As we get closer to the November 7 Colorado conversion, we're starting to get a clearer picture on the timing for other conversions. And while we don't have exact dates yet, we do know the approximate timeframe during which stores in these regions will convert, and wanted to let you know!
Of course, keep in mind we're taking a customer-driven, not calendar-driven approach to the integration. But now without further ado:
During 2010, we expect to convert banking stores in the states where Wells Fargo and Wachovia overlap: Nevada, Arizona, Illinois, California, Texas, Missouri, and Kansas. (Those are in the order we expect to convert.)
Near the end of 2010, we'll begin converting the non-overlapping states: Alabama, Tennessee, Mississippi, Georgia, New Jersey, Delaware, Connecticut, New York, Pennsylvania, Florida, Virginia, Maryland, Washington D.C., South Carolina, and North Carolina. (Again, listed in the order we expect to convert.)
We plan to complete conversions of banking stores and all major merger integration substantially by the end of 2011, though some back office completion tasks may continue into 2012. Oh, and a final note: By the end of 2009, we expect to convert the mortgage servicing platform and our payroll system.
That's it for now, but please keep your questions and comments coming!
Thanks for the timeline.
I thought that there were no Wachovia/Wells Fargo branches in Missouri.
Is there still a possibility that the integration will move faster if things are going smoothly?
Wasn't Texas supposed to be next after Colorado? Or am I just remembering incorrectly?
Delaware is spelled incorrectly.
I find this timing completely unacceptable. I just moved from Colorado to Pennslyvania and if I am reading this post correctly I won't be able to access my Wells Fargo account at Wachovia branches until 2011. All I want to do is to be able to deposit a check...is that too much to ask? Here is a thought...do more than 1 state at a time. I just opened a Wachovia account so I can deposit a check here and the manager told me the integration would be the end of this year, not 2011. Three years (2008 to 2011) is a ridiculous time to wait for the ability to deposit a check in the internet age where I could wire money to Outer Mongolia in 15 minutes from my home. This is the computer age, not the stone age
Over a year to even start converting North Carolina? That seems incredibly slow. Wow, I might need to switch banks.
2 years for all store conversion and 3 years for substantial completion maybe 4 years to 100% ? Redicuslus I have a feeling shareholders (myself included) are going to want to see results much, much faster. You guys can keep the "public relations mantra" up if you want but ulitmately I think heads are going to start rolling if this thing doesn't get done and positive results demonstrated to shareholders. With Mr. Stumpf being at the top of the list of executives who maybe looking for a job if you can't get this done in a timely manner... JP Morgan is getting close to substantial completion of WAMU in less than 1 year, and will likely complete 2 or 3 more mergers in the time it is taking WFC to complete 1. I don't think WFC can dream of participating in the coming bank consolidation until after Wachovia is complete, so it makes it extra difficult to understand/accept that you are just going to let this pass by and not participate.
The end of 2010 to start converting the East Coast? Are you serious?
This is absolutely unacceptable!
The committee that thinks this merger timeline is good for customers needs to be disbanded. These conversions should be completed by the end of 2010.
You'd think that you would move North Carolina up in the list. What about Wells Fargo employees who are relocating there now and have no branches to use? With Wachovia's headquarters being in Charlotte, one would think you would accomodate all the people you are moving there!
If this is a customer-driven integration, I'd like to know what customers are requesting that you take until 2011 to finish the merger.
You keep saying it is business as usual, but one of the benefits of a merger is increased access to more products and services. By taking longer to complete the merger, you are hurting customers who want access to the products and services.
I highly encourage your merger team to reconsider this timeline.
I can understand that it takes awhile to get the conversion preparation and systems in place. I can even see the first conversion taking place and then WFC taking a few months to debrief and make adjustments. But, after that the conversions should roll pretty quickly.
However, beginning the east coast changes nearly 2 years after the merger was completed is a bit asinine. It makes me think that WFC doesn't know how to do this.
Folks complaining that this is going too slow don't know what they are talking about.
Someone mentioned Chase and Washington Mutual. Chase is moving quickly because the purchase from the FDIC allows them to easily dump WaMu assets that they don't want. It's not a merger; Chase is eating Washington Mutual alive. In the mean time, they are royally screwing up the conversion of systems and branches, dumping customers unceremoniously.
Not only do I want Wells Fargo to get this right the first time, I'd prefer if they took their sweet time doing it. Seriously, I like my bank the way it is, and I'd rather that Wells Fargo not change it at all. The challenge is to change without changing; to combine without diluting.
Does anyone know if they will be sending out new ATM cards out from Wells Fargo?
Does anyone seriously think this is a game?
KWhite; I can guarantee that they will send out new ATM Cards. Anything that has the Wachovia logo will be replaced with Wells Fargo. I would assume this would be replaced at the same time as your states conversion.
I agree completely. NC is the VERY last state to be converted, yet part of WF is headquartered here! I just think that the timeline itself is ridiculous. 2011? Do you REALLY expect consumers to wait that long? It's almost as if WF is half-stepping. Investments has already moved to WF so the idea of having your money centralized with this bank is going to be obsolete until the end of 2010 or 2011. Seriously, can't speed it up a bit? Seems like WF has a lot to offer, but I may not be around for the change. Please re-structure that timeline!
Boo! This is disappointing news.
I am confused by this article because like someone else mentioned, I don't even think there are any branch locations in Missouri (either WF or Wachovia). Also, Kansas is listed as being one of the states where WF and Wachovia overlap, but all of the branches in Kansas are Wachovia. I'm confused why this posting isn't more accurate....?
@ Anonymous | Oct 3, 2009 -- Ugh, bad misspelling. Thank you for noticing and pointing that out! I've made the correction. Delawareans out there, sorry for that!
Can you give a timeline on the installation of Envelope-Free ATMs in Wachovia markets? I believe Savannah, GA has already received them. Will the UI of the ATMs change with the hardware changes?
I guess those of us who travel between an overlap state like Colorado and and non-overlap state like NC will have to find a new bank. Right now I can access my account in both places, I am not going to go a full year or more trying to make sure I do all my business in NC before I go to Colorado
@Kevin...wait a minute...you think this is a merger and not a FDIC sale? This beast, F/K/A Wachovia was literally seconds from take over...the FDIC arranged the Citi sale...minutes from take over...lets pretend the Citi sale wasn't challenged by WFC and it failed...WACHOVIA = FDIC takeover...It's been well documented in the news the only reason Wachovia agreed to the Citi sale in the first place was the FDIC told them they had 'till Monday to work out a deal or the FDIC would take over and make a deal for them...There are 2 differences between this FDIC sale and Wamu/Chase. 1) The bidding happened in public (i.e. Citi/WFC) if you think there weren't other bidders for WAMU, you got a lot to learn
2) The FDIC was able to get it sold before having to take over
I have been a Wachovia customer for almost 10 years now. I originally opened my checking account with First Union (now Wachovia) while residing in Virginia. I have since relocated to Texas and have opened two other accounts in addition to the original account I opened all these years back. Since Texas and Virginia conversions will be taking place at different times of next year, will just have the two Texas accounts converted or will all three of them be converted?
Shane, thanks for your comment. Our primary goal is to cause as little disruption to your banking service as possible throughout the transition. Since you have multiple state relationships, we will likely wait to transition your accounts until after those states convert. Regardless, we will ensure that you will be able to conduct transactions with your Wachovia accounts as you're accustomed to today, either in your existing Wachovia locations, or in Wells Fargo stores and ATMs once the transition occurs.
I've seen quite a few comments from people who have WF accounts that move somewhere else in the country where there are no WF branches, but there are Wachovia branches. Those people complain about how slow the transition is taking, and the lack of WF branches to do their walk-in banking. Well, face it - if WF hadn't taken over Wachovia at all, you STILL would have had to shop for a new bank and open an account there. If visiting a branch is so very important to you, then go ahead and open a Wachovia account. In a year or two, it will finally become a Wells Fargo branch. So people... stop complaining and take action yourself. It doesn't take much more effort to just go out and do it, than it does to complain about it here!
In 1988-1989 I worked at what is now Bank of America (First Republic Bank of Texas). First Republic failed and was bought by NCNB and on it goes. During that time frame Savings and Loans were being gobbled up at a fast pace and I personally worked on 28 conversions in one year. Did they all go perfect? No. I've been working in the IT business for 20+ years, if anyone tells you conversions and consolidations are smooth, they are lying to you with a smile.
One thing I do like is that WFC is keeping the human element in mind here. Not only are there going to be head count reductions after this is over but our unemployment rate is at a historical high it will be difficult for many of those displaced workers to find employment.
I am all for making a solid return on investment but at the expense of our humanity and compassion? Doing what is right for your customers and your employees at the same time sounds like very smart business to me.
I moved my accounts from a bank that my spouse works at to Wachovia and have never been happier. My wife's employer is one of the worst at employee relations I have ever witnessed in all of my dealings in banking (I've worked all over the country at the biggest and smallest). Wachovia's customer service is outstanding and the personal touch that I receive at my local branch or any branch I walk into is refreshing.
Wachovia has strong southern roots and it shows in their business and it is why they have received such high praise in the past and will only help to increase Wells Fargo's corporate culture in the future.
A test of a company's customer service is in direct relationship to the way they treat their people, if they treat their people poorly guess what will happen to their customers.
When you speak of state conversions, I assume you are referring to the store names and systems. What about consolidating the various bank charters? Wells Fargo Bank, NA encompasses most of Wells Fargo's bank assets. Wachovia has a few separate bank charters. Are all of these Wachovia bank charters going to be consolidated into Wells Fargo Bank, NA?
Pilar, yes, the chaters will convert. You can read about that on this blog post - http://blog.wellsfargo.com/wachovia/2009/09/integration_update_combining_b.html#more
I can say I have been a Wells Fargo Bank customer in North Carolina since 2002 and been very pleased. I do all my banking online with them and ironically had a Wachovia account to use locally for getting cash out, etc. Now that I can use my Wells Fargo ATM card at Wachovia I closed the Wachovia accounts I had. I am antsy to see the Wells Fargo brand on the banks here in NC but I find little inconvenience that they are not rebranded yet.
Conversion will just mean I can do things at the branch level that I have no problems already doing online or mobile or via the telephone. Seems like a lot of armchair quarterback complaining without a lot of substance. We are talking two completely different banks/companies here merging to become one. My hope is the service continues to be good or get better.
I'm a little disappointed at the transition timeline. I have a Wells Fargo Checking account and a Wells Fargo original mortgage. I also have a Wachovia Checking account. I currently reside in Florida. I thought integration in retail banking services would take place much sooner. I'm surprised Wells Fargo is waiting up to 3 years to eventually convert the east coast retail branches of Wachovia. Guess they are slowing retiring the Wachovia name.
Nearly 50% of the comments of this article are a negative reaction to the timeline. Does that tell Wells Fargo anything?
Better negative responses from people who do not understand the complexities rather than the mess created and jobs lost when a botched merger happens – the only thing that the negative comments tell me is that there are frustrated people out there – a dissatisfied person is more likely to take the time to put their thoughts into words than a satisfied person is – so I don’t think that the ratio of negative to positive comments tells us much of anything.
I will need new checks printed soon, will the routing number be the same as the current wachovia bank that I now use.
I am very pleased with wachovia(first union) and have been for more then 15 years.
thanks, bill
Whats the contact information of the company thats handling the conversions, i'm currently doing the WAMU/CHASE conversion and were almost done, please advise!
Thank you!
This seems to be a very, very long period to convert to Wells Fargo.
The Wachovia name has such huge negatives associated with it, I would think moving more quickly would really help.
When I see the Wachovia logo, I immediately think of an almost-failed company. Please speed this process up and put the Wachovia brand to bed for good.
my current wachovia atm card expires in april 2010. which card will i receive when it is replaced?
I must agree that the Wachovia name is a real negative these days.
This has got to be one of the slowest merger conversion schedules in the history of banking and I don't understand why WF can't move faster.
Like many, I have lost of lot of money by owning Wachovia stock, and would like to see that name buried forever.
Most people I know just shudder when they refer to Wachovia, knowing what a failed bank it is. Glad WF stepped in, BUT.....
Please, speed-up this and get rid of the Wachovia name.
Thanks.
John the atms are integrated already and you will have no fees if you use Wachovia ATMs for your transactions until conversion is complete.
John the atms are integrated already and you will have no fees if you use Wachovia ATMs for your transactions until conversion is complete.
i moved to nj from wa in 2005, and i'm REALLY tired of having to mail a check to portland, oregon, just to make a deposit. give your loyal wells fargo customers a break! we've stuck it out in places where banking with you is inconvenient, to say the least, and were happy to see this acquisition. but now you're giving us short shrift? come on, now! we should at least be able to make deposits at atm machines!
I have to say this timeline is particularly disappointing for your bi-coastal customers. 2 years is a significant timeline for any level of integration.
Something as simple as all Account Balances from one WebUI page and Online Transfers between accounts in both banks is just NOT THAT DIFFICULT. This does not require the back-office systems/processes changes that branch reconciliation requires. A tiger team of 30 specialists could get this done in less than 4 months.
While I don't agree with the spirit of some of the posters to this blog, some of the intention is right on. This is not a customer-driven process nor timeline.
Just read...the end of 2010 for Pennsylvania...Unfortunately for this customer, 3 years is just too long without being able to cash checks..Rolling over to another bank that has some concept of time and convienance.
My mortgage accounts were recently converted from Wachovia to Wells Fargo - went smoothly, account number did not change, access via web took a phone call (only one of the two mortgages was initially visible). So far, so good. Wachovia bank account looks like its going to stay Wachovia for a couple of years. While it would be somewhat helpful (view all accounts on one website for example) to have integration completed faster, most of my banking is electronic so not really a big deal.