Wachovia Brand Going Away, CUs Should Capitalize
Virginia credit unions were reminded this week of competitive opportunities to push the industry message before the “stagecoach arrives in August” – that is, the Wachovia Bank brand is finally replaced.
In an email bulletin, the Virginia Credit Union League suggested CUs ought to “let your communities know they’ve got a truly local, not-for-profit, member-owned alternative to the cold and distant Wachovia/Wells Fargo behemoth. Not to mention the savings you represent.”
The league noted that the Wachovia changeover to the familiar Wells Fargo stagecoach brand takes place in August.
According to media reports earlier this week, Wells Fargo has scheduled the final conversion of its East Coast Wachovia branches concluding with North Carolina by mid-October.
After Virginia locations in August come those in Maryland, South Carolina and Washington, D.C. by mid-September. The San Francisco bank said its former North Carolina headquarters would take on the red-and-yellow signs by year-end.
The changeover in these final states, said the reports, touches 868 branches, 1,500 ATMs, 47,000 employees and nearly $100 billion in deposits.
Meanwhile, the Virginia League noted the trend by the nation’s biggest banks to increase fees, including a move next week by Bank of America to raise the monthly fee “on its most popular checking account from $8.95 to $12 and on June 27 charging customers a $35 fee if they overdraw their account by less than $10.”
At Chase Bank, fees have increased for overdraft, wire transfers and stopped payments, and new customers for a basic checking account will face a $12 monthly charge, up from $6.