo. This feedback is getting to the right people, although I know that's hard to judge now since you won't see the results of that for some time.
We knew from the start there'd be an awkward period between the time the merger started and the time you saw results. Throughout the next year or so, we hope you'll see how your feedback has been incorporated by us into action . As John said, we're taking 2-3 years to complete this transition because we want to do what's right for you, our customers. No sense in rushing this and making a mess in the process.
We've read every comment submitted to this blog, and my team does our best to listen, and either pass them on to the appropriate people for action or respond ourselves. I've read a variety of reactions. Some of you love the background and history of Wells Fargo and Wachovia, because customers from each bank want to know what values each share. Take this comment from "Michael aka Missouri Mike" (01/08/09):
I love the history of these banks. Wells Fargo has an expecially (sic) intriguing history with the Gold Rush, Comstock Lode, and 1906 San Francisco earthquake and fire. I'm looking forward to learning about Wachovia's history as well.
Of course, others of you just want the facts now — like exact dates for when product decisions and store conversions will occur. And you're expressing your frustration like regular reader Jason (03/18/09):
I understand that merger integration will take time, but can Wells Fargo at least give specifics on this? We've had no specifics on anything, and like many other readers to this blog, I am becoming frustrated with the vague responses and lack of specific information. Thank you.
I don't know if we can make everyone happy and be all things to all people, but we do value both the negative and positive feedback we get from you. Ultimately, it helps us make decisions that will ensure our mutual success. Up until now, maybe you've been a silent reader, just taking it all in. Whether you're that person, or a regular contributor (Hi, Jason!), please take a minute to tell me what you think of this blog and our progress so far.
The blog is an interesting read, but it is primarily fluff. Substantive items are not posted on the blog until they are in the media (like the Wachovia Securities name change, which was in the media prior to March 2nd).
An, the Forbes article that Pat Callahan was interviewed in revealed details that prove the company has more details of the merger worked out then Wells Fargo is willing to post on the blog. Which, that is Wells' choice, but it just shows the blog isn't all that.
The new WF statement format is by no means easier to use. It's more difficult to find checks, deposits, payments, etc. in chronological format because one is forced to sift through the activity to find it. It doesn't help when the print is 6 pt. either! Categorical format is much easier to use. Why not at least offer customers the choice of either format instead of just switching it on them!
I am Wachovia bank customer and a Wells Fargo Mortgage customer. I really HATE the Wells Fargo online banking and actally had a checking account there once and closed it only because of that. Please adopt the Wachovia online banking system. If not, I'm affraid I'll have to move to BOFA, they're the only one out there with something similar like Wachovia's and easy to use. Chase's sucks too BTW and WAMU's was BARF!
Thanks for listening and I hope you do the right thing. I love Wachovia and the backing of an awesome bank now. Use your resources wisely.
I share your excitement to learn that the integration with Wells Fargo and Company is proceeding smoothly. I was even more excited to learn of your new name: Wells Fargo Advisors. Did it take a college degree to develop such an innovative name?
Options for integration...
I'm sure many Wachovia customers are anxiously awaiting for the integration to occur. I have simple banking needs and live in a town where there is no Wachovia presence but there are Wells Fargo branches here. I unfortunately did a dance with other banks as they became increasingly unstable and decided to hold off until the merger integration with Wells Fargo.
One option is to give existing customers the option for self directed integration either via mail or in person. This would reduce the number of customers needing integration as well as allow some of us to benefit from the additional features not available at Wachovia branches.
what will be the benefits of wells fargo security advisors rather then keeping Wachovia securities a seperate company?
Could you tell us Wachovia customers some of the new things that are coming our way? I've heard that Wells Fargo's bill pay has features that Wachovia does not have. How is it different and what new features will I get?
Tell us about the differences in the ATM machines - I've heard that Wells Fargo ATMs are capable of many more languages than Wachovia's ATM. Maybe there are more things than that.
How about a preview of coming attractions?
My Wachovia Visa card expires in June. Will I get a new one that has a stagecoach design? Or is it too soon?
@John: good point regarding the Forbes article. We recognize that that situation was not something we want to see repeated.
@WF customer - Appreciate your feedback on the new statement format. I'll forward that to the team responsible.
@JP - Can you tell me more about what you didn't like about the Wells Fargo's online system, and what you did like about Wachovia's? I'd like to get that feedback to those teams, so they'll have it as they plan integration.
@Paul N, PhD: I guess the sign of a good name is that it seems obvious, after the fact :-) Don't know how many PhDs we had involved in that decision, but since you're a PhD, I'll hold my sarcasm.
BTW, to be clear, "Wells Fargo Advisors" isn't the name of the combined company overall, but Wachovia Securities + Wells Fargo's brokerage teams.
@Donald : the idea of customer-selected time for integration is interesting. Since you're in a smaller town with no branches, you may want to consider either our Bank by Mail or Online banking services. I found this on wellsfargo.com that may be helpful:
Please request a Bank by Mail kit by phone or email. Allow 15 business days for delivery.
* Call 1-800-TO-WELLS (1-800-869-3557). Bankers are available to assist you 24 hours a day, 7 days a week.
* Or sign on to Wells Fargo Online® and click Contact Us. Be sure your email includes the address where you want the kit mailed and your account number for the deposits.
While you are waiting for your kit, you may mail your deposits to Wells Fargo, P.O. Box 3488, Portland, Oregon, 97208-3488. Be sure to include your account number with your deposit.
@Anonymous (May 10, 2009 01:47 AM): We may be able to to get information on the differences between the Wells Fargo and Wachovia online banking services (and ATMs). My team will look into that, as yes, it would be nice to know what's coming!
Regarding your VISA card: i don't know the details of your situation, but my guess is that your new card will be the same branding of what you have now. I'm sure you'll receive a mailing or other information if there was to be a change there.
Thanks everyone for your feedback on this blog. One question: Do you subscribe to our feed to read the blog (eg, Google Reader) or just bookmark the site? One thing we've been thinking about is offering up two separate feeds: one with all blog posts; and another for just posts with firm dates, product updates, etc. You could subscribe to the feed of your choice.
What do you think?
I have a line of credit, personal and business accounts with Wells Fargo and have been a customer for over 27 years. Since the merger with Wachovia I received my first statement with the new layout. While it is nicely laid out, I miss the "bank balancing cheat sheet" outline that was always a part of the statement in the past!!! While I have been balancing my accounts for many years and know the balancing procedure, I have no doubt there are potential and new clients, who have never balanced a check book before, that would find this information helpful and beneficial. So I'm hoping other people who agree that the the "outline for balancing the statement" should be put back as part of the statement format. I personally like receiving a bank statement by regular mail, because it is an excellent reminder to balance your account each month. So as for me I hope Wells Fargo plans to continue this practice, and I urge anyone who agrees to write the bank and urge them to continue this practice in the future. Thank you for listening.
Very dissapointed in the new on-line statements. Confusing and hard to read your current balance. Pending transactions not posting in a timely manner. Need to go back to the Wells Fargo old format or is this just a way to get more fees out of your customers.
Regarding online banking, I like Wachovia's better than Wells Fargo. It's more user-friendly. Here is where chronological format is nice: date, description, debit, credit, balance columns--and in that order from left-to-right. For the paper or e-statements I like Wachovia's format better as well. Categorical format, everything is sequenced and easy to find--even Automated checks! Wells should just covert to Wachovia's systems. Customers would be better served.
You know, I don't see the big deal about WF online banking. Wells offers a spending report feature, but I don't really find that a big advantage since most savy online users already use some sort of financial management software such as Quicken or Money. Wachovia's online banking is much better all-around. And as for WF vSafe, again, not impressed--very risque to me, but that's my opinion.
One thing I have always loved about Wachovia's online banking is they never filled it with ads. If you log on to Bank of America's online banking, you see ads when you log on, you see ads all around your account, you see ads when you log off.
The annoying thing is that I saw an ad when I logged off my Wachovia account the other day that was much bigger than anything Wachovia ever put up before, and it had buttons to say "No thanks", "Tell Me More", etc. Wachovia never had junk like this before, and I hope Wells Fargo doesn't turn my online banking experience into a giant marketing experience. Enough with the ads.
I just clicked on the "Mortgage" link on Wachovia's homepage, and it took me to the Wells Fargo mortgage page. So, it looks like the mortgage side of the business has been integrated.
This is a prime example of why this blog has work to do. What other things are happening that haven't been reported on the blog?
I've been a fan of both companies and I do hope the new Wells Fargo will truly bring out the best of the two companies together. I won't mind the fact that Wells Fargo will take its time to integrate them as smooth as possible. However, I've become a bit disappointed on how this blog has been communicating updates. It has become mostly filled with "fluff" news barely related to the merger as well as a complaint and ranting board.
Why not instead focus ONLY on showing any updates that are related to the merger itself? Maybe occasionally asking Wells Fargo/Wachovia customers questions what we would like to see in the new company perhaps in the form of surveys and the like. You can perhaps learn and not make some of the same mistakes that JPMorganChase did to WAMU customers. In fact if you look around online, you will find that, although the merger has been faster, a lot of WAMU customers have not been that happy with the quick changes.
But certainly I've found its communication updates to be unconventional and not straightforward. Please learn from your mistakes, and also I hope Wells Fargo learns a lot from Wachovia's experience in customer service and don't take it for granted.
I'd like to know what committe decided to revamp the the Fargo checking account statement, trying to balance my check book this A.M. was so frustating. I prefer the old form it was much easier to work with and there was more room for outstanding items to be deducted. I use debit a lot and also keep going to the bank to get extra check registers because there is only one per box of checks. Obviously, the new forms were not issued on a trial basis to people who are not accountants.
Send it back to the committee for it to be revised or go back to the old forms. I can go on line and print out the same thing but it doesn't separate checks from debits or deposits. Thats
how I keep track of an accurate balance. I don't always trust what the bank says, no offense.
@Ed, I have a question... I am a Wachovia customer now living in Florida, but originally opened my account in Georgia.
My question is this: If Florida Wachovia branches convert to Wells Fargo BEFORE Georgia does, will I be able to go to those converted branches here in Florida for my banking needs?
Is conversion going to be based on a customer's home address on file, or based on the state where the account was opened up?
Thank you!
Jason
@Sheila - I forwarded your feedback on the new statement layout to the product team. Appreciate your feedback! I agree, financial education, and explaining the process for balancing your checkbook is a good thing. We probably have this information on wellsfargo.com, too.
@Dorothy - I agree, the font size seems a lot smaller on the new statements. For some accounts, I use online statements, and because it is online I can make the font size bigger when I read it. Something to consider. In any case, I'll forward your feedback to the statements team.
@Wachovia and Wells Fargo customer: I'm trying to get someone from our wellsfargo.com online banking team to blog for us. I know there are many readers interested in the difference between the two brands, and what Wachovia customers can expect. More to come.
@Jarrett - You're right, Jarrett, we should have written about that change on the blog sooner. We're working with mortgage now to get more updates.
@J.A. Santes - I really appreciate your regular feedback, J.A!
We're in a period now where final decisions haven't been made in many areas, which makes our job pretty challenging. I think one reason we do report on non "hard news"/dates,is because many Wachovia customers are unfamiliar with Wells Fargo--our company, mission, values, culture, etc. We see this blog as not just a way to announce, but to inform as well.
You said you're a fan of both companies, so it sounds like you've had more exposure to Wells Fargo than the general Wachovia customer.
What do you think about having two RSS feeds, one for "hard news/announcements", the other for everything else, like history? We don't want to frustrate readers like you that are already familiar with Wells Fargo, yet we do want Wachovia customers to better understand the bigger picture.
@Regular Reader Jason: I assume you'll be able to bank in Florida (if they convert first, even though the account was opened in Georgia), but we'll have more definitive information as we approach the conversion of the first state (Colorado). That state could be a model for how the other states convert.
I really hope you do not change alot fo wachovia's online banking. Wachovia seems to be more ahead of the game with online banking than wells fargo.
I love the layout of wachovias than wellsfargo. its easy to naviate, the billpay is simple and easy, transfers and more.
please keep to wachovia's online banking but improve with with features that it may not have with wells fargo. just dont do a major overhaul and confused or takeaway from what you already have!!
what are some new features coming to online banking?
@N.Knight wrote "what are some new features coming to online banking?", we're working on getting the right folks now inside Wells Fargo to write a post about this. Stay tuned...
I don't know who to comment to on an issue I have. I just rec'd my monthly statement. A 2nd page was included that asked me to switch to online statements to save trees. This notice took all of 1" at the top of an entirely blank page. How absurd was this, wasting one page of paper in every statement to tell us not to waste paper. At the very least you could have used a small insert, 1/3 of page or less and to at least minimized the impact of the insert on the tree population, if you were truly concerned about the environment.
@Jim: You're right, that additional page in the statement didn't make sense. I'll pass this on to our Environmental Affairs team. There must be a better way. I realize in this case it may have looked like the right hand didn't know what the left was doing, but believe me, the company really is focused on environmental responsibility.
Thanks for point this out to us and your feedback.
@N.Knight & @Ted - I think Wachovia's online banking system is archaic! It's far behind the times as far as look and functionality, compared to, for instance, Bank of America, and of course, Wells Fargo's. I mean all you have to do is use the demo function on Wells Fargo's site, and you'll see that Wachovia's investment in its online banking is embarrassing. Try it out... Try out the demo, and even compare it to Bank of America and BB&T.
Wells Fargo has been recognized as having the best online banking in the industry. With Wells Fargo online banking, you have nice charts that show where your money is going (it's a "nice to have"), it's very easy on the eyes & intuitive, and you can even transfer funds to family & friends. You can't transfer funds to family and friends with Wachovia. AND... Wachovia still does NOT even have an iPhone app! But, I guess that really doesn't matter in the long term...
I can't wait for Wachovia's online banking system to be replaced with Wells Fargo's!! In fact, that should be one of the first changes across the board!
Blog is a joke, a bunch of fluff.
Jason is so right. Wachovia's management clearly indicated they had no interest in upgrading or adding features to Online Banking. (They were too busy mismanaging the bank to have interest in providing new features). Wachovia doesn't even offer credit card statements online or budgeting features like BofA or Wells Fargo.
The sad thing is that first new feature in years to be added to Wachovia's online banking just appeared within the last week. It only took a new owner to get a new feature!
Who decided to change the format on the bank statement? I am sure it made it a lot easier for the bank, since it is a repeat of the online banking format. Some people are not interested in banking online and would like to have the old format that was actually easier for the customer to reconcile their own accounts. Can you at least give the customer the option to have the old or new format?
Great work guys! Love the fact you're reaching out to customers like this.
MODERATOR'S NOTE: This comment was originally submitted 2009-06-03 21:34:24
I am very frustrated with the fact that Wachovia is not able to offer its customers the loan modifications that Obama set forth to help the American people that are in hardship situations and bad loans. I have talked to several other banks and they have been actively doing loan modifications for their customers for several months now. Every time I contact Wachovia about my mortgage loan they tell me that they don't have the information they need to do the loan modifications yet. This seems very strange to me and it puts Wachovia mortgage loan holders in a very precarious situation. My payments have gone up due to the adjustable rate mortgage I am in and I have lost my job and am trying very hard to work with you to keep my home. I call every week and get the same answer. I need help and don't know where to turn!! MODERATOR'S NOTE: Just so you know, in accordance with our Comment Guidelines we removed a personal email address from this comment in order to protect the commenter's privacy. Nothing else has been changed or altered in any way. Please see About This Blog for more information.
I love the blog and come here often, I like to read other peoples comments too -would it be possible to add the date and time the last comment was added under or somewhere near the number of comments? It would make it easier to know whether there had been further discussion since I checked in last.
Just a thought.
*Note* Suggestion submitted by Wells Fargo Employee
The new format of monthly statements is horrible! I use Quickbooks with my business and typically reconcile my QB account against paper statements. I can't anymore without making a project out of it since Quickbooks reconciliation is organized into credits and debits and the new Wells Fargo statement just jumbles everything together and sorts by date. I also end up with a tremendous headache from squinting at each line of tiny text. I called the customer support phone number on my statement to voice my complaint. I was told "We are no longer accepting complaints regarding the new statement format. That window was only open for a month. That's just the way it is now." I even went to my local branch with my complaint. The branch manager agreed with me and called The National Business Banking Center in Sacramento. She was advised to take my complaint herself but, since she has no say in statement format, she couldn't help me since she had no one to escalate to. I was advised to send a formal letter to The National Business Banking Center. I'm not sure how much good this will do.
I am a Wells fargo customer who recently moved to M.O. It took me by surprise that there is not even a single ATM Wells fargo facility in the whole of Missouri. Being an online customer does not help much as I still have to use other ATMs to withdraw money and also mail the checks instead of some smart electronic deposit. The online facility is completely helpful as long as you stay in the states that have Wells fargo branches. This is extremely uncomfortable and surprisingly enough, even the local branch in my previous wells fargo state did not tell me about this when I told them I was going to Missouri. Now I am seriously thinking of joining a major bank which serves all the states in the country. Any chances of improving the online system to deposit checks through internet or something and also relax the charges on ATM if people outside the states that is served by Wells fargo choose to use other ATMs using their wells fargo debit card? This is a serious trouble for people who are frequently on the road.