Customers since 1998, my family and I were among the first to utilize Wachovia’s online banking program to check our account balances and pay bills. The online banking system was altered and changed over the years, but still offered us and other users a simple method of paying bills and staying up-to-date on our account information.
Wachovia online banking may become the sole source for some of Wachovia’s customers, after reports this morning that they and other financial institutions will begin to charge for some services that don’t utilize the online banking features.
What changes are occurring for Wachovia customers?
According to The Street, Wachovia has announced that they will start charging customers who receive paper statements and fail to utilize their online banking service to check their bank account information. In addition, The News of Today notes that the bank will no longer waive ATM usage fees from non-Wachovia ATMs. These changes are said to be in response to new banking regulations and a push toward requiring customers to utilize Wachovia’s online banking.
What are the benefits of Wachovia Online Banking?
Even on the heels of reported changes to Wachovia’s procedures, Wachovia Online Banking continues to offer customers the majority of what they need from a brick-and-mortar bank. The ability to pay bills, transfer funds, check account information, contact and receive answers to questions promptly from Wachovia staff, and even deposit checks through the mail are all ways that Wachovia Online Banking can meet your needs.
How will the push for increased use of online banking impact Wachovia?
I recently entered a Wachovia bank for the first time in over four years to ask a question and was surprised to find the bank completely empty other than the staff. While a few cars were lined up to use the ATM or the drive-up teller windows, I expect that most customers are able to use Wachovia Online Banking to handle the majority of their banking needs. By encouraging customers to do this and by charging for paper statements, for instance, Wachovia will be able to reduce their manpower, save money, and ultimately help their customers and stockholders more in the long run.
The Street; Wachovia, Bankruptcy Protection Hot Trends; http://www.thestreet.com/story/10852028/1/wachovia-bankruptcy-protection-hot-trends.html?cm_ven=GOOGLEN
The News of Today; Wachovia Online Banking Won’t be Effected by Fee Increase; http://thenewsoftoday.com/wachovia-online-banking-wont-be-effected-by-fee-increase/2074/