Skip to content

Archives

Wachovia bank customer service


wachovia bank customer service

Helping individuals and institutions improve their financial wellness through life & health insurance, retirement services, annuities and investment. While 800-922-4684 is Wachovia's best toll-free number, there are 4 total ways to get in touch with them. The next best way to talk to their customer support. Banking. Bank Manager. Reverse Chronological. Career progression to bank manager Strong customer service and communications skills, with keen ability to.

You can watch a thematic video

Wachovia bank customer service -

Manage Your Energy, Not Your Time

Leer en español
Ler em português

Steve Wanner is a highly respected 37-year-old partner at Ernst & Young, married with four young children. When we met him a year ago, he was working 12- to 14-hour days, felt perpetually exhausted, and found it difficult to fully engage with his family in the evenings, which left him feeling guilty and dissatisfied. He slept poorly, made no time to exercise, and seldom ate healthy meals, instead grabbing a bite to eat on the run or while working at his desk.

Wanner’s experience is not uncommon. Most of us respond to rising demands in the workplace by putting in longer hours, which inevitably take a toll on us physically, mentally, and emotionally. That leads to declining levels of engagement, increasing levels of distraction, high turnover rates, and soaring medical costs among employees. We at the Energy Project have worked with thousands of leaders and managers in the course of doing consulting and coaching at large organizations during the past five years. With remarkable consistency, these executives tell us they’re pushing themselves harder than ever to keep up and increasingly feel they are at a breaking point.

The core problem with working longer hours is that time is a finite resource. Energy is a different story. Defined in physics as the capacity to work, energy comes from four main wellsprings in human beings: the body, emotions, mind, and spirit. In each, energy can be systematically expanded and regularly renewed by establishing specific rituals—behaviors that are intentionally practiced and precisely scheduled, with the goal of making them unconscious and automatic as quickly as possible.

The core problem with working longer hours is that time is a finite resource. Energy is a different story.

To effectively reenergize their workforces, organizations need to shift their emphasis from getting more out of people to investing more in them, so they are motivated—and able—to bring more of themselves to work every day. To recharge themselves, individuals need to recognize the costs of energy-depleting behaviors and then take responsibility for changing them, regardless of the circumstances they’re facing.

The rituals and behaviors Wanner established to better manage his energy transformed his life. He set an earlier bedtime and gave up drinking, which had disrupted his sleep. As a consequence, when he woke up he felt more rested and more motivated to exercise, which he now does almost every morning. In less than two months he lost 15 pounds. After working out he now sits down with his family for breakfast. Wanner still puts in long hours on the job, but he renews himself regularly along the way. He leaves his desk for lunch and usually takes a morning and an afternoon walk outside. When he arrives at home in the evening, he’s more relaxed and better able to connect with his wife and children.

Establishing simple rituals like these can lead to striking results across organizations. At Wachovia Bank, we took a group of employees through a pilot energy management program and then measured their performance against that of a control group. The participants outperformed the controls on a series of financial metrics, such as the value of loans they generated. They also reported substantial improvements in their customer relationships, their engagement with work, and their personal satisfaction. In this article, we’ll describe the Wachovia study in a little more detail. Then we’ll explain what executives and managers can do to increase and regularly renew work capacity—the approach used by the Energy Project, which builds on, deepens, and extends several core concepts developed by Tony’s former partner Jim Loehr in his seminal work with athletes.

Linking Capacity and Performance at Wachovia

Most large organizations invest in developing employees’ skills, knowledge, and competence. Very few help build and sustain their capacity—their energy—which is typically taken for granted. In fact, greater capacity makes it possible to get more done in less time at a higher level of engagement and with more sustainability. Our experience at Wachovia bore this out.

In early 2006 we took 106 employees at 12 regional banks in southern New Jersey through a curriculum of four modules, each of which focused on specific strategies for strengthening one of the four main dimensions of energy. We delivered it at one-month intervals to groups of approximately 20 to 25, ranging from senior leaders to lower-level managers. We also assigned each attendee a fellow employee as a source of support between sessions. Using Wachovia’s own key performance metrics, we evaluated how the participant group performed compared with a group of employees at similar levels at a nearby set of Wachovia banks who did not go through the training. To create a credible basis for comparison, we looked at year-over-year percentage changes in performance across several metrics.

On a measure called the “Big 3”—revenues from three kinds of loans—the participants showed a year-over-year increase that was 13 percentage points greater than the control group’s in the first three months of our study. On revenues from deposits, the participants exceeded the control group’s year-over-year gain by 20 percentage points during that same period. The precise gains varied month by month, but with only a handful of exceptions, the participants continued to significantly outperform the control group for a full year after completing the program. Although other variables undoubtedly influenced these outcomes, the participants’ superior performance was notable in its consistency. (See the exhibit “How Energy Renewal Programs Boosted Productivity at Wachovia.”)

We also asked participants how the program influenced them personally. Sixty-eight percent reported that it had a positive impact on their relationships with clients and customers. Seventy-one percent said that it had a noticeable or substantial positive impact on their productivity and performance. These findings corroborated a raft of anecdotal evidence we’ve gathered about the effectiveness of this approach among leaders at other large companies such as Ernst & Young, Sony, Deutsche Bank, Nokia, ING Direct, Ford, and MasterCard.

The Body: Physical Energy

Our program begins by focusing on physical energy. It is scarcely news that inadequate nutrition, exercise, sleep, and rest diminish people’s basic energy levels, as well as their ability to manage their emotions and focus their attention. Nonetheless, many executives don’t find ways to practice consistently healthy behaviors, given all the other demands in their lives.

Before participants in our program begin to explore ways to increase their physical energy, they take an energy audit, which includes four questions in each energy dimension—body, emotions, mind, and spirit. (See the exhibit “Are You Headed for an Energy Crisis?”) On average, participants get eight to ten of those 16 questions “wrong,” meaning they’re doing things such as skipping breakfast, failing to express appreciation to others, struggling to focus on one thing at a time, or spending too little time on activities that give them a sense of purpose. While most participants aren’t surprised to learn these behaviors are counterproductive, having them all listed in one place is often uncomfortable, sobering, and galvanizing. The audit highlights employees’ greatest energy deficits. Participants also fill out charts designed to raise their awareness about how their exercise, diet, and sleep practices influence their energy levels.

The next step is to identify rituals for building and renewing physical energy. When Gary Faro, a vice president at Wachovia, began the program, he was significantly overweight, ate poorly, lacked a regular exercise routine, worked long hours, and typically slept no more than five or six hours a night. That is not an unusual profile among the leaders and managers we see. Over the course of the program, Faro began regular cardiovascular and strength training. He started going to bed at a designated time and sleeping longer. He changed his eating habits from two big meals a day (“Where I usually gorged myself,” he says) to smaller meals and light snacks every three hours. The aim was to help him stabilize his glucose levels over the course of the day, avoiding peaks and valleys. He lost 50 pounds in the process, and his energy levels soared. “I used to schedule tough projects for the morning, when I knew that I would be more focused,” Faro says. “I don’t have to do that anymore because I find that I’m just as focused now at 5 pm as I am at 8 am.”

Another key ritual Faro adopted was to take brief but regular breaks at specific intervals throughout the workday—always leaving his desk. The value of such breaks is grounded in our physiology. “Ultradian rhythms” refer to 90- to 120-minute cycles during which our bodies slowly move from a high-energy state into a physiological trough. Toward the end of each cycle, the body begins to crave a period of recovery. The signals include physical restlessness, yawning, hunger, and difficulty concentrating, but many of us ignore them and keep working. The consequence is that our energy reservoir—our remaining capacity—burns down as the day wears on.

Intermittent breaks for renewal, we have found, result in higher and more sustainable performance. The length of renewal is less important than the quality. It is possible to get a great deal of recovery in a short time—as little as several minutes—if it involves a ritual that allows you to disengage from work and truly change channels. That could range from getting up to talk to a colleague about something other than work, to listening to music on an iPod, to walking up and down stairs in an office building. While breaks are countercultural in most organizations and counterintuitive for many high achievers, their value is multifaceted.

Matthew Lang is a managing director for Sony in South Africa. He adopted some of the same rituals that Faro did, including a 20-minute walk in the afternoons. Lang’s walk not only gives him a mental and emotional breather and some exercise but also has become the time when he gets his best creative ideas. That’s because when he walks he is not actively thinking, which allows the dominant left hemisphere of his brain to give way to the right hemisphere with its greater capacity to see the big picture and make imaginative leaps.

The Emotions: Quality of Energy

When people are able to take more control of their emotions, they can improve the quality of their energy, regardless of the external pressures they’re facing. To do this, they first must become more aware of how they feel at various points during the workday and of the impact these emotions have on their effectiveness. Most people realize that they tend to perform best when they’re feeling positive energy. What they find surprising is that they’re not able to perform well or to lead effectively when they’re feeling any other way.

Unfortunately, without intermittent recovery, we’re not physiologically capable of sustaining highly positive emotions for long periods. Confronted with relentless demands and unexpected challenges, people tend to slip into negative emotions—the fight-or-flight mode—often multiple times in a day. They become irritable and impatient, or anxious and insecure. Such states of mind drain people’s energy and cause friction in their relationships. Fight-or-flight emotions also make it impossible to think clearly, logically, and reflectively. When executives learn to recognize what kinds of events trigger their negative emotions, they gain greater capacity to take control of their reactions.

One simple but powerful ritual for defusing negative emotions is what we call “buying time.” Deep abdominal breathing is one way to do that. Exhaling slowly for five or six seconds induces relaxation and recovery, and turns off the fight-or-flight response. When we began working with Fujio Nishida, president of Sony Europe, he had a habit of lighting up a cigarette each time something especially stressful occurred—at least two or three times a day. Otherwise, he didn’t smoke. We taught him the breathing exercise as an alternative, and it worked immediately: Nishida found he no longer had the desire for a cigarette. It wasn’t the smoking that had given him relief from the stress, we concluded, but the relaxation prompted by the deep inhalation and exhalation.

A powerful ritual that fuels positive emotions is expressing appreciation to others, a practice that seems to be as beneficial to the giver as to the receiver. It can take the form of a handwritten note, an e-mail, a call, or a conversation—and the more detailed and specific, the higher the impact. As with all rituals, setting aside a particular time to do it vastly increases the chances of success. Ben Jenkins, vice chairman and president of the General Bank at Wachovia in Charlotte, North Carolina, built his appreciation ritual into time set aside for mentoring. He began scheduling lunches or dinners regularly with people who worked for him. Previously, the only sit-downs he’d had with his direct reports were to hear monthly reports on their numbers or to give them yearly performance reviews. Now, over meals, he makes it a priority to recognize their accomplishments and also to talk with them about their lives and their aspirations rather than their immediate work responsibilities.

Finally, people can cultivate positive emotions by learning to change thestories they tell themselves about the events in their lives. Often, people in conflict cast themselves in the role of victim, blaming others or external circumstances for their problems. Becoming aware of the difference between the facts in a given situation and the way we interpret those facts can be powerful in itself. It’s been a revelation for many of the people we work with to discover they have a choice about how to view a given event and to recognize how powerfully the story they tell influences the emotions they feel. We teach them to tell the most hopeful and personally empowering story possible in any given situation, without denying or minimizing the facts.

People can cultivate positive energy by learning to change the stories they tell themselves about the events in their lives. We teach them to tell the most hopeful stories possible.

The most effective way people can change a story is to view it through any of three new lenses, which are all alternatives to seeing the world from the victim perspective. With the reverse lens, for example, people ask themselves, “What would the other person in this conflict say and in what ways might that be true?” With the long lens they ask, “How will I most likely view this situation in six months?” With the wide lens they ask themselves, “Regardless of the outcome of this issue, how can I grow and learn from it?” Each of these lenses can help people intentionally cultivate more positive emotions.

Nicolas Babin, director of corporate communications for Sony Europe, was the point person for calls from reporters when Sony went through several recalls of its batteries in 2006. Over time he found his work increasingly exhausting and dispiriting. After practicing the lens exercises, he began finding ways to tell himself a more positive and empowering story about his role. “I realized,” he explains, “that this was an opportunity for me to build stronger relationships with journalists by being accessible to them and to increase Sony’s credibility by being straightforward and honest.”

The Mind: Focus of Energy

Many executives view multitasking as a necessity in the face of all the demands they juggle, but it actually undermines productivity. Distractions are costly: A temporary shift in attention from one task to another—stopping to answer an e-mail or take a phone call, for instance—increases the amount of time necessary to finish the primary task by as much as 25%, a phenomenon known as “switching time.” It’s far more efficient to fully focus for 90 to 120 minutes, take a true break, and then fully focus on the next activity. We refer to these work periods as “ultradian sprints.”

Once people see how much they struggle to concentrate, they can create rituals to reduce the relentless interruptions that technology has introduced in their lives. We start out with an exercise that forces them to face the impact of daily distractions. They attempt to complete a complex task and are regularly interrupted—an experience that, people report, ends up feeling much like everyday life.

Dan Cluna, a vice president at Wachovia, designed two rituals to better focus his attention. The first one is to leave his desk and go into a conference room, away from phones and e-mail, whenever he has a task that requires concentration. He now finishes reports in a third of the time they used to require. Cluna built his second ritual around meetings at branches with the financial specialists who report to him. Previously, he would answer his phone whenever it rang during these meetings. As a consequence, the meetings he scheduled for an hour often stretched to two, and he rarely gave anyone his full attention. Now Cluna lets his phone go to voice mail, so that he can focus completely on the person in front of him. He now answers the accumulated voice-mail messages when he has downtime between meetings.

E&Y’s hard-charging Wanner used to answer e-mail constantly throughout the day—whenever he heard a “ping.” Then he created a ritual of checking his e-mail just twice a day—at 10:15 am and 2:30 pm. Whereas previously he couldn’t keep up with all his messages, he discovered he could clear his in-box each time he opened it—the reward of fully focusing his attention on e-mail for 45 minutes at a time. Wanner has also reset the expectations of all the people he regularly communicates with by e-mail. “I’ve told them if it’s an emergency and they need an instant response, they can call me and I’ll always pick up,” he says. Nine months later he has yet to receive such a call.

Michael Henke, a senior manager at E&Y, sat his team down at the start of the busy season last winter and told them that at certain points during the day he was going to turn off his Sametime (an in-house instant-message system). The result, he said, was that he would be less available to them for questions. Like Wanner, he told his team to call him if any emergency arose, but they rarely did. He also encouraged the group to take regular breaks throughout the day and to eat more regularly. They finished the busy season under budget and more profitable than other teams that hadn’t followed the energy renewal program. “We got the same amount of work done in less time,” says Henke. “It made for a win-win.”

Another way to mobilize mental energy is to focus systematically on activities that have the most long-term leverage. Unless people intentionally schedule time for more challenging work, they tend not to get to it at all or rush through it at the last minute. Perhaps the most effective focus ritual the executives we work with have adopted is to identify each night the most important challenge for the next day and make it their very first priority when they arrive in the morning. Jean Luc Duquesne, a vice president for Sony Europe in Paris, used to answer his e-mail as soon as he got to the office, just as many people do. He now tries to concentrate the first hour of every day on the most important topic. He finds that he often emerges at 10 am feeling as if he’s already had a productive day.

The Human Spirit: Energy of Meaning and Purpose

People tap into the energy of the human spirit when their everyday work and activities are consistent with what they value most and with what gives them a sense of meaning and purpose. If the work they’re doing really matters to them, they typically feel more positive energy, focus better, and demonstrate greater perseverance. Regrettably, the high demands and fast pace of corporate life don’t leave much time to pay attention to these issues, and many people don’t even recognize meaning and purpose as potential sources of energy. Indeed, if we tried to begin our program by focusing on the human spirit, it would likely have minimal impact. Only when participants have experienced the value of the rituals they establish in the other dimensions do they start to see that being attentive to their own deeper needs dramatically influences their effectiveness and satisfaction at work.

For E&Y partner Jonathan Anspacher, simply having the opportunity to ask himself a series of questions about what really mattered to him was both illuminating and energizing. “I think it’s important to be a little introspective and say, ‘What do you want to be remembered for?’” he told us. “You don’t want to be remembered as the crazy partner who worked these long hours and had his people be miserable. When my kids call me and ask, ‘Can you come to my band concert?’ I want to say, ‘Yes, I’ll be there and I’ll be in the front row.’ I don’t want to be the father that comes in and sits in the back and is on his Blackberry and has to step out to take a phone call.”

To access the energy of the human spirit, people need to clarify priorities and establish accompanying rituals in three categories: doing what they do best and enjoy most at work; consciously allocating time and energy to the areas of their lives—work, family, health, service to others—they deem most important; and living their core values in their daily behaviors.

When you’re attempting to discover what you do best and what you enjoy most, it’s important to realize that these two things aren’t necessarily mutually inclusive. You may get lots of positive feedback about something you’re very good at but not truly enjoy it. Conversely, you can love doing something but have no gift for it, so that achieving success requires much more energy than it makes sense to invest.

To help program participants discover their areas of strength, we ask them to recall at least two work experiences in the past several months during which they found themselves in their “sweet spot”—feeling effective, effortlessly absorbed, inspired, and fulfilled. Then we have them deconstruct those experiences to understand precisely what energized them so positively and what specific talents they were drawing on. If leading strategy feels like a sweet spot, for example, is it being in charge that’s most invigorating or participating in a creative endeavor? Or is it using a skill that comes to you easily and so feels good to exercise? Finally, we have people establish a ritual that will encourage them to do more of exactly that kind of activity at work.

A senior leader we worked with realized that one of the activities he least liked was reading and summarizing detailed sales reports, whereas one of his favorites was brainstorming new strategies. The leader found a direct report who loved immersing himself in numbers and delegated the sales report task to him—happily settling for brief oral summaries from him each day. The leader also began scheduling a free-form 90-minute strategy session every other week with the most creative people in his group.

In the second category, devoting time and energy to what’s important to you, there is often a similar divide between what people say is important and what they actually do. Rituals can help close this gap. When Jean Luc Duquesne, the Sony Europe vice president, thought hard about his personal priorities, he realized that spending time with his family was what mattered most to him, but it often got squeezed out of his day. So he instituted a ritual in which he switches off for at least three hours every evening when he gets home, so he can focus on his family. “I’m still not an expert on PlayStation,” he told us, “but according to my youngest son, I’m learning and I’m a good student.” Steve Wanner, who used to talk on the cell phone all the way to his front door on his commute home, has chosen a specific spot 20 minutes from his house where he ends whatever call he’s on and puts away the phone. He spends the rest of his commute relaxing so that when he does arrive home, he’s less preoccupied with work and more available to his wife and children.

The third category, practicing your core values in your everyday behavior, is a challenge for many as well. Most people are living at such a furious pace that they rarely stop to ask themselves what they stand for and who they want to be. As a consequence, they let external demands dictate their actions.

We don’t suggest that people explicitly define their values, because the results are usually too predictable. Instead, we seek to uncover them, in part by asking questions that are inadvertently revealing, such as, “What are the qualities that you find most off-putting when you see them in others?” By describing what they can’t stand, people unintentionally divulge what they stand for. If you are very offended by stinginess, for example, generosity is probably one of your key values. If you are especially put off by rudeness in others, it’s likely that consideration is a high value for you. As in the other categories, establishing rituals can help bridge the gap between the values you aspire to and how you currently behave. If you discover that consideration is a key value, but you are perpetually late for meetings, the ritual might be to end the meetings you run five minutes earlier than usual and intentionally show up five minutes early for the meeting that follows.

Addressing these three categories helps people go a long way toward achieving a greater sense of alignment, satisfaction, and well-being in their lives on and off the job. Those feelings are a source of positive energy in their own right and reinforce people’s desire to persist at rituals in other energy dimensions as well.

This new way of working takes hold only to the degree that organizations support their people in adopting new behaviors. We have learned, sometimes painfully, that not all executives and companies are prepared to embrace the notion that personal renewal for employees will lead to better and more sustainable performance. To succeed, renewal efforts need solid support and commitment from senior management, beginning with the key decision maker.

At Wachovia, Susanne Svizeny, the president of the region in which we conducted our study, was the primary cheerleader for the program. She embraced the principles in her own life and made a series of personal changes, including a visible commitment to building more regular renewal rituals into her work life. Next, she took it upon herself to foster the excitement and commitment of her leadership team. Finally, she regularly reached out by e-mail to all participants in the project to encourage them in their rituals and seek their feedback. It was clear to everyone that she took the work seriously. Her enthusiasm was infectious, and the results spoke for themselves.

At Sony Europe, several hundred leaders have embraced the principles of energy management. Over the next year, more than 2,000 of their direct reports will go through the energy renewal program. From Fujio Nishida on down, it has become increasingly culturally acceptable at Sony to take intermittent breaks, work out at midday, answer e-mail only at designated times, and even ask colleagues who seem irritable or impatient what stories they’re telling themselves.

Organizational support also entails shifts in policies, practices, and cultural messages. A number of firms we worked with have built “renewal rooms” where people can regularly go to relax and refuel. Others offer subsidized gym memberships. In some cases, leaders themselves gather groups of employees for midday workouts. One company instituted a no-meeting zone between 8 and 9 am to ensure that people had at least one hour absolutely free of meetings. At several companies, including Sony, senior leaders collectively agreed to stop checking e-mail during meetings as a way to make the meetings more focused and efficient.

A number of firms have built “renewal rooms” where people can regularly go to relax and refuel.

One factor that can get in the way of success is a crisis mentality. The optimal candidates for energy renewal programs are organizations that are feeling enough pain to be eager for new solutions but not so much that they’re completely overwhelmed. At one organization where we had the active support of the CEO, the company was under intense pressure to grow rapidly, and the senior team couldn’t tear themselves away from their focus on immediate survival—even though taking time out for renewal might have allowed them to be more productive at a more sustainable level.

By contrast, the group at Ernst & Young successfully went through the process at the height of tax season. With the permission of their leaders, they practiced defusing negative emotions by breathing or telling themselves different stories, and alternated highly focused periods of work with renewal breaks. Most people in the group reported that this busy season was the least stressful they’d ever experienced.

The implicit contract between organizations and their employees today is that each will try to get as much from the other as they can, as quickly as possible, and then move on without looking back. We believe that is mutually self-defeating. Both individuals and the organizations they work for end up depleted rather than enriched. Employees feel increasingly beleaguered and burned out. Organizations are forced to settle for employees who are less than fully engaged and to constantly hire and train new people to replace those who choose to leave. We envision a new and explicit contract that benefits all parties: Organizations invest in their people across all dimensions of their lives to help them build and sustain their value. Individuals respond by bringing all their multidimensional energy wholeheartedly to work every day. Both grow in value as a result.

A version of this article appeared in the October 2007 issue of Harvard Business Review.

Источник: https://hbr.org/2007/10/manage-your-energy-not-your-time

Bonus Offer

Offer is valid on new accounts only. To qualify, company must spend $3,000 within the first three months of account opening to receive the bonus. 10,000 bonus points will be credited within 60 days of qualification under the description: Commercial Spend Bonus.

Earning Points

Base Rewards Tier: Earns (i) one (1) point for each dollar you spend for net retail purchases (gross retail purchases less any returns or credits), (ii) three (3) points for each dollar you spend for net retail purchases in the follow rewards category: gas stations (2 additional points on top of the 1 point per dollar earned on net retail purchases), (iii) two (2) points for each dollar you spend for net retail purchases in the following rewards categories: restaurants and travel (airlines, auto rental, and lodging) (1 additional point on top of the 1 point per dollar earned on net retail purchases).

Rewards Categories: Merchants who accept Visa credit cards are assigned a merchant code, which is determined by the merchant or its processor in accordance with Visa procedures based on the kinds of products and services they primarily sell. We group similar merchant codes into categories for purposes of making reward offers to you. We make every effort to include all relevant merchant codes in our rewards categories. However, even though a merchant or some of the items that it sells may appear to fit within a rewards category, the merchant may not have a merchant code in that category. When this occurs, purchases with that merchant won't qualify for rewards offers on purchases in that category.

Businesses may earn up to 10,000 points per calendar month, excluding bonus points. Points earned are available for redemption for a 3 year term. Points expiring during the year will be cleared from the Program Account on the last day of the month in which they expire.

Rewards Redemption

Businesses in the Base Rewards Tier may redeem points for (i) cash back to a First Citizens checking or savings account or credit card statement credits, (ii) credit towards a First Citizens personal loan or mortgage principal, (iii) Pay Me Back statement credits, (iv) travel rewards, including airline tickets, hotel, car rentals, cruises and tours, (v) retail gift cards and certificates and (vi) merchandise and (vii) donations.

These Terms are only a summary. Other restrictions and requirements apply. The full First Citizens Rewards® Program Rules will be provided upon enrollment and are accessible via the program website at FirstCitizensRewards.com at log in.

Program Rules are subject to change or cancellation without notice.

Источник: https://www.firstcitizens.com/

We enhance the financial success of our customers by delivering innovative solutions and insights with compassion and personalized service.

Learn about Navient

Auto Pay Confirmation Required — For borrowers with Department of Education owned loans that are in the COVID-19 payment suspension, you must act now if you’re enrolled in Auto Pay to ensure your Auto Pay payments resume after the COVID-19 payment suspension ends. Log in below to opt in or out of your Auto Pay enrollment.

Do you have student loan interest to claim? Tax statements will be available soon! Learn more

Difficulty logging in?

Student Loan Servicing

We're here to help you successfully navigate your student loans.

Log In To Your Account

IMPORTANT MESSAGES

aidvantage logo
Learn More

Introducing Aidvantage

For loans owned by the U.S. Department of Education

Recently Navient shared that we are working collaboratively with Maximus and the U.S. Department of Education to transfer our servicing contract to Maximus, under the name Aidvantage.

Solutions to Common Log In Problems

If you are having difficulty logging in to your account, this information may help you.

Apple Operating System

To use our website, you need to ensure your cookie settings are set to either "Always Allow" or "Allow from Websites I Visit".
Learn more about modifying your cookie preferences on:

Browser Cookies

You must have browser cookies enabled to use our student loan management site. If your cookies are disabled, you will receive technical errors when attempting to log in. Please refer to your browser’s preferences or online support section to learn how to enable cookies.

Site Down?

If our site appears to be down, please refresh your browser or clear your browser’s temporary files. Refer to your browser’s preferences or online support section to learn how to clear the temporary files.

Web Browsers

If you are not running the latest version of one of the major web browsers, consider upgrading.
Download the latest versions:

home in repayment image

In Repayment

Read about your options for:

  • Income-Driven Repayment (IDR) plans for federal student loans
  • Other repayment plans
  • Federal loan consolidation
  • Deferment and forbearance
  • Forgiveness, cancellation, and discharge
Learn More

Student Loan Success Stories

Real people share their tips, insights, and inspiring experiences

Millions of people are successfully repaying their student loans and applying their degrees to pursue their dreams.

Check out some of their stories, and find out how we’re working to make student loans better.

Student Loan Success Stories

Visit Navient.com/Success

home business processing solutions image

Business Processing Solutions

We help our government, education, and healthcare clients achieve their missions, optimize their revenue, and deliver on their commitments to their customers and communities.

Learn More
home consumer lending image

Consumer Lending

We deliver a best-in-class customer experience that empowers borrowers to manage their debt efficiently and affordably.

Learn More
home community and commitment image

Social Responsibility

We’re committed to contributing to the social and economic well-being of our local communities, to supporting a culture of integrity and equality in our workforce, and to integrating environmental responsibility into our business.

Learn More
home military benefits image

Military Benefits

If you are a member of the military, both your federal and private loans may qualify for the Servicemembers Civil Relief Act (SCRA) and other military benefits.

Learn More

WARNING – This system may contain U.S. Government information, which is restricted to authorized users ONLY. Unauthorized access, use, misuse, or modification of this system or of the data contained herein or in transit to/from this system is prohibited and constitutes a violation of Title 18, United States Code, Section 1030, and may subject the individual to criminal and civil penalties. This system and equipment are subject to monitoring to ensure proper performance of applicable security features or procedures. Such monitoring may result in the acquisition, recording, and analysis/auditing of all data being communicated, transmitted, processed, or stored in this system by a user. If monitoring reveals possible evidence of criminal activity, such evidence may be provided to Law Enforcement Personnel. ANYONE USING THIS SYSTEM EXPRESSLY CONSENTS TO SUCH MONITORING AND RECORDING.

Источник: https://navient.com/

Wells Fargo no longer offers private student loans or student loan consolidation.

Wells Fargo has exited the student loan business. Our private student loans are being transitioned to a new loan holder and repayment will be managed by a new loan servicer, Firstmark Services, a division of Nelnet.

For assistance with transferred loans:

Avoid processing delays: If you have been notified that your student loan has transferred to Firstmark Services, please ensure that payments are sent directly to the Firstmark Services payment address using your new account number. Wells Fargo will only forward misdirected payments for the period defined in your transfer communications. After that period has passed, misdirected payments will be returned.

Tax Information:If you have been notified that your student loan has transferred, your student loan interest information is available at Firstmark Services. Primary borrowers who made qualifying payments in 2021 may receive an Internal Revenue Service (IRS) Form 1098-E from both Wells Fargo and Firstmark Services. The Wells Fargo 1098-E will be issued by January 31, 2022. More details are available below.

 

Frequently asked questions

 

If you’ve been notified that your student loan has transferred, your student loan will no longer appear on Wells Fargo Online. If your student loan is your only account with Wells Fargo, you will no longer have access to Well Fargo Online after this transfer is complete. Visit Firstmark Services or call 1-833-531-1307 for instructions on how to set up online access using your new account number.

Please also note that if your Wells Fargo student loan has a zero balance, your student loan will no longer appear on Wells Fargo Online. If this zero balance student loan is your only account with Wells Fargo, you will no longer have access to Well Fargo Online.

For student loans that have transferred to Firstmark Services, your student loan interest information for 2021 (and all previous tax years) is available at Firstmark Services or by calling 1-833-531-1307.

Student loan interest is interest and eligible fees you paid during the year on a qualified student loan. It includes both required and voluntary interest payments. The amount provided to you on your Form 1098-E is a reflection of the amount of interest that has been paid during the year on qualified student loans.

Keep in mind that you do not need an actual Form 1098-E to claim the amount paid on your taxes. You can complete this information with your amount paid and the servicer tax identification number 94-1347393 for the student loan interest amount Wells Fargo has provided. For transferred loans, contact Firstmark Services or call 1-833-531-1307 for student loan interest information for 2021 (and all previous tax years).

For more information, see IRS Pub. 970, and the Student Loan Interest Deduction Worksheet in your Form 1040 instructions. Always consult your tax advisor for individual tax guidance.

If you are the primary borrower and made qualifying payments in 2021, Wells Fargo will mail you an Internal Revenue Service (IRS) Form 1098-E for the portion of 2021 in which your loan was serviced by Wells Fargo Education Financial Services.

Note that for cosigned student loans, cosigners will not receive the Form 1098-E.

The 1098-E from Wells Fargo will be issued by January 31, 2022. For loans that have transferred to Firstmark Services for servicing, Firstmark Services will also provide you with an IRS Form 1098-E for any qualifying payments received during the remainder of 2021.

Please note that while the IRS only requires 1098-E forms be provided if you have paid at least $600 in eligible interest, Wells Fargo generates 1098-E forms for customers who have paid at least $100 in eligible interest due to customer demand. If you did not pay at least $100.00 in eligible interest and fees during the tax year, you will not automatically receive a form 1098-E from Wells Fargo through the mail, even if you received one last year.

For student loans that have transferred to Firstmark Services, your student loan interest information for 2021 (and all previous tax years) is available at Firstmark Services or by calling 1-833-531-1307.

For general tax questions related to any student loan(s) still being serviced at Wells Fargo, please contact Wells Fargo at 1-800-658-3567 Monday to Friday: 7 am to 5 pm Central Time.

Always consult your tax advisor for individual tax guidance.

Please be aware that the tax information provided here is intended as a convenient source of tax information. This information is general in nature, is not complete, and may not apply to your specific situation. You should consult your own tax advisor regarding your tax needs. Wells Fargo makes no warranties and is not responsible for your use of this information or for any errors or inaccuracies resulting from your use.

The Form 1098-E from Wells Fargo will be issued by January 31, 2022.

Please be aware that Wells Fargo will only send 1098-E tax forms to primary borrowers who paid at least $100 in student loan interest and eligible fees in 2021 on qualified student loans.

Taxpayers who itemize their tax returns file these forms with the IRS to claim a student loan interest deduction if eligible. If you have a cosigner on your student loan, note that only student loan borrowers receive this form.

If you did not pay at least $100.00 in eligible interest and fees during the tax year, you will not automatically receive a form 1098-E from Wells Fargo through the mail, even if you received one last year.

Keep in mind that you do not need an actual Form 1098-E to claim the amount paid on your taxes. You can complete this information with your amount paid and the servicer tax identification number 94-1347393 for the student loan interest amount Wells Fargo has provided.

For student loans that have transferred to Firstmark Services, tax information for 2021 (and all previous tax years) will be available at Firstmark Services or by calling 1-833-531-1307.

For general tax questions related to any student loan(s) still being serviced at Wells Fargo, please contact Wells Fargo at 1-800-658-3567 Monday to Friday: 7 am to 5 pm Central Time.

Always consult your tax advisor for individual tax guidance.

Please be aware that the tax information provided here is intended as a convenient source of tax information. This information is general in nature, is not complete, and may not apply to your specific situation. You should consult your own tax advisor regarding your tax needs. Wells Fargo makes no warranties and is not responsible for your use of this information or for any errors or inaccuracies resulting from your use.

No, you do not need an actual Form 1098-E to claim the amount paid on your taxes. You can complete this information with your amount paid and the servicer tax identification number 94-1347393 for the student loan interest amount Wells Fargo has provided.

For student loans that have transferred to Firstmark Services, tax information for 2021 (and all previous tax years) will be available at Firstmark Services or by calling 1-833-531-1307.

For general tax questions related to any student loan(s) still being serviced at Wells Fargo, please contact Wells Fargo at 1-800-658-3567 Monday to Friday: 7 am to 5 pm Central Time.

Always consult your tax advisor for individual tax guidance.

Please be aware that the tax information provided here is intended as a convenient source of tax information. This information is general in nature, is not complete, and may not apply to your specific situation. You should consult your own tax advisor regarding your tax needs. Wells Fargo makes no warranties and is not responsible for your use of this information or for any errors or inaccuracies resulting from your use.

If you are a borrower or cosigner with a with a student loan that has not transferred to Firstmark Services, please log in to check your loan status.

Yes. This student loan servicing transfer will not affect the terms and conditions of your student loan. Your rights and responsibilities, as defined in your original Promissory Note/Loan Request/Consumer Credit Agreement, will remain the same.

Loans in a forbearance status at the time of transfer will remain in a forbearance. Firstmark Services will maintain the forbearance through the agreed upon dates.

Avoid processing delays: If you have been notified that your student loan has transferred to Firstmark Services, please ensure that payments are sent directly to the Firstmark Services payment address using your new account number.

Wells Fargo will only forward misdirected payments for the period defined in your transfer communications. After that period has passed, payments will no longer be accepted by Wells Fargo and any payments received will be returned. Visit Firstmark Services or call 1-833-531-1307 for your new payment instructions.

Automatic Payments (ACH): If your loan payment is set up to automatically withdraw using ACH prior to the transfer to Firstmark Services, your ACH preferences will transfer from Wells Fargo Education Financial Services to Firstmark Services. Your current payment amount will continue to be deducted on the same date every month, even if additional payments are made between due dates. After the transfer to Firstmark Services, you may access your account at Firstmark Services or call 1-833-531-1307 to make any updates to your ACH and electronic correspondence preferences.

Bill Pay: If you are using a bill pay service through your bank or other provider and wish to continue with that service, please update your account information and payment address after your loan transfers. Any payments you previously set up with your bill pay service will not work without your new Firstmark Services account number and payment address. Visit Firstmark Services or call 1-833-531-1307 for instructions on how to update your bill pay and electronic correspondence preferences.

If your student loan payments are made by someone other than you, please advise them of these changes.

After you have been notified that your student loan has transferred to Firstmark Services, payments should be sent directly to Firstmark Services. After this transfer, any payments made to Wells Fargo Education Financial Services will only be forwarded to Firstmark Services for the period defined in your transfer communications. After that period has passed, payments will no longer be accepted by Wells Fargo and any payments received will be returned.

Visit Firstmark Services or call 1-833-531-1307 for your new payment instructions.

If you have been notified that your student loan servicing has transferred, this information may be requested from the new loan servicer online at Firstmark Services or by calling 1-833-531-1307. For general payment questions related to any student loan(s) still being serviced at Wells Fargo, please call Wells Fargo at 1-800-658-3567 Monday to Friday: 7 am to 5 pm Central Time.

New student loans and student loan refinancing are no longer available from Wells Fargo. Contact your school’s financial aid office to consider other options. There you can find resources and information regarding scholarships, grants, and federal student aid. In addition, your school will likely have information regarding other lenders that work with your school to provide private student loans.

For assistance with transferred loans, please visit Firstmark Services or call 1-833-531-1307.

For a student loan still being serviced at Wells Fargo, please contact us at 1-800-658-3567 Monday to Friday: 7 am to 5 pm Central Time.

Alert: If you need assistance or services related to COVID-19, learn more about how we can help.

General student loan questions?
Visit CollegeSTEPS® for guidance to help you manage your money confidently during college.

Источник: https://update.wf.com/efs/student-loans/

Contact Us

Home Mortgage

Customer Service

1-800-357-6675
Mon – Fri: 6 am - 10 pm
Sat: 8 am - 2 pm
Central Time

Financing

1-877-937-9357
Mon – Fri: 7 am - 8 pm
Saturday: 8 am - 6 pm
Central Time

Apply for a mortgage

Mortgage Military Customer Service

1-866-936-7272
Mon – Fri: 6 am - 8 pm
Sat: 8 am - 2 pm
Central Time

Mortgage FAQs

Home Equity

Customer Service

1-866-820-9199
Mon – Fri: 7 am - 10 pm
Sat: 8 am - 2 pm
Central Time

Financing

1-888-667-1772
Mon – Fri: 7 am - 8 pm
Sat: 7 am - 4 pm
Central Time

Auto Loans

1-800-289-8004
Mon – Thurs: 7 am – 10 pm
Fri: 7 am – 9 pm
Sat: 7 am – 5:30 pm
Central Time

Student Loans

Student Loan FAQs


Personal Loans

To open a new account: 1-877-526-6332
Mon – Fri: 8 am – 7 pm
Central Time

Learn more about Personal Loans

Personal Loan FAQs

Personal Loans & Lines of Credit

For questions about your existing account:

Personal Loans, CD/Savings Secured Loans, CD/Savings Secured (Portfolio) Lines of Credit and Motorcycle and Specialty Vehicle Loans 

Customer Service: 1-877-269-6056
Mon – Fri: 7 am – 7 pm
Central Time

Other Personal Lines of Credit

Customer Service: 1-800-946-2626
24 hours a day, 7 days a week

Источник: https://www.wellsfargo.com/help/contact-us/
wachovia bank customer service

Wells Fargo no longer offers private student loans or student loan consolidation.

Wells Fargo has exited the student loan business. Our private student loans are being transitioned to a new loan holder and repayment will be managed by a new loan servicer, Firstmark Services, a division of Nelnet.

For assistance with transferred loans:

Avoid processing delays: If you have been notified that your student loan has transferred to Firstmark Services, please ensure that payments are sent directly to the Firstmark Services payment address using your new account number. Wells Fargo will only forward misdirected payments for the period defined in your transfer communications. After that period has passed, misdirected payments will be returned.

Tax Information:If you have been notified that your student loan has transferred, your student loan interest information is available at Firstmark Services. Primary borrowers who made qualifying payments in 2021 may receive an Internal Revenue Service (IRS) Form 1098-E from both Wells Fargo and Firstmark Services. The Wells Fargo 1098-E will be issued by January 31, 2022. More details are available below.

 

Frequently asked questions

 

If you’ve been notified that your student loan has transferred, your student loan will no longer appear on Wells Fargo Online. If your suntrust bank business checking loan is your only account with Wells Fargo, you will no longer have access to Well Fargo Online after this transfer is complete. Visit Firstmark Services or call 1-833-531-1307 for instructions on how to set up online access using your new account number.

Please also note that if your Wells Fargo student loan has a zero balance, your student loan will no longer appear on Wells Fargo Online. If this zero balance student loan is your only account with Wells Fargo, you will no longer have access to Well Fargo Online.

For student loans that have transferred to Firstmark Services, your student loan interest information for 2021 (and all previous tax years) is available at Firstmark Services or by calling 1-833-531-1307.

Student loan interest is interest and eligible fees you paid during the year on a qualified student loan. It includes both required and voluntary interest payments. The amount provided to you on your Form 1098-E is a reflection of the amount of interest that has been paid during the year on qualified student loans.

Keep in mind that you do not need an actual Form 1098-E to claim the amount paid on your taxes. You can complete this information with your amount paid and the servicer tax identification number 94-1347393 for the student loan interest amount Wells Fargo has provided. For transferred loans, contact Firstmark Services or call 1-833-531-1307 for student loan interest information for 2021 (and all previous tax years).

For more information, see IRS Pub. 970, and the Student Loan Interest Deduction Worksheet in your Form 1040 instructions. Always consult your tax advisor for individual tax guidance.

If you are the primary borrower and made qualifying payments in 2021, Wells Fargo will mail you an Internal Revenue Service (IRS) Form 1098-E for the portion of 2021 in which your loan was serviced by Wells Fargo Education Financial Services.

Note that for cosigned student loans, cosigners will not receive the Form 1098-E.

The 1098-E from Wells Fargo will be issued by January 31, 2022. For loans that have transferred to Firstmark Services for servicing, Firstmark Services will also provide you with an IRS Form 1098-E for any qualifying payments received during the remainder of 2021.

Please note that while the IRS only requires 1098-E forms be provided if you have paid at least $600 in eligible interest, Wells Fargo generates 1098-E forms for customers who have paid at least $100 in eligible interest due to customer demand. If you did not pay at least $100.00 in eligible interest and fees during the tax year, you will not automatically receive a form 1098-E from Wells Fargo through the mail, even if you received one last year.

For student loans that have transferred to Firstmark Services, your student loan interest information for 2021 (and all previous tax years) is available at Firstmark Services or by calling 1-833-531-1307.

For general tax questions related to any student loan(s) still wachovia bank customer service serviced at Wells Fargo, please contact Wells Fargo at 1-800-658-3567 Monday to Friday: 7 am to 5 pm Central Time.

Always consult your tax advisor for individual tax guidance.

Please be aware that the tax information provided here is intended as a convenient source of tax information. This information is general in nature, is not complete, and may not apply to your specific situation. You should consult your own tax advisor regarding your tax needs. Wells Fargo makes no warranties and is not responsible for your use of this information or for any errors or inaccuracies resulting from your use.

The Form 1098-E from Wells Fargo will be issued by January 31, 2022.

Please be aware that Wells Fargo will only send 1098-E tax forms to primary borrowers who bank and trust company at least $100 in student loan interest and eligible fees in 2021 on qualified student loans.

Taxpayers who itemize their tax returns file these forms with the IRS to claim a student loan interest deduction if eligible. If you have a cosigner on your student loan, note that only student loan borrowers receive this form.

If you did not pay wachovia bank customer service least $100.00 in eligible interest and fees during the tax year, you will not automatically receive a form 1098-E from Wells Fargo through the mail, even if you received one last year.

Keep in mind that you do not need an actual Form 1098-E to claim the amount paid on your taxes. You can complete this information with your amount paid and the servicer tax identification number 94-1347393 for the student loan interest amount Wells Fargo has provided.

For student loans that have transferred to Firstmark Services, tax information for 2021 (and all previous tax years) will be available at Firstmark Services or by calling 1-833-531-1307.

For general tax questions related to any student loan(s) still being serviced at Wells Fargo, please contact Wells Fargo at 1-800-658-3567 Monday to Friday: 7 am to 5 pm Central Time.

Always consult your tax advisor for individual tax guidance.

Please be aware that the tax information provided here is intended as a convenient source of tax information. This information is general in nature, is not complete, and may not apply to your specific situation. You should consult your own tax advisor regarding your tax needs. Wells Fargo makes no warranties and is not responsible for your use of this information or for any errors or inaccuracies resulting from your use.

No, you do not need an actual Form 1098-E to claim the amount paid on your taxes. You can complete this information with your amount paid and the servicer tax identification number 94-1347393 for the student loan interest amount Wells Fargo has provided.

For student loans that have transferred to Firstmark Services, tax information for 2021 (and all previous tax years) will be available at Firstmark Services or by calling 1-833-531-1307.

For general tax questions related to any student loan(s) still being serviced at Wells Fargo, please contact Wells Fargo at 1-800-658-3567 Monday to Friday: 7 am to 5 pm Central Time.

Always consult your tax advisor for individual tax guidance.

Please be aware that the tax information provided here is intended as a convenient source of tax information. This information is general in nature, is bank of eastman magnolia state bank complete, and may not apply to your specific situation. You should consult your own tax advisor regarding your tax needs. Wells Fargo makes no warranties and is not responsible for your use of this information or for any errors or inaccuracies resulting from your use.

If you are a borrower or cosigner with a with a student loan that has not transferred to Firstmark Services, please log in to check your loan status.

Yes. This student loan servicing transfer will not affect the terms and conditions of your student loan. Your rights and responsibilities, as defined in your original Promissory Note/Loan Request/Consumer Credit Agreement, will remain the same.

Loans in a forbearance status at the time of transfer will remain in a forbearance. Firstmark Services will maintain the forbearance through the agreed upon dates.

Avoid processing delays: If you have been notified that your student loan has transferred to Firstmark Services, please ensure that payments are sent directly to the Firstmark Services payment address using your new account number.

Wells Fargo will only forward misdirected payments for the period defined in your transfer communications. After that period has passed, payments will no longer be accepted by Wells Fargo and any payments received will be returned. Visit Firstmark Services or call 1-833-531-1307 for your new payment instructions.

Automatic Payments (ACH): If your loan payment is set up to automatically withdraw using ACH prior to the transfer to Firstmark Services, your ACH preferences will transfer from Wells Fargo Education Financial Services to Firstmark Services. Your current payment amount will continue to be deducted on the same date every month, even if what is the routing number for first interstate bank payments are made between due dates. After the transfer to Firstmark Services, you may access your account at Firstmark Services or call 1-833-531-1307 to make any updates to your ACH and electronic correspondence preferences.

Bill Pay: If you are using a bill pay service through your bank or other provider and wish to continue with that service, please update your account information and payment address after your loan transfers. Any payments you previously set up with your bill pay service will not work without your new Firstmark Services account number and payment address. Visit Firstmark Services or call 1-833-531-1307 for instructions on how to update your bill pay and electronic correspondence preferences.

If your student loan payments are made by someone other than you, please advise them of these changes.

After you have been notified that your student loan has transferred to Firstmark Services, payments should be sent directly to Firstmark Services. After this transfer, any payments made to Wells Fargo Education Financial Services will only be forwarded to Firstmark Services for the period defined in your transfer communications. After that period has passed, payments will no longer be accepted by Wells Fargo and any payments received will be returned.

Visit Firstmark Services or call 1-833-531-1307 for your new payment instructions.

If you have been notified contra costa county family court your student loan servicing has transferred, this information may be requested from the new loan servicer online at Firstmark Services or by calling 1-833-531-1307. For general payment questions related to any student loan(s) still being serviced at Wells Fargo, please call Wells Fargo at 1-800-658-3567 Monday to Friday: 7 am to 5 pm Central Time.

New student loans and student loan refinancing are no longer available from Wells Fargo. Contact your school’s financial aid office to consider other options. There you can find resources and information regarding scholarships, grants, and federal student aid. In addition, your school will likely have information regarding other lenders the closest bank of america to my current location work with your school to provide private student loans.

For assistance with transferred loans, please visit Firstmark Services or call 1-833-531-1307.

For a student loan still being serviced at Wells Fargo, please contact us at 1-800-658-3567 Monday to Friday: 7 am how many kids does tyra banks have 5 pm Central Time.

Alert: If you need assistance or services related to COVID-19, learn more about how we can help.

General student loan questions?
Visit CollegeSTEPS® for guidance to help you manage your money confidently during college.

Источник: https://update.wf.com/efs/student-loans/

Wachovia

This article is about the financial services company. For the historic geographic location of the same name (after which the bank was named), see Wachovia Tract.

Defunct banking company

Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, first state bank of central tx on total assets.[3] Wachovia provided a broad range of banking, asset management, wealth management, and corporate and investment banking products and services. At its height, it was one of the largest providers of financial services in the United States, operating financial centers in 21 states and Washington, D.C., with locations from Connecticut to Florida and west to California.[4] Wachovia provided global services through more than 40 offices around the world.

The acquisition of Wachovia by Wells Fargo was completed on December 31, 2008, after a government-forced sale to avoid Wachovia's failure. The Wachovia brand was absorbed into the Wells Fargo brand in a process that lasted three years.[2] On October 15, 2011, the last Wachovia branches in North Carolina were converted to Wells Fargo.[5]

Business lines[edit]

Wachovia was the product of a 2001 merger between the original Wachovia Corporation, based in Winston-Salem, North Carolina; and Charlotte-based First Union Corporation.

The company was organized into four divisions: General Bank (retail, small business, and commercial customers), Wealth Management (high-net-worth, personal trust, and insurance business), Capital Management (asset management, retirement, and retail brokerage services), and Corporate and Investment Bank (capital markets, investment banking, and financial advisory).

It served retail brokerage clients under the name Wachovia Securities nationwide as well as in six Latin American countries, and investment banking clients in selected industries city bank lubbock texas phone number In 2009, Wachovia Securities was the first Wachovia business to be converted to the Wells Fargo brand, when the business became Wells Fargo Advisors. Calibre was an independent consultant that was hired by Wachovia for the Family Wealth Group to research managers. The group no longer uses Calibre.[7]

The company's corporate and institutional capital markets and investment banking groups operated under the Wachovia Securities brand, while its asset management group operated under the Evergreen Investments brand until 2010, when the Evergreen fund family merged with Wells Fargo Advantage Funds, and institutional and high-net-worth products merged with Wells Capital Management and its affiliates.

Wachovia's private equity arm operated as Wachovia Capital Partners.[8] Additionally, the asset-based lending group operated as Wachovia Capital Finance.[9]

Origin of corporate name[edit]

Main article: Wachovia Tract

Wachovia (wah-KOH-vee-ə) has its origins in the Latin form of the Austrian name Wachau.[4] When Moravian settlers arrived in Bethabara, North Carolina, in 1753, they gave this name to the land they acquired, because it resembled the Wachau valley along the Danube River.[4] The area formerly known as Wachovia now makes up most of Forsyth County, and the largest city is now Winston-Salem.

First Union[edit]

Main article: First Union

First Union was founded as Union National Bank on June 2, 1908, a small wachovia bank customer service desk in the lobby of a Charlotte hotel by H.M. Victor.

The bank merged with First National Wachovia bank customer service and Trust Company of Asheville, North Carolina, in 1958 to become First Union National Bank of North Carolina. First Union Corporation was incorporated in 1967.

By the 1990s, it had grown into a Southern regional powerhouse in a strategy mirroring its longtime rival on Tryon Street in Charlotte, NCNB (later NationsBank and now Bank of America). In 1995, however, it acquired First Fidelity Bancorporation of Newark, New Jersey; at one stroke becoming a major player in the Northeast. Its Northeastern footprint grew even larger in 1998, when it acquired CoreStates Financial Corporation of Philadelphia. One of CoreStates' predecessors, the Bank of North America, had been the first bank proposed, chartered and incorporated in America on December 31, 1781. A former Bank of North America branch in Philadelphia remains in operation today as a Wells Fargo branch

Wachovia[edit]

The 1986–2002 Legacy Wachovia Logo
The first Wachovia Loan And Trust Company Building, located in Winston-Salem.

Wachovia Corporation began on June 16, 1879 in Winston-Salem, North Carolina as the Wachovia National Bank. The bank was co-founded by James Alexander Gray and William Lemly.[10] In 1911, the bank merged with Wachovia Loan and Trust Company, "the largest trust company between Baltimore and New Orleans",[11] which had been founded on June 15, 1893. Wachovia grew to become one of the largest banks in the Southeast partly on the strength of its accounts from the R.J. Reynolds Tobacco Company, which was also headquartered in Winston-Salem.[12] On December 12, 1986, Wachovia purchased First Atlanta. Founded as Atlanta National Bank on September 14, 1865, and later renamed to First National Bank of Atlanta, this institution was the oldest national bank in Atlanta. This purchase made Wachovia one of the few companies with dual headquarters: one in Winston-Salem and one in Atlanta. In 1991, Wachovia entered the South Carolina market by acquiring South Carolina National Corporation,[13] founded as the Bank of Charleston in 1834. In 1998, Wachovia acquired two Virginia-based banks, Jefferson National Bank and Central Fidelity Bank. In 1997, Wachovia acquired both 1st United Bancorp and American Bankshares Inc, giving its first entry into Florida. In 2000, Wachovia made its final purchase, which was Republic Security Bank.

Merger of First Union and Wachovia[edit]

On April 16, 2001, First Union announced it would acquire Wachovia, through the exchange of approximately $13.4 billion in First Union stock. First Union offered two of its shares for each Wachovia share outstanding. The announcement was made by Wachovia chairman L.M. "Bud" Baker Jr. and First Union chairman Ken Thompson. Baker would become chairman of the merged bank, while Thompson would become president and CEO.[14] First Union was the nominal survivor, and the merged bank was based in Charlotte and adopted First Union's corporate structure and retained First Union's pre-2001 stock price history. However, as an important part of the merger, the merged bank took Wachovia's name and stock ticker symbol.

This merger was viewed with great surprise by the financial press and security analysts.[15] While Wachovia had been viewed as an acquisition candidate after running into problems with earnings and credit quality in 2000, the suitor shocked analysts as many speculated that Wachovia would be sold to Atlanta-based SunTrust.[16]

The deal was met with skepticism and criticism. Analysts, remembering the problems with the CoreStates acquisition, were concerned about First Union's ability to merge with another americas best glasses hours company. Winston-Salem's citizens and politicians suffered a blow to their civic pride because the merged company would be based in Charlotte. The city of Winston-Salem was concerned both by job losses and the blackberry key2 phone of stature from losing a major corporate headquarters. First Union was concerned by the potential deposit attrition and customer loss in the city.[17] First Union responded to these concerns by placing the wealth management and Carolinas-region headquarters in Winston-Salem.

On May 14, 2001, SunTrust announced a rival takeover bid for Us bank visa apple pay, the first hostile takeover attempt in the banking sector in many years. In its effort to make the deal appeal to investors, SunTrust argued that it would provide a smoother transition than First Union and offered a higher cash price for Wachovia stock than First Union.[18]

Wachovia's board of directors rejected SunTrust's offer and supported the merger with First Union. SunTrust continued its hostile takeover attempt, leading to a bitter battle over the summer between SunTrust and First Union.[19] Both banks increased their offers for Wachovia, took out newspaper ads, mailed letters to shareholders, and initiated court battles to challenge each other's takeover bids.[20] On August 3, 2001, Wachovia shareholders approved the First Union deal, rejecting SunTrust's attempts to elect a new board of directors for Wachovia and ending SunTrust's hostile takeover attempt.[21]

Another complication concerned each bank's credit card division. In April 2001, Wachovia had agreed to sell its $8 billion credit card portfolio to Bank One. The cards, which would have still been branded as Wachovia, would have been issued through Bank One's First USA division. First Union had sold its credit card portfolio to MBNA in August 2000.[22] After entering into negotiations, the new Wachovia agreed to buy back its portfolio from Bank One in September 2001 and resell it to MBNA. Wachovia paid Bank One a $350 million termination fee.

On September 4, 2001, First Union and Wachovia officially merged. In order to prevent a repeat of the CoreStates problems, the new Wachovia gradually phased-in the conversion of legacy Wachovia computer systems to First Union systems. The company first began converting systems in the southeast United States where both banks had branches, before moving to First Union's branches in the Northeast, which only had to change their signs to reflect the new company name and logo. This process was completed on August 18, 2003, almost 2 years after the merger.[23]

In comparison to the CoreStates purchase, the merger of First Union and Wachovia was considered successful by analysts. The company's deliberate pace of conversion prevented any large-scale customer attrition. In fact, Wachovia was ranked number one in customer satisfaction among major banks by the University of Michigan's annual American Customer Satisfaction Index for every year after the merger.[24]

When Wachovia and First Union merged, Charlotte's One, Two, and Three Discover online banking bonus Union buildings became One, Two, and Three Wachovia Center (respectively), and the 55-story First Union Financial Center in downtown Miami became the Wachovia Financial Center. The merger also affected the names of the indoor professional sports arenas in Philadelphia and Wilkes-Barre, Pennsylvania. Formerly known as the First Union Center and the First Union Spectrum (both Philadelphia) and First Union Arena (Wilkes-Barre), they were renamed the Wachovia Center (now known as Wells Fargo Center), Wachovia Spectrum, and Wachovia Arena at Casey Plaza (now known as Mohegan Sun Arena at Casey Plaza), respectively.

Merger and acquisition history[edit]

A graphic illustration of the company's major mergers, acquisitions, and historical predecessors, up to the 2001 merger of Wachovia and First Union:

Wachovia logo Wachovia  (merged 2001)
First Union logo First Union Corp.  (est. 1908)
First Union Corporation  (Formerly: First Union National Bank)  (est. 1958)

Union National Bank (est. 1908)

First National   Bank & Trust

CoreStates Financial (dates to 1781)

Legacy Wachovia logo Wachovia Corporation (merged 1986)
Wachovia Bank & Trust (merged 1911)

Wachovia National Bank (Formerly: Bank of Salem(est. 1879)

Wachovia Loan & Trust  (est. 1893)

First Atlanta (Formerly Atlanta National Bank) (est. 1865)

Acquisitions[edit]

Between 2001 and 2006, Wachovia bought several other financial services companies in an attempt to become a national bank and comprehensive financial services company.

Prudential Securities[edit]

Wachovia Securities and the Prudential Securities Division of Prudential Financial, Inc. combined to form Wachovia Securities LLC on July 1, 2003. Wachovia owned a controlling 62% stake, while Prudential Financial retained the remaining 38%.[25] At the time, the new firm had client assets of $532.1 billion, making it the nation's third largest full service retail brokerage firm, based on assets.[25]

Metropolitan West Securities[edit]

On October 22, 2003, Wachovia announced it would acquire Metropolitan West Securities, an affiliate company of Metropolitan West Financial.[26] This acquisition added a portfolio of over $50 billion of securities on loan to the Wachovia Global Securities Lending division.

SouthTrust[edit]

On November 1, 2004, Wachovia completed the acquisition of Birmingham, Alabama-based SouthTrust Corporation, a transaction valued at $14.3 billion. The merger created the largest bank in the southeast United States, the fourth largest bank in terms of holdings, and the second largest in terms of number of branches. Integration was completed by the end of 2005.[27]

Failed MBNA purchase[edit]

In June 2005, Wachovia negotiated to purchase monoline credit card company MBNA. However, the deal fell through when Wachovia balked wachovia bank customer service MBNA's purchase price. Within a week of the deal's collapse, MBNA entered into an agreement to be purchased by Wachovia's chief rival, Bank of America. Wachovia received $100 million as the result of an agreement Wachovia predecessor First Union made in 2000 when it sold its credit card portfolio to MBNA. This agreement required MBNA to pay this sum if it were ever sold to a competitor. In late 2005 Wachovia announced that it would end its relationship with MBNA and create its own credit card division so that the bank could issue its own Visa cards.

Westcorp[edit]

Westcorp logo

Westcorp, Western Financial Bank's parent company, WFS Financial Inc. and Wachovia announced a proposed acquisition by Wachovia in September 2005. Westcorp and WFS Financial Inc. shareholders approved the acquisition on Jan. 6, 2006 and on March 1, 2006, the merger was completed. This acquisition made Wachovia the ninth largest auto finance lender in the competitive U.S. auto finance market and provided Wachovia with a small retail and commercial banking presence in Southern California.[28] On February 12, 2007, the former 19 Western Financial Bank branches opened under the Wachovia name. These branches became the launching point for a much larger Wachovia presence in California with the acquisition and integration of World Savings Bank in 2007.

Golden West Financial/World Savings Bank[edit]

Wachovia agreed to purchase Golden West Financial for a little under $25.5 billion on May 7, 2006.[29][30] This acquisition gave Wachovia an additional 285-branch network spanning 10 states. Wachovia greatly raised its profile in California, where Golden West held $32 billion in deposits and operated 123 branches.[29]

Golden West, which operated branches under the name World Savings Bank, was the second largest savings and loan in the United States. The business was a small savings and loan in the San Francisco Bay area when it was purchased in 1963 for $4 million by Herbert and Marion Sandler. Golden West specialized in option ARMs loans, marketed under the name "Pick-A-Pay." These loans gave the borrower a choice of payment plans, including the option to defer paying a part of the interest owed, which was then added onto the balance of the loan. In 2006, Golden West Financial was named the "Most Admired Company" in the mortgage services business by Fortune magazine.[31] By the time Wachovia announced its acquisition, Golden West had over $125 billion in assets and 11,600 employees. By October 2, 2006 Wachovia had closed the acquisition of Golden West Financial Corporation. The Sandlers agreed to remain on the board at Wachovia.[29]

The Sandlers sold their firm at the top of the market, saying that they were growing older and wanted to devote themselves to philanthropy. A year earlier, in 2005, World Savings lending had started to slow, after more than quadrupling since 1998. Some current and former Wachovia officials said that the merger was agreed to within days, making it impossible to thoroughly vet the World Savings loan portfolio. They noted that the creditworthiness of World Savings borrowers edged down from 2004 to 2006, while Pick-A-Pay borrowers had credit scores well below the industry average for traditional loans. World Savings lending volume dipped again in 2006 shortly after the sale to Wachovia was initiated. In 2007, after the merger, World Savings, then known as Wachovia Mortgage began to attract more borrowers by taking a step that some regulators[who?] frowned upon, and which the former World Savings management had resisted for years: it allowed borrowers to make monthly payments with an annual interest rate of just 1 percent. While Wachovia Mortgage continued to scrutinize borrowers' ability to manage increased payments, the move to rock-bottom rates lured customers whose financial reliability was more difficult to verify.[32] More than 70% of the Pick-A-Pay loans were made in California, Florida and Arizona, where home prices had declined severely. In 2009 New York Times reporter Floyd Norris called World Savings a "ticking timebomb" that created "zombie homeowners".[33]

While Wachovia Chairman and CEO G. Kennedy "Ken" Thompson had described Golden West as a "crown jewel",[34] investors did not react positively to the deal. Analysts said that Wachovia purchased Golden West at the peak of the US housing boom. Wachovia Mortgage's mortgage-related problems led to Wachovia suffering writedowns and losses that far exceeded the price paid in the acquisition, ending up in the fire-sale of Wachovia to Wells Fargo.[35]

A. G. Edwards[edit]

AGEdwardnewlogo.png

On May 31, 2007, Wachovia announced plans to purchase A. G. Edwards for $6.8 billion to create the United States' second largest retail brokerage firm.[36] The acquisition closed on October 1, 2007. In early March 2008 Wachovia began to phase out the AG Edwards brand in favor of a unified Wachovia Securities.

Historical data (2000–2008)[edit]

[37]

Wachovia, excluding subsidiaries, was the fourth largest bank at the end of 2008.

2007–2009 financial crisis[edit]

Exposed to risky loans, such as adjustable rate mortgages acquired during the acquisition of Golden West Financial in 2006, Wachovia first premier credit card pre approval to experience heavy losses in its loan portfolios during the subprime mortgage crisis.[38][39]

In the first quarter of 2007, Wachovia reported $2.3 billion in earnings, including acquisitions and divestitures.[40] However, in the second quarter of 2008, Wachovia reported a much larger than anticipated $8.9 billion loss.[41]

On June 2, 2008, Wachovia chief executive officerKen Thompson was forced to retire. He'd been head of Wachovia since 2000, while it was still known as First Union.[42] The board replaced him on an interim basis with Chairman Lanty Smith. Smith had already replaced Thompson as chairman a month earlier.

On July 9, 2008, Wachovia hired Treasury Undersecretary Bob Steel as chief executive in hopes that his experience would lead the company out of its difficulties.[43]

Government intervention[edit]

After Steel took over, he insisted that Wachovia would stay independent. However, its stock price plunged 27 percent on September 26 due to the seizure of Washington Mutual the previous night. On the same day, several businesses and institutional depositors withdrew money from their accounts in order to drop their balances below the $100,000 insured by the Federal Deposit Insurance Corporation (FDIC) – an event known in banking circles as a "silent run." Ultimately, Wachovia lost a total of $5 billion in deposits that day—about one percent of the bank's total deposits.[44] The large outflow of deposits attracted the attention of the Office of the Comptroller of the Currency, which regulates national banks. Federal regulators pressured Wachovia to put itself up for sale over the weekend. Had Wachovia failed, it would have been a severe drain on the FDIC's insurance fund due to its size (it operated one of the largest branch networks on the East Coast).[45][46]

As business halted for the weekend, Wachovia was already in FDIC-brokered talks with Citigroup and Wells Fargo. Wells Fargo initially emerged as the frontrunner to acquire the ailing Wachovia's banking operations, but backed out due to concerns over Wachovia's commercial loans. With no deal in place as September 28 dawned, regulators were concerned that Wachovia wouldn't have enough short-term funding to open for business the next day. In order to obtain enough liquidity to do business, banks usually depend on short-term loans to each other. However, the markets had been so battered by a credit crisis related to the housing bubble that banks were skittish about making such loans. Under the circumstances, regulators feared that if customers pulled out more money, Wachovia wouldn't have enough liquidity to meet its obligations. This would have resulted in a failure dwarfing that of WaMu.[46]

When FDIC Chairwoman Sheila Bair got word of Wachovia's situation, she initially decided to handle the situation like she'd handled WaMu a day earlier. Under this scenario, the Comptroller of the Currency would have seized Wachovia's banking assets (Wachovia Bank, N.A. and Wachovia Bank of Delaware, N.A.) and placed them under the receivership of the FDIC. The FDIC would have then sold the banking assets to the highest bidder. Bair called Steel on September 28 and told him that the FDIC would be auctioning off Wachovia's banking assets. Bair felt this would best protect the small banks. However, several Federal regulators, led by New York Fed President Tim Geithner, felt such a course would be politically unjustifiable so soon after WaMu's seizure.[47]

After a round of mediation between Geithner and Bair, the FDIC declared that Wachovia was "systemically important" to the health of the economy, and thus could not be allowed to fail. It was the first time the FDIC had made such a determination since the passage of a 1991 law allowing the FDIC to handle large bank failures on short notice.[47] Later that night, in an FDIC-brokered deal, Citigroup agreed to buy Wachovia's retail banking operations in an "open bank" transfer of ownership. The transaction would have been facilitated by the FDIC, with the concurrence of the Board of Governors of the Federal Reserve and the Secretary of the Treasury in consultation with the President. The FDIC's open bank assistance procedures normally require the FDIC to find the cheapest way to rescue a failing bank. However, when a bank is deemed "systemically important," the FDIC is allowed to bypass this requirement. Steel had little choice but to agree, and the decision was 1st grade reading comprehension worksheets pdf free on the morning of September 29, roughly 45 minutes before the markets opened.[46][48][49][50] From this point on, Citigroup became the source of liquidity allowing Wachovia to continue to operate until the acquisition was complete.

In its announcement, the FDIC stressed that Wachovia did not fail and was not placed into receivership. In addition, the FDIC said that the agency would absorb Citigroup's losses above $42 billion; Wachovia's loan portfolio was valued at $312 billion. In exchange for assuming this risk, the FDIC would receive $12 billion in preferred stock and warrants from Citigroup.[48][51][52] The transaction would have been an all-stock transfer, with Wachovia Corporation stockholders to have received stock from Citigroup, valuing Wachovia stock at about one dollar per share for a total transaction value of about $2.16 billion. Citigroup would have also assumed Wachovia's senior and subordinated debt.[51][53] Citigroup intended to sell ten billion dollars of new stock on the open market to recapitalize its purchased banking operations.[51] The proposed closing date for the Wachovia purchase was by the end of the year, 2008.[54]

Wachovia expected to continue as a publicly traded company, retaining its retail brokerage arm, Wachovia Securities and Evergreen mutual funds.[53] At the time, Wachovia Securities had 14,600 financial advisers and managed more than $1 trillion, third in the U.S. after Merrill Lynch and Citigroup's Smith Barney.[51]

The announcement drew some criticism from Wachovia stockholders who felt the dollar-per-share price was too cheap. Some of them planned to try to defeat the deal when it came up for shareholder approval. However, institutional investors such as mutual funds and pension funds controlled 73 percent of Wachovia's stock; individual stockholders would have had to garner a significant amount of support from institutional shareholders to derail the sale. Also, several experts in corporate dealmaking told The Charlotte Observer that such a strategy is very risky since federal regulators helped broker the deal. One financial expert told the Observer that if Wachovia's shareholders voted the deal down, the OCC could have simply seized Wachovia and placed it into the receivership of the FDIC, which would then sell it to Citigroup. Had this happened, Wachovia's shareholders risked being completely wiped out.[55]

Acquisition by Wells Fargo[edit]

Though Citigroup was providing the liquidity that allowed Wachovia to continue to operate, Wells Fargo and Wachovia announced on October 3, 2008, that they had agreed to merge in an all-stock transaction requiring no government involvement. Wells Fargo announced it had agreed to acquire all of Wachovia for $15.1 billion in stock. Wachovia preferred the Wells Fargo deal because it would be worth more than the Citigroup deal and keep all of its businesses intact. Also, there is far less overlap between the banks, as Wells Fargo is dominant in the West and Midwest compared to the redundant footprint of Wachovia and Citibank along the East Coast. Both companies' boards unanimously approved the merger on the night of October 2.[56]

Citigroup explored its legal options and demanded that Wachovia and Wells Fargo cease discussions, claiming that Wells Fargo engaged in "tortious interference" with an exclusivity agreement between Citigroup and Wachovia. That agreement states in part that until October 6, 2008 "Wachovia shall not, and shall not permit any of its subsidiaries or any of its or their respective officers, directors, [.] to [.] take any action to facilitate or encourage the submission of any Acquisition Proposal.".[57][58]

Citigroup convinced Judge Charles E. Ramos of the Supreme Court of the State of New York, New York County to grant a preliminary injunction temporarily blocking the Wells Fargo deal.[59] This ruling was later overturned by Judge James M. McGuire of the Supreme Court of what is the routing number for first interstate bank State of New York, Appellate Division, First Department, partly because he believed Ramos did not have the right to rule on the case in Connecticut.[60]

On October 9, 2008, Citigroup abandoned its attempt to purchase Wachovia's banking assets, allowing the Wachovia-Wells Fargo merger to go through. However, Citigroup pursued $60 billion in claims, $20 billion in compensatory and $40 billion in punitive damages, against Wachovia and Wells Fargo for alleged violations of the exclusivity agreement.[61] Wells Fargo settled this dispute with Citigroup Inc. for $100 Million on November 19, 2010.[62] Citigroup may have been pressured by regulators to back out of the deal; Bair endorsed Wells Fargo's bid because it removed the FDIC from the picture. Geithner was furious, claiming that the FDIC's reversal would undermine the government's ability to quickly rescue failing banks. However, Geithner's colleagues at the Fed were not willing to take responsibility for selling Wachovia.[47]

The Federal Reserve unanimously approved the merger with Wells Fargo on October 12, 2008.[63]

The combined company retained the Wells Fargo name, and was based in San Francisco. However, Charlotte remained as the headquarters for the combined company's East Coast banking operations, and Wachovia Securities remained in Charlotte[citation needed]. Three members of the Wachovia board joined the Wells Fargo board. The merger created the largest branch network in the United States.

In filings unsealed two days before the merger approval in a New York federal court, Citigroup argued that its own deal was better for U.S seating chart capital one arena and Wachovia shareholders. It said that it had exposed itself to "substantial economic risk" by stating its intent to rescue Wachovia after less than 72 hours of due diligence. Citigroup had obtained an exclusive agreement in order to protect itself.[64] Wachovia suffered a $23.9 billion loss in the third quarter.[65]

In September 2008, the Internal Revenue Service issued a notice providing tax breaks to companies that acquire troubled banks. According to analysts, these tax breaks were worth billions of dollars to Wells Fargo. Vice Chairman Bill Thomas of the Financial Crisis Inquiry Commission indicated that these tax breaks may have been a factor in Wells Fargo's decision to purchase Wachovia.[66]

Wells Fargo's purchase of Wachovia closed on December 31, 2008. By the time Wells Fargo completed the acquisition of Wachovia, the byline "A Wells Fargo company" was added to the logo.

Controversies[edit]

Identity theft negligence[edit]

A May 2007 New York Times article described Wachovia's negligence in screening and taking action against companies linked with identity theft. With stolen identities, the companies used unsigned checks to remove funds from personal Wachovia bank accounts. In total, Wachovia accepted $142 million in unsigned checks from "companies that made unauthorized withdrawals from thousands of accounts", collecting millions of dollars in fees from them. According to Pat Meehan, a U.S. attorney for Eastern District of Pennsylvania, Wachovia received "thousands of warnings that it was processing fraudulent checks, but ignored them".[67]

On April 25, 2008, Wachovia agreed to pay up to $144 million to end the investigation without admitting wrongdoing. The investigation found that Wachovia had failed to conduct suitable due diligence, and that it would have discovered the thefts if it had followed normal procedures. The penalty is one of the largest ever demanded by the Office of the Comptroller of the Currency.[68]

Latin drug cartel money laundering[edit]

In April 2008, the Wall Street Journal reported that federal prosecutors had initiated a probe into Wachovia and other U.S. banks for aiding drug money laundering by Mexican and Colombian money-transfer companies, also known as casas de cambio. These companies help Mexican immigrants in the United States send remittances back to family in Mexico, but it is widely known that they also present a significant money-laundering risk. However, not only is it a "lucrative industry" that is able to charge high fees, but Wachovia also viewed it as a way to gain a foothold in the Hispanic banking market.[69]

In March 2010, Wachovia admitted "serious and systemic" violations of the Bank Secrecy Act that allowed Mexican and Colombian drug cartels[70] to launder $378.4 billion between 2004 and 2007, the "largest violation of the Bank Secrecy Act".[71] It negotiated a deferred prosecution agreement with the Justice Department to resolve criminal charges for willfully failing to set up an effective anti-money-laundering program. It agreed to forfeit $110 million and pay a $50 million fine to the U.S. Treasury.

Reports in Bloomberg Businessweek in June 2010[72] and The Observer in April 2011 shed light on the extent to which Wachovia went to turn a blind eye, including by ignoring the warnings and suspicious activity reports (SARs) of its London-based director of anti-money-laundering.[73]

Chief executive officers[edit]

See also[edit]

References[edit]

  1. ^Mukunda, Gautam. "Persistence Is Overrated—Why Learning Is The Hallmark Of Great Crisis Leadership". Forbes. Retrieved 2020-06-30.
  2. ^ ab"Wells Fargo Completes Wachovia Purchase". Wells Fargo. 2008-12-31. Retrieved 2009-01-01.
  3. ^Alvarez, Scott G. (1 September 2010). "The Acquisition of Wachovia Corporation by Wells Fargo & Company". Testimony Before the Financial Crisis Inquiry Commission, Washington, D.C. Board of Governors of the Federal Reserve System. Retrieved 6 February 2018.
  4. ^ abc"Wachovia Company Facts". Wachovia. 2007-04-16. Retrieved 2007-06-14.
  5. ^O'Daniel, Adam (2011-10-15). "Farewell to Wachovia: The transition to Wells Fargo". Charlotte Business Journal.
  6. ^"Archived copy". Archived from the original on 2011-03-13. Retrieved 2010-03-27.CS1 maint: archived copy as title (link)
  7. ^"Calibre Wealth Management". Wachovia. 2009-01-01. Retrieved 2009-01-01.
  8. ^"Wachovia Capital Partners Becomes Independent Private Equity Firm Pamlico Capital". Businesswire.com. Retrieved 5 November 2017.
  9. ^"Archived copy". Archived from the original on 2014-04-06. Retrieved 2010-03-27.CS1 maint: archived copy as title (link)
  10. ^"Archived copy". Archived from the original on 2011-07-18. Retrieved 2011-06-02.CS1 maint: archived copy as title (link)
  11. ^Craver, Richard (2013-05-08). "Better, bigger and greater". Winston-Salem Journal. p. A1.
  12. ^Burrough, Bryan (2003). Barbarians at the Gate. HarperCollins. p. 40. ISBN .
  13. ^"Answers - The Most Trusted Place for Answering Life's Questions". Answers.com. Retrieved 5 November 2017.
  14. ^Paul Nowell, "U.S. bank giant looms". Associated Press via theMontreal Gazette, April 17, 2001: D7.
  15. ^"Big Banking Merger: Investors, Beware". The Motley Fool. 2001-04-16. Archived from the original on 2009-11-06. Retrieved 2009-05-12.
  16. ^"THE MARKETS: Market Place; First Union Pursues Wachovia, Making Offer of $13.1 Billion". The New York Times. 2001-04-17. Retrieved 2010-05-27.
  17. ^"Wachovia and First Union announce Winston-Salem as base for the new Wachovia's Wealth Management Business"[permanent dead link] Wachovia press release, August 30, 2001
  18. ^Atlas, Riva D. (2001-05-15). "SunTrust Makes Bid for Wachovia, Criticizing First Union's Offer". The New York Times. Retrieved 2010-05-27.
  19. ^Atlas, Riva D. (2001-06-01). "Market Place; First Union's Bid for Wachovia Gains Momentum". The New York Times. Retrieved 2010-05-27.
  20. ^"Rivals Waging A Media War Over Wachovia". The New York Times. 2001-07-21. Retrieved 2010-05-27.
  21. ^Atlas, Riva D. (2001-08-04). "Wachovia Says Takeover Vote Went Its Way". The New York Times. Retrieved 2010-05-27.
  22. ^Atlas, Riva D. (2001-05-02). "THE MARKETS: Market Place; Questions over the sale of a credit card operation cloud a deal to merge banks". The New York Times. Retrieved 2010-05-27.
  23. ^"Wachovia Completes Merger Integration On Schedule, Under Budget, With Added Convenience For Customers" (Press release). Wachovia Corporation. 2003-08-18. Archived from the original on 2007-10-22. Retrieved 2007-10-14.
  24. ^"Scores By Industry"(chart). American Customer Satisfaction Index. Retrieved 2007-08-06.
  25. ^ ab"Wachovia Corp. and Prudential Financial, Inc. Complete Combination of Brokerage Units" (Press release). Wachovia Corporation. 2003-07-01. Archived from the original on 2007-10-22. Retrieved 2007-10-14.
  26. ^"Wachovia Announces Agreement To Acquire Metropolitan West Securities, LLC" (Press release). Wachovia Corporation. 2003-10-22. Archived from the original on 2007-10-22. Retrieved 2007-10-14.
  27. ^"Wachovia Completes SouthTrust Merger Integration" (Press release). Wachovia Wachovia bank customer service. 2005-12-05. Archived from the original on 2007-10-22. Retrieved 2007-10-14.
  28. ^"Wachovia Completes Merger With Westcorp and WFS Financial Inc" (Press release). Wachovia Corporation. 2006-03-01. Archived from the original on 2007-10-22. Retrieved 2007-10-14.
  29. ^ abc"Wachovia acquires Golden West Financial". Associated Press. 2006-05-08. Retrieved 2007-07-18.
  30. ^"Wachovia To Acquire Golden West Financial, Nation's Most Admired and 2nd Largest Savings Institution" (Press release). Wachovia Corporation. 2006-05-07. Archived from the original on 2007-08-08. Retrieved 2007-07-18.
  31. ^"Fortune: America's Most Admired Companies 2006". CNNMoney.com. Retrieved 2007-07-18.
  32. ^Moss, Michael; Fabrikant, Geraldine (2008-12-25). "Once Trusted Mortgage Pioneers, Now Scrutinized". The New York Times. Retrieved 2010-05-27.
  33. ^Norris, Floyd (2009-05-15). "A Bank Is Survived by Its Loans". The New York Times. Retrieved 2010-05-27.
  34. ^"Archived copy". Archived from the original on 2008-10-08. Retrieved 2010-05-14.CS1 maint: archived copy as title (link)
  35. ^Moore, Heidi N. (2008-07-22). "Wachovia-Golden West: Another Deal From Hell?". The Wall Street Journal.
  36. ^"Wachovia to buy A.G. Edwards for $6.8B". CNNMoney.com. 2007-05-31.[dead link]
  37. ^"Site Maintenance". Moneyeconomics.com. Retrieved 5 November 2017.
  38. ^"Wachovia dealt to Citigroup after 129 years as independent". Winston-Salem Journal. 2008-09-30.
  39. ^"Wachovia reportedly in talks with three suitors". Dow Jones. Retrieved 2009-05-01.
  40. ^"Wachovia Earns $2.30 Billion, EPS Up 10% to $1.20 in 1st Quarter 2007". Press release. Archived from the original on 2007-05-01. Retrieved 2007-04-26.
  41. ^"Wachovia Details 2nd Quarter Loss; Outlines Initiatives to Preserve and Generate Capital, Protect Strong Liquidity and Reduce Risk". Press release. Archived from the original on 2008-07-24. Retrieved 2008-07-22.
  42. ^IEVA M. AUGSTUMS, AP Business Writer (2008-06-02). "Wachovia board forces out CEO Ken Thompson". Yahoo News. CHARLOTTE, N.C. Archived from the original on 2008-06-05. Retrieved 2008-06-02.
  43. ^"Wachovia names Treasury undersecretary new CEO". USA Today. USA Today. 2008-07-09. Retrieved 2010-05-27.
  44. ^Rothacker, Rick. $5 billion withdrawn in one day in silent run. The Charlotte Observer, 2008-10-11
  45. ^St. Onge, Peter. Stunningly swift fall for Wachovia. The Charlotte Observer, 2008-09-30.
  46. ^ abcRothacker, Rick; and Kerry Hall. Wachovia faced a 'silent' bank run. The Charlotte Observer, 2008-10-02.
  47. ^ abc"Geithner Has Blown His Top With Regulators Before". Wall Street Journal. Wall Street Journal. 2009-08-04.
  48. ^ ab"Citigroup Inc. to Acquire Banking Operations of Wachovia: FDIC, Federal Reserve and Treasury Agree to Provide Open Bank Assistance to Protect Depositors". Press Releases. Federal Deposit Insurance Corporation. 2008-09-29. Retrieved 2008-09-29.
  49. ^"Wachovia Announces Bank Subsidiary Divestitures to Citigroup: Wachovia Corporation to become a focused leader in retail brokerage and asset management". Wachovia Press Release. 2008-09-29. Retrieved 2008-09-29.
  50. ^Financial Times (2008-09-29). "Citi to acquire Wachovia". Financial Times. LONDON, UK. Retrieved 2008-09-29.
  51. ^ abcdDickson, Steve; David Mildenberg (2008-09-29). "Citigroup Agrees to Buy Wachovia's Banking Business (Update6)". Bloomberg.com. Bloomberg LLC. Retrieved 2008-09-29.
  52. ^Dash, Eric (2008-09-30). "Citigroup Buys Bank Operations of Wachovia". The New York Times. Retrieved 2010-05-27.
  53. ^ abDash, Eric; Andrew Ross Sorkin (2008-09-29). "Citigroup Buys Bank Operations of Wachovia". The New York Times. Retrieved 2008-09-29.
  54. ^"Citi and Wachovia Reach Agreement-in-Principle for Citi to Acquire Wachovia's Banking Operations in An FDIC-Assisted Transaction". Press Room. CitiGroup. 2008-09-29. Retrieved 2008-09-29.
  55. ^Rexrode, Christina; and Jen Aronoff. Shareholders talk of fighting Citi deal. The Charlotte Observer, 2008-10-02.
  56. ^"WELLS FARGO, WACHOVIA AGREE TO MERGE"(PDF). Wells Fargo. 2008-10-03. Retrieved 2008-10-03.[permanent dead link]
  57. ^"Wachovia-Citigroup Exclusivity Agreement"(PDF). The New York Times. 2008-10-03. Retrieved 2008-10-05.
  58. ^Dash, Eric (2008-10-03). "Wells Fargo in a Deal to Buy All of Wachovia". The New York Times. Retrieved 2008-10-03.
  59. ^Dash, Eric; Jonathan D. Glater (2008-10-04). "Citigroup Says Judge's Order Suspends Wachovia Deal". The New York Times.
  60. ^Dash, Eric (2008-10-06). "Weekend Legal Frenzy Between Citigroup and Wells Fargo for Wachovia". The New York Times. Retrieved 2008-10-06.
  61. ^"Wells Fargo plans to buy Wachovia; Citi ends talks". AP/Yahoo. 2008-10-09. Retrieved 2008-10-10.[dead link]
  62. ^"Citi and Wells Fargo Announce Settlement". Wells Fargo. 2010-11-19. Archived from the original on 2014-04-06. Retrieved 2011-01-28.
  63. ^"FRB: Press Release – Approval wachovia bank customer service proposal by Wells Fargo & Company to acquire Wachovia Corporation". Federal Reserve Board. 2008-10-12. Retrieved 2008-10-12.
  64. ^Filings outline demise of Citi-Wachovia deal
  65. ^Dash, Eric (2008-10-22). "Wachovia Reports $23.9 Billion Loss for Third Quarter". The New York Times. Retrieved 2008-10-22.
  66. ^Mildenberg, David (2010-09-01). "Wachovia Rescue Relied on 'Usurpation' of Tax Law, Thomas Says". Bloomberg.
  67. ^Duhigg, Charles (20 May 2007). "Corporate Profits, From Data Sold to Thieves". New York Times. Retrieved 6 February 2018.
  68. ^Charles Duhigg (26 April 2008). "Big Fine Set for Wachovia to End Case". New York Times. Retrieved 6 Chase credit card change pin online 2018.
  69. ^Evan Perez; Glenn R. Simpson (26 April 2008). "Wachovia Is Under Scrutiny In Latin Drug-Money Probe". Wall Street Journal. Archived from the original on 6 February 2018. Retrieved 6 February 2018.
  70. ^Voreacos, David. "Wachovia to Pay $160 to End Money Laundering Probe". Businessweek. Archived from the original on March 23, 2010.
  71. ^Sanati, Cyrus (29 June 2010). "Money Laundering: The Drug Problem at Banks". New Usps office open today Times. Retrieved 6 February 2018.
  72. ^Michael Smith (28 June 2010). "Banks Financing Mexico Gangs Admitted in Wells Fargo Deal". Bloomberg Businessweek. Retrieved 1 September 2010.
  73. ^Vulliamy, Ed (2 April 2012). "How a big US bank laundered billions from Mexico's murderous drug check if car is insured by number plate usa. The Guardian. Retrieved 6 February 2018.

External links[edit]

Источник: https://en.wikipedia.org/wiki/Wachovia

We enhance the financial success of our customers by delivering innovative solutions and insights with compassion and personalized service.

Learn about Navient

Auto Pay Confirmation Required — For borrowers with Department of Education owned loans that are in the COVID-19 payment suspension, you must act now if you’re enrolled in Auto Pay to ensure your Auto Pay payments resume after the COVID-19 payment suspension ends. Log in below to opt in or out of your Auto Pay enrollment.

Do you have student loan interest to claim? Tax statements will be available soon! Learn more

Difficulty logging in?

Student Loan Servicing

We're here to help you successfully navigate your student loans.

Log In To Your Account

IMPORTANT MESSAGES

aidvantage logo
Learn More

Introducing Aidvantage

For loans owned by the U.S. Department of Education

Recently Navient shared that we are working collaboratively with Maximus and the U.S. Department of Education to transfer our servicing contract to Maximus, under the name Aidvantage.

Solutions to Common Log In Problems

If you are having difficulty logging in to your account, this information may help you.

Apple Operating System

To use our website, you need to ensure your cookie settings are set to either "Always Allow" or "Allow from Websites I Visit".
Learn more about modifying your cookie preferences on:

Browser Cookies

You must have browser cookies enabled to use our student loan management site. If your cookies are disabled, you will receive technical errors when attempting to log in. Please refer to your browser’s preferences or online support section to learn how to enable cookies.

Site Down?

If our site appears to be down, please refresh your browser or clear your browser’s temporary files. Refer to your browser’s preferences or online support section to learn how to clear the temporary files.

Web Browsers

If you are not running the latest version of one of the major web browsers, consider upgrading.
Download the latest versions:

home in repayment image

In Repayment

Read about your options for:

  • Income-Driven Repayment (IDR) plans for federal student loans
  • Other repayment plans
  • Federal loan consolidation
  • Deferment and forbearance
  • Forgiveness, cancellation, and discharge
Learn More

Student Loan Success Stories

Real people share their tips, insights, and inspiring experiences

Millions of people are successfully repaying their student loans and applying their degrees to pursue their dreams.

Check out some of their stories, and find out how we’re working to make student loans better.

Student Loan Success Stories

Visit Navient.com/Success

home business processing solutions image

Business Processing Solutions

We help our government, education, and healthcare clients achieve their missions, optimize their revenue, and deliver on their commitments to their customers and communities.

Learn More
home consumer lending image

Consumer Lending

We deliver a best-in-class customer experience that empowers borrowers to manage their debt efficiently and affordably.

Learn More
home community and commitment image

Social Responsibility

We’re committed to contributing to the social and economic well-being of our local communities, to supporting a culture of integrity and equality in our workforce, and to integrating environmental responsibility into our business.

Learn More
home military benefits image

Military Benefits

If you are a member of the military, both your federal and private loans may qualify for the Servicemembers Civil Relief Act (SCRA) and other military benefits.

Learn More

WARNING – This system may contain U.S. Government information, which is restricted to authorized users ONLY. Unauthorized access, use, misuse, or modification of this system or of the data contained herein or in transit to/from this system is prohibited and constitutes a violation of Title 18, United States Code, Section 1030, and may subject the individual to criminal and civil penalties. This system and equipment are subject to monitoring to ensure proper performance of applicable security features or procedures. Such monitoring may result in the acquisition, recording, and analysis/auditing of all data being communicated, transmitted, processed, or stored in this system by a user. If monitoring reveals possible evidence of criminal activity, such evidence may be provided to Law Enforcement Personnel. ANYONE USING THIS SYSTEM EXPRESSLY CONSENTS TO SUCH MONITORING AND RECORDING.

Источник: https://navient.com/

Bonus Offer

Offer is valid on new accounts only. To qualify, company must spend $3,000 within the first three months of account opening to receive the bonus. 10,000 bonus points will be credited within 60 days of qualification under the description: Commercial Spend Bonus.

Earning Points

Base Rewards Tier: Earns (i) one (1) point for each dollar you spend for net retail purchases (gross retail purchases less any returns or credits), (ii) three (3) points for each dollar you spend for net retail purchases in the follow rewards category: gas stations (2 additional points on top of the 1 point per dollar earned on net retail purchases), (iii) two (2) points for each dollar you spend for net retail purchases in the following rewards categories: restaurants and travel (airlines, auto rental, and lodging) (1 additional point on top of the 1 point per dollar earned on wachovia bank customer service retail purchases).

Rewards Categories: Merchants who accept Visa credit cards are assigned a merchant code, which is determined by the merchant or its processor in accordance with Visa procedures based on the kinds of products and services they primarily sell. We group similar merchant codes into categories for purposes of making reward offers to you. We make every effort to include all relevant merchant codes in our rewards categories. However, even though a merchant or some of the items that it sells may appear to fit within a rewards category, the merchant may not have a merchant code in that category. When this occurs, purchases with that merchant won't qualify for rewards offers on purchases in that category.

Businesses may earn up to 10,000 points per calendar month, excluding bonus points. Points earned are available for redemption for a 3 year term. Points expiring during the year will be cleared from the Program Account on the last day of the month in which they expire.

Rewards Redemption

Businesses in the Base Rewards Tier may redeem points for (i) cash back to a First Citizens checking or savings account or credit card statement credits, (ii) credit towards a First Citizens personal loan or mortgage principal, (iii) Pay Me Back statement credits, (iv) travel rewards, including airline tickets, hotel, car rentals, cruises and tours, (v) retail gift cards and certificates and (vi) merchandise and (vii) donations.

These Terms are only a summary. Other restrictions and requirements apply. The full First Citizens Rewards® Program Rules will be provided upon enrollment and are accessible via the program website at FirstCitizensRewards.com at log in.

Program Rules are subject to change or cancellation without notice.

Источник: https://www.firstcitizens.com/

Customer Service

You can request a stop payment through Wells Fargo Online®, by phone or by visiting your local branch and speaking with a banker.

Simply sign on to Wells Fargo Online and access Manage Accounts through the Account tab.

To place stop payments for a check  via phone please call 1-800-TO-WELLS (1-800-869-3557). Please have the following information available when speaking to a banker: the Name of Payee, Account Number, Paper item number or range of paper item numbers, Paper item date and Amount of item.

More information about stop payments

  • The stop payment will remain in effect for six months. To remove a stop payment, please call 1-800-TO-WELLS (1-800-869-3557) or visit a local branch.
  • There is a stop payment fee. For fee information for your account, please refer to your Consumer Account Fee and Information Schedule or call us at 1-800-TO-WELLS (1-800-869-3557).
  • There is no fee for placing stop payments on lost or stolen blank checks.
  • Placing a stop payment order does not release you from any contractual agreements. You may still be held to the terms of the agreement.
Источник: https://www.wellsfargo.com/help/

Comments

  1. ये गरीबों की नहीं सुनते बैंक हवाला हमने 50 बार घुमाया फीर भी लोन नहीं दीया ओर हमारी कोन सुनते हैं हम गरीब है ना समझी कूछ काम करना चाहते हे दूकान खोलने की सोच रहे पर पेसा नहीं है ना

  2. y mera sign punjabi me ha mane canada ka study visa lgana ha usme koi effect to ni padega ? tell me fast sir ?

  3. @ester gumaran nsa 600 na bawas S pdla nmin ung 13k mhigit 12k nlang mhigit nkrating. Porket wla kming choice sa pgpdla. Kundi stc pay lng d2 sa ksa

Leave a Reply

Your email address will not be published. Required fields are marked *