So long Wachovia

[ViviTheMage]

Originally posted by: SunnyD
I for one welcome our new financial overlords.

who may I ask is that supposed to be...?

 

[ThePresence]

Originally posted by: ViviTheMage

Originally posted by: SunnyD
I for one welcome our new financial overlords.

who may I ask is that supposed to be...?

BoA, JPMC, and Citi.

 

[AmberClad]

Originally posted by: aircooled
So long as they don;t change my routing number. When Wachovia bought First Union my routing number changed and all of my online payments failed until i manually changed them.

Actually, that should be the least of my worries.

Ugh, I remember that. It was so irritating - I think I spend several months e-mailing back and forth with the finance people at my company because Wachovia kept sending them warnings about my direct deposit routing number.

*tries to look at the positive side*
Maybe now I won't have to log into two separate websites to check my bank account and my Citi CC account?

 

[Gibson486]

Originally posted by: ThePresence

Originally posted by: ViviTheMage

Originally posted by: SunnyD
I for one welcome our new financial overlords.

who may I ask is that supposed to be...?

BoA, JPMC, and Citi.

Hmmm... i was thinking of getting a CITI account, but I no longer live in boston....I wonder if soveriegn bank is in trouble.....

 

[DaWhim]

I lost 1000 on wamu. WB stockholders are much better than me with at least $1 a share. I would be happy to have $1 a share for my wamu stocks...

 

[Pepsei]

well, did they stop trading WB? at anyrate... it's interesting to note that the new CEO for WB, Bob Steel (the former undersec of treasury), use to work with the sec of treasury at goldman.

and Bob got rid of bank, keeping the securities. we have a conference call soon with Bob


edit, conference call with securities president danny right now.

 

[Epic Fail]

This transaction is a bailout by the government, if losses go above $42B, FDIC is responsible.

 

[xanis]

So what does this mean for the average Wachovia customer who has accounts and maybe a loan with them?

 

[Arkaign]

My car note is by Wachovia What happens to me?

 

[ivan2]

Originally posted by: Xanis
So what does this mean for the average Wachovia customer who has accounts and maybe a loan with them?

Originally posted by: Arkaign
My car note is by Wachovia What happens to me?

most likely nothing.

 

[Pepsei]

nothing you still have to pay... the bank might be different.

 

[AmberClad]

Originally posted by: Xanis
So what does this mean for the average Wachovia customer who has accounts and maybe a loan with them?

No idea about people with loans. When I checked the website this morning, the word to customers with accounts is that it's business-as-usual.

 

[ThePresence]

Originally posted by: Xanis
So what does this mean for the average Wachovia customer who has accounts and maybe a loan with them?

Wachovia Press release

Customers of both companies should continue banking as usual, and feel confident that their deposits are secure. Also, employees and vendors should continue to operate business as usual.

 

[Cal166]

It did not go down, it went up 49,000%, it's trading at $500:

http://finance.google.com/finance?client=ig&q=WB

j/k

 

[Pepsei]

i'm reading the internal memo... it looks like Wachovia corp, got rid of the bank... and will keep the securities.... nice....

 

[Gibson486]

Originally posted by: Pepsei
i'm reading the internal memo... it looks like Wachovia corp, got rid of the bank... and will keep the securities.... nice....

Can you explain to us normal folk what that means?

 

[Pepsei]

Originally posted by: Gibson486

Originally posted by: Pepsei
i'm reading the internal memo... it looks like Wachovia corp, got rid of the bank... and will keep the securities.... nice....

Can you explain to us normal folk what that means?

that means, i feel sorry for my co-workers who work for the bank.

the memo also mention that citigroup is paying 2.1 billion for wachovia and assume the senior and subordinated debt of wachovia corp.

wachovia corp sold retail bank, corp and investment bank and wealth management business to citi corp. wachovia corp will remain a public company with 2 main operating subsidiaries: wachovia securities, the nation's 3rd largest brokerage firm, and evergreen asset management.

 

[ivan2]

Originally posted by: Pepsei
i'm reading the internal memo... it looks like Wachovia corp, got rid of the bank... and will keep the securities.... nice....

saw ur reply.

 

[invidia]

What's the name of that new movie coming soon where a huge international bank controls the world?

 

[hdeck]

Originally posted by: invidia
What's the name of that new movie coming soon where a huge international bank controls the world?

coincidentally enough, that movie is called "the international"

 

[Beattie]

Originally posted by: sandmanwake
At this point I'm seriously considering withdrawing everything over 100k and stuffing it in a fire proof safe somewhere.

Or at least in a separate account.

 

[Oyeve]

Originally posted by: aircooled
So long as they don;t change my routing number. When Wachovia bought First Union my routing number changed and all of my online payments failed until i manually changed them.

Actually, that should be the least of my worries.

True, I have Citibank checks that have an old address from 2 apartments ago and I still use them. I only write 2 checks a month so I have a lot left from the order I placed over 2 years ago. Everything else I pay online. So unless your account #'s change you should be good.

 

[SoulAssassin]

The worst part of this will obviously be renaming the Wachovia Center in Philly.

 

[dbk]

Originally posted by: SoulAssassin
The worst part of this will obviously be renaming the Wachovia Center in Philly.

Citibank Center? I remember when MCI Center was renamed to Verizon Center in Chinatown...no one batted an eye about that.

 

[mugs]

Originally posted by: SoulAssassin
The worst part of this will obviously be renaming the Wachovia Center in Philly.

That was the worst part of the Wachovia/First Union merger. FU Center > Wachovia Center.