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.
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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.
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