So things are really starting to happen around here: Wachovia Securities has officially become Wells Fargo Advisors, the first conversions state, Colorado, has been announced and we're keeping Way2Save. But, we know you still have a lot of questions about other account product and services, especially online banking.
We've enlisted a new guest blogger — Ian Matchett — to give an update on how the merger is going to offer you even more great online services. Ian's a former Wachovia eCommerce employee and is now part of Wells Fargo Internet Services Group. He also moonlights as one of the voices on our @Ask_WellsFargo 
Twitter channel, and will soon be a voice on our @Wachovia channel too.
Thanks, Matt! We've been blogging a lot about OUR excitement around the integration of Wachovia and Wells Fargo — and we really are excited, especially as we continue to work with all of our customers throughout the transition.
We've also been asking you to have patience and to keep doing "business as usual" while we sort things out. During this time, questions like these from Arthur (01/09/09) have been common:
I find little information about the effect of the merger on online banking, which is of great concern to me. What am I missing?
Well, Arthur, I'm happy to report that you're not missing anything! We now have the opportunity to tell you more about some of the features and benefits all of you Wachovia customers will enjoy as soon as you're converted to Wells Fargo Online Banking.
While we're still ironing out some details, I've summarized some of the additions or completely new services that are on the horizon. Coming soon are improvements to:
- Online Bill Pay — Fund bill payments from more accounts (credit card, home equity lines and personal lines of credit) and even pay bills the same day
- Online invoicing — Create, transmit, receive, reconcile and pay invoices online
- Mobile Banking: Mobile banking customers will have access to an easy-to-use mobile web site, that includes bill pay with scheduling capabilities, as well as a new service, text banking!
- My Spending Report — You do the spending, we do the math. Online budget management tool can help to keep finances a little clearer.
- Mortgage enhancements — Balance in Account summary, turn off paper statements, 12 more months of transaction history
Plus there are going to be things like more alert options, much longer history of check images for your account(s) and a bunch of other things that haven't been unveiled yet.
Keep in mind that what state you live in will determine when you actually switch over to Wells Fargo Online Banking — it's part of the overall integration process. The first wave will take place in the fourth quarter of this year (around November) and will include Colorado.
So yes, this is definitely an exciting time for us. Why? Because you're getting to reap the benefits of a combined company. As always, thank you for your business, your patience and your belief in us! And please keep letting us know what you think about these new additions.
To be continued...
@ Ian - I'm a little confused here. You stated "We now have the opportunity to tell you more about some of the features and benefits all of you Wachovia customers will enjoy as soon as you're converted to Wells Fargo Online Banking." And then you go on to tell us about some things coming soon on the horizon.
Are you saying that these are features that we, Wachovia customers, can expect once conversion is complete in our state, OR are you saying that these are features that will soon be coming to Wachovia's online banking?
I mean from what I've read and seen about Wells Fargo online banking, it seems that these "new" features you are speaking of are already standard for Wells Fargo customers.
The one thing that I would like to know most is if Bill Pay will continue to be FREE with FREE checking, or if you have to meet Wells Fargo's balance/direct deposit requirement in order to get "FREE" online bill pay.
I live in Missouri around Kansas City. Missouri doesn't have Wachovia (who I bank with) or Wells Fargo stores at all. When will I be converted? And better yet, are you going to expand?
There are four Wachovia stores on the Kansas side of Kansas City which used to be World Savings. Those are nice near work but at home it would be great to see someone compete against the big 4 here - Bank of America, US Bank, UMB Bank, and Commerce Bank, the latter two owned pretty much by the same family, the Kempers.
I became a customer online instead of in a store so I don't think I would be considered a part of one state or another. I'm in Independence, Missouri, Queen City of the trails. I'm sure a few Wells Fargo wagons would be welcomed.
when will the two banking networks be combined? S.G. Georgia
My home mortgage is with Wachovia. Unfortunately I don't have a nearby Wachovia branch to drop-off payments. I do however have a Wells Fargo branch right down the street from my home. It would be great if Wachovia customers could begin utilizing Wells Fargo branches for more than just "free" ATM access. What's the intergration timeline for California customers?
I live in Virginia and bank through Wachovia. My mortgage is through Wells Fargo. When the two online systems merge which login can I expect to use, Wachovia or Wells Fargo?
@ Regular Reader Jason, thanks for your comment. The highlighted online features are going to be available to Wachovia customers after conversion is completed in your state. You'll be glad to know that Online Bill Pay will continue to be free for Wachovia bill pay customers after their accounts/bill pay service is converted to Wells Fargo accounts.
I really pray the conversion doesnt come for any downtime or mess ups. PLEASE take your time doing this. There was a bank here in PA that really MESSED up (metro bank). Their website went donw middle of the night when they changed, and no one could get access for days, then debit cards didnt work and balances were way off. I pray wachovia doesnt mess this up.
the new online features, are these new for wachovia? they seem more like wells fargo additions. so are you intergrating the two if so, sounds amazing!
PLEASE dont change the look though. I really love the look/colors and layout of wachovia's online banking. Wells Fargo isnt like that
when is this scheduled to come avaialble?
LOOK FORWARD TO YOUR RESPONSE!
PLEASE keep the free checking and free online banking like wachovia for personal and small business. i see wells fargo doesnt offer this without some requirement. lots of customers would need this im sure or can cause some major problems!
When will Maryland Wachovia Bank Branches be converted to Wells Fargo Bank Branches? As I don't see the timeline for it yet. (First Quarter 2010 or later?)
And when will Maryland Wachovia Online Bank Customers start using the Wells Fargo Online Web Site?
Any plan to develop online banking software product similiar to Microsoft Money Deluxe and/or Quicken?
It would seem like it would be much easier for Wells Fargo to go ahead and merge the Wachovia branches where there is more existence of Wells Fargo branches and far less existence of Wachovia branches (i.e. Texas, Colorado, and some others) in 4th quarter 2009 - and then carefully work and strategically decide on what to do with the Wachovia accounts where Wachovia exists more predominantly than Wells Fargo. Just a suggestion.
@ Ian - thanks for the response! Also, do you know with certainty if conversion on a customer's account will be based on the state where the customer lives, or based on the state where the customer OPENED his/her account? For instance, I now live in Florida, but opened my account in Georgia, and I know that Georgia-based accounts have a different bank Routing #.
And finally, do you know if Wachovia's 100% free checking will remain free after conversion?
Thanks!
Not sure where to begin.... have mortgages thru wachovia, need to know when they go to Wells Fargo.
@ Anonymous, thanks for your comment. If you have a mortgage through Wachovia and need assistance, continue to call the number provided on your loan statement. The mortgage conversion process will occur is phases throughout the year and you will receive information when your loan transitions to Wells Fargo.
Doug C., Wells Fargo Social Media Team
@ Todd, in response to your question about the Virginia conversion, there are still a number of decisions that need to be made before we are able to publish a full conversion schedule. Once that is available, we will let you know. Also, your online banking will convert when your state converts.
@ James, in response to your question about the Kansas conversion, we're still working on details for that conversion and will post something as soon as we know. Stay tuned.
@ Steven, in response to your question about when conversion will occur, we know that Colorado will be the first state to convert later this year. We are still working through the timing of when other states convert, but we'll keep you posted.
@ MarcusZ, in response to your question/comment on June 19, please know it is our plan to make sure this integration go as smoothly as possible for the customer. Hopefully when it's over, you'll say, "That was easy." Now, on to your other question about timing - we're still working through conversions schedules and will let you know as soon as those are final.
@ Regular Reader Jason, as you've seen, the free checking question is pretty popular. We hope to be able to communicate something on that in the coming months. Stay tuned. Now, on to when your accounts will convert. It's really a complex issue that will depend on account type and location. There will be plenty of information available in the coming months that will do a lot better job explaining the timing and process of the conversion better than I can in this response.
I check this blog often to see what is new with the integration. I really enjoy reading other peoples thoughts on the different topics but have a hard time determining whether new comments have been added since I checked in last.
Any chance you could add a "most recent comment" date and time to the line that shows the number of comments? The time shows next to the post but it would be nice to be able to tell "at a glance" without having to go in and scroll to the bottom of the page.
I made this suggestion once before however the topic string was bumped off by a newer one right after so I don't know whether anyone even knew it posted.
Just a thought.
Thanks and keep the info coming :)
@WFB Employee - That's a great suggestion! We on the Social Media team are looking into how and whether we can make that happen. Thank so much, and keep reading!
Thanks!
I did have one other idea - I think it would be really cool to add a "suggest a topic" option as a way for people to share what they would like to see covered in the blog.
when wellsfargo does take over completly will we still have our way to savings, and being a senior will still have free checking and online banking?
My concern is with on-line banking. I believe Wachovia's platform is one of the strongest I've seen. My questions are:
1. Will Wachovia on-line bacnking customers lose any functionality that they currently have available to them? If so, what will we lose?
2. Can I view all related accounts? I have many checking, savings, mortage, loan accounts all linked together including my son's checking and savings accounts. Will I continue to be able to log in and see all my accounts, including my son's, on one screen as I can today?
3. I have an equity line of credit. Can I view the current interest rate on-line? It is currently tied to Prime with an constant amount subtracted.
4. Will use of my ATM card in the merged Wells Fargo ATM's continue to be free as is the practice at Wachovia?
5. Will on-line banking and checking continue to be free?
These are some of the reasons why I remained a Wachovia customer for so many years.
Paul.
I second pauls comments above. another reason why i remain with wachovia as it is the leader in online banking and free features!
Paul, I'm glad that you have had a great online experience with Wachovia. That's not going to change with the integration of the two banks. Most customers aren't going to lose any key functionality, but some things may move around with the merger. For instance, deposit account transactions will not show in your account activity section, but all customers will continue to have at least 3 months of statements as well as an interim statement to bridge the gap between that previous statement and when the accounts are converted. Adjustments to any online banking services will of course be communicated to any affected customers prior to their accounts converting. As far as when you will be able to view all related accounts, I'll give you the age old response - it depends. Customers will be able to maintain the online viewing capabilities of their accounts. However, if you have an account with both Wachovia.com and WellsFargo.com you may have to alternate between the two until the two domains are integrated by the end of 2011. Your ATM card will continue to be free with full access to your normal services at any Wachovia and Wells Fargo ATM. And finally, Online Banking and Billpay will continue to be free for all customers currently enrolled. A lot of great questions, thanks for taking the time to ask them and especially for being a valued customer.
Doug,
What are "deposit account transactions?"
Are they transactions against a type of account called a "deposit account?"
Or are they a type of transaction called a "deposit" against any type of account?
I understand the second translation. However, the first translation eludes me. I am not familiar with terms commonly used in the banking industry.
Paul.
Paul, sorry for the confusion. A deposit account is just a regular checking or savings account. Hope that helps.