How do i close wachovia account

I suspect it was an inadvertent placement within a larger radio buy. Perhaps Wachovia was dropped into the regionalized ad by default. In any event, it's wasted air time. There are three Wachovia Securities brokerage offices, but those aren't even listed on the main Wachovia website.

In the pre-blog days of the Internet, the post would have been read by a few dozen readers and cost Wachovia nothing, other than the attorney's business. However, the so-called blogosphere can amplify these isolated incidents a thousand-fold. April 27 : Wesabe user "haberschmidt" documents Wachovia's overdraft policies in a 1,word comment to a thread on bank fees at Wesabe here see inset above and note 2 and says he or she is closing their Wachovia accounts.

Future : It's possible the story dies now, but with Google prominently displaying blog posts, the story will likely be visible through searches for years to come. Before the Internet, if a customer was really mad, 10 to 25 people might be told, and those people could pass it on, but the damage was likely limited to that close-knit group.

After the Internet, but before blogging, if a customer was really mad they might comment on a popular blog such as FatWallet, and hundreds or even thousands of people might see it. However, in an anonymous online forum, the reader wouldn't be able to readily discern a one-sided rant from an actual problem.

So, even though a few hundred people might read it, few would be moved to action. But today, the blogosphere can amplify a complaint a thousand-fold. Now, the number of readers could be in the tens or hundreds of thousands.

And the blogs, with known authors, have far more credibility than random forum posts. Banks need to voluntarily reign this in before the class-action lawyers and politicians campaigning for '08 make this into a public-policy issue with a raft of new regulations.

Haberschmidt closed his forum post with this chilling paragraph:. Although the branch corrected the overdraft protection issue and reversed the fees, I am closing my accounts. I believe strongly in voting with my dollars and I don't want to belong to a bank that takes advantage of its customers in this way. It strikes me as a predatory practice, and the kind of thing of which Congress should be aware when it reviews regulation on the credit card companies and other financial industry practices.

Now back to your regularly scheduled "happy marketing blog. The Wall Street Journal article here , about how bill collectors are abusing the garnishment order system, should be required reading at U.

The forum comment appears to be a genuine beef with Wachovia. However, it's extremely unusual to see a 1,word, well-written comment online, and closing with a call for Congressional action to boot.

So it's possible haberschmidt has an undisclosed agenda, especially given that he joined Wesabe the same day he posted the comment. However, he immediately posted another comment apologizing for his typos and implying that he composed the whole thing in Wesabe's online forum. That makes it very believable, although it's still possible that this followup was also a calculated move.

Even if it is a fabricated post, the underlying issue still needs to be addressed. Once Citibank and Bank of America started making mobile banking noises, we didn't expect it to be long before others jumped into the market note 1. So it came as no surprise today that SunTrust , Regions , and Wachovia announced full-service downloadable mobile banking apps see press release here. It's a huge win for the Atlanta-based startup Firethorn Mobile , who in a single day picked up contracts with the fourth, eighth, and fifteenth largest U.

Just four months after its coming out party at BAI's Retail Delivery Conference , Firethorn boasts a partnership with one of the biggest consumer spenders on the planet and three of the largest banks the U.

Not a bad quarter. In addition, Firethorn's beta partner, BancorpSouth officially launched the production version today press release here. See previous coverage here. The BancorpSouth website today had a promotional link for mobile banking in its online banking area see banner above and a brief webpage and signup form click on screenshot right for closeup.

Update: American Banker's Steve Bills reported that Wachovia is planning an October rollout and SunTrust is looking at a "test" of up to , customers later this year, with full rollout in full article here.

In an American Banker article today here , Wachovia says it is developing security controls that will put users in charge of some of their own security settings such as the size of a funds transfer allowed. According to John Watkins, Wachovia's Director of Online Services, the new capabilities will be available "sometime this year. This is not a new concept. The first full-service online-only bank in the world, Security First Network Bank , offered user-set bill payment limits more than ten years ago.

However, in the United States user-controlled security has been slow to catch on, other than via triggered email alerts, which remain the first line of defense. For several months, Bank of America has been reminding online banking users that alerts can help them prevent fraud in their accounts. While it's too early to speculate on what Wachovia will or won't do, the concept is a good one, and will eventually be used to some extent by all financial institutions.

It's a win-win, providing users a better sense of control while reducing actual fraud losses within the bank. See Online Banking Report , " Marketing Security " for more ideas on how to turn security concerns into a marketing advantage. E veryone wants free checking. So it's no surprise to see Wachovia the top bidder on the term at Google click on screenshot right.

The bank also managed to snag the top organic listing directly below the paid ads , a coup for its search-engine-optimization consultant. As much as Internet users love a good deal, they are skeptical when they see "free," especially when a company is spending money to advertise on the term.

Wachovia wisely meets the skepticism head-on with a landing page entitled click on inset for closeup :. The page also includes six bullet points, three of which relate to online banking. And there are two "Apply Now" buttons, at the bottom of the bank and the upper right. Analysis While this landing page won't win any Webbys, it's fundamentally sound. The first three bullet points meet the likely customer objections by affirming that there is no minimum balance, no monthly fee, and no direct deposit requirement.

Clicking on the Apply Now button leads to a page explaining the process and what's needed to apply. Unfortunately, the user is forced through three screens of disclosures, the last one a record-setting screen monster before the application begins. With such a tedious first phase, the bank is losing most of its prospects before they've even entered so much as an email address. To avoid massive application abandonment, you must get customers engaged in the application before the trip down disclosure lane.

Wachovia also stumbles by offering too much product choice. The customer that started at Google looking for free checking is forced to choose from 12 checking account options on that same screen testament to the power of a large bank's compliance department. Grades : A for search-engine marketing B for landing page design C- for application design. Analysis Only major surprise is the small number of alerts per customer, just over 1 per month.

The folks posting at FatWallet are sharing account details to game the syst em. According to several posters, the bank allows up to 5 accounts per person in the household, but only one Way2Save can be linked to a single checking account. One poster said, the branch people seemed happy to set up five new checking accounts since they appeared to get a bonus for each one. And being associated with savings is good branding these days. At least two financial institutions moved quickly to add an iPhone button for their websites: Tech Credit Union was the first financial institution to let us know with a comment posted to NetBanker by Gabriel Garcia at AM Thursday However, Wachovia may have beaten them to it, since the bank already programmed the feature in advance of the Jobs announcement according to the Director of Emerging Trends, Ilieva Ageenko, who posted this comment at PM Thursday.

Ilieva also said that Wachovia is working on an iPhone optimized homepage. Timeline :??? April 27 : Wesabe user "haberschmidt" documents Wachovia's overdraft policies in a 1,word comment to a thread on bank fees at Wesabe here see inset above and note 2 and says he or she is closing their Wachovia accounts April 27 , 8 PM : Wesabe blogger Marc Hedlund highlights the issue in the Wesabe company blog here under the proactive title, "More on How Banks Maximize Your Overdraft Charges" and adds a few more digs on overdraft fees April 28, 6 AM : Scott Loftesness, after seeing Wesabe's post, broadcasts it to the payments world via the PaymentNews blog here Future : It's possible the story dies now, but with Google prominently displaying blog posts, the story will likely be visible through searches for years to come.

Analysis : Before the Internet, if a customer was really mad, 10 to 25 people might be told, and those people could pass it on, but the damage was likely limited to that close-knit group. As this incident shows, financial institutions risk a real backlash as the fees grow relatively larger and are applied to smaller dollar amounts, especially debit card charges that the bank had a chance to decline at the point of sale.

Educate customers on the tools they can use to minimize overdrafts such as online banking, email alerts, and if possible, text-message alerts. Make sure every creditworthy customer has an overdraft line of credit.

Opening and Closing Accounts Questions. How do I open an account? Or call Or visit a Wells Fargo branch near you. How do I close a consumer deposit account? If outside of the U. We can close most accounts immediately when: The account has a positive or zero balance. All deposits, outstanding and pending items are posted. These may include: Transactions in process, including Overdraft Protection transfers, that need to post. Inactive accounts that need to be reactivated.

Ask a Wells Fargo banker to reactivate your account. Legal or bank restrictions that need to be resolved. Funds pledged for collateral or other purposes that need to be released. Balance sweep feature needs to be removed.

Overdrawn accounts that need to be brought back to a zero or positive balance. This information may help you avoid additional transactions and fees: If your account is enrolled in the optional Debit Card Overdraft Service, you can unenroll by contacting a Wells Fargo banker. Review your statements for automatic transactions and cancel them by contacting the merchant s. When you have a previously authorized transaction, such as ATM and debit card transactions, account transfers, and Wells Fargo Online Bill Pay transactions, presented for payment and your account doesn't have enough money, we will pay the item s into overdraft and an overdraft fee may be assessed.

Important Reminders: Accounts with a zero balance will continue to be charged applicable fees like the monthly service fee until you request to close your account. Any recurring payments or withdrawals such as bill payments and debit card payments from your account need to be cancelled before your request to close; otherwise, they may be returned unpaid and fees may be assessed. How do I close a CD Time account? How do I move checking accounts from another bank to Wells Fargo?

We can help you every step of the way. To make the switch, you should: Apply for your new Wells Fargo account. Move your automatic payments and deposits, if applicable, to your new Wells Fargo account.