Wachovia's Way to Save Program

[Fanta]

Our company banks with Wachovia and I have a personal checking account with them too, so I go to the bank on average about 3-4 times a week to make deposits, have a notary sign something, etc.

Every stinking time I go in one of the tellers keeps asking me to sign up for their Way To Save program. It's where they take a $1 out of your checking account and put it into your savings every time you make a purchase with your debit card.

I've given them my whole shpeel on how we invest into precious metals and blah blah and how we scrape by every week by the skin of our noses. But they are just so damned persistent it's driving me crazy!

I'm not saying I'm going to leave them, they are great overall, but wondering what is the deal with this program? Why are they so headstrong into getting people to sign up? They don't take any fees out as far as I know, so where are they getting at? Just a curious debate for a nice Friday afternoon. 8)

[chad]

it makes easier for you to forget the balance of your checking account and then overdraw it by "mistake." then they get to charge you a fee.

[sirgonzo420]

it makes easier for you to forget the balance of your checking account and then overdraw it by "mistake." then they get to charge you a fee.


^^^

This.

If it were me and I was getting tired of their pushy tactics, I would tell them: "If you or one of your co-workers asks me to participate again, I'll close my account immediately after."

[chud]

Why are you banking with them at all? They are one of the giant monster mega banks that got bailout money.
We all need to bank locally and keep our money in our communities instead of sending it off to banks like this. Every time I see a branch of one of these big banks in my neighborhood, I look at it as a squid-like tentacle trying to suck money out of my community.

Bank locally with a conservatively run bank or local credit union. Please.

[chad]

there really is a huge difference. last loan for a house i had was with wells fargo. push 1 for this, 2 or that, get no answers, etc.

my local farmer bank? yeah, whatever you want, no problem. walk in and talk to the loan lady who lives the next block over anytime you want.

[Dave Thomas]

Why are you banking with them at all? They are one of the giant monster mega banks that got bailout money.
We all need to bank locally and keep our money in our communities instead of sending it off to banks like this. Every time I see a branch of one of these big banks in my neighborhood, I look at it as a squid-like tentacle trying to suck money out of my community.

Bank locally with a conservatively run bank or local credit union. Please.


+1000

At this point in the game anyone who's spent sparse time on these forums should not be using a big money center bank like Wachovia. And yes I know JP Morgan Chase assimilated them. Which makes it even more evil, since JP Morgan Chase is the prince of thieves.

STOP USING BIG COMMERCIAL BANKS FOR GOD SAKES.

There. I feel better now.