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$75 Wachovia Checking Account Promotion in Texas and Other Wachovia News and Deals

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Wachovia Bank
Wachovia is offering a checking account bonus for up to $75 in the form of Academy Sports and Outdoors gift cards. This bonus isn't listed online. A reader emailed me info on this, and I just called to confirm. I was only able to confirm this for the Austin, Texas area. Below are the details of the promotion based on what I was told by the CSR:
  • Receive a $55 gift card when you open a Free Checking Account and fund with a minimum of $250 of new money by August 30, 2008
  • Receive another $20 gift card when you make 8 check card purchases within 60 days.
Update 7/31/08: This promotion is now being advertised in Dallas. The ad is available online here. One nice thing about the promotion is that you receive the $55 gift card immediately at the time the account is opened.

Wachovia Checking Account Details

Wachovia's free checking account has the basic components of free checking: no minimum balance requirements, no monthly fees, etc. A reader in the previous post mentioned that Wachovia does a hard credit pull (both Experian and TransUnion have been mentioned). Unless you can get the "at work" checking account, checks are typically not free, but they are optional. Prices vary by state. A reader just mentioned that Wachovia offered 50 duplicate checks for $8. There is a $25 fee if the account is closed before 6 months. In addition to the hard pull, Wachovia also does a ChexSystem verification.

Other Wachovia Deals

It's common for Wachovia to have checking account bonuses at new branches. The last one I reported on was in June in Dallas. Before this year, they used to have online checking account bonuses. Wachovia still does have a $25 refer-a-friend bonus for opening a checking account. This may require you to come into a branch.

If you open a Wachovia checking account, you might also want to open a Way2Save account. By setting up monthly automatic transfers of $100, you should be able to earn about $72 over what you would earn in a 3% savings account in the first year (see my Way2Save review).

Money Market Account Rates (update)

I just noticed some competitive money market rates on Wachovia's website. The offer seems to vary based on your zip code. For states where Wachovia doesn't have branches, there's an online-only rate of 3.25% APY for all balances. However, there's a $10 monthly fee for balances under $2,500.

For some states where Wachovia has branches, the yield is 3.50% APY for balances of over $10,000. The yield is less than 1% for smaller balances. This also has the $10 monthly fee for balances under $2,500. I've confirmed this yield for zip codes in Texas and California. This 3.50% rate is not displayed for Florida or New York.

According to the small print these rates are subject to change at any time after account opening. There have been many previous Wachovia MMA promotions where they guarantee the rate for 3 months. The standard rates shown for states like Florida are very low so if these are only promotional rates, expect to see the rate fall.

Wachovia's Featured CDs Continue

Wachovia is still offering Featured CDs with some very competitive rates that include a 4.25% APY 12-month CD, a 5.00% APY 3-year CD and a 5.25% APY 5-year CD. Refer to my Wachovia CD post for more details.

Wachovia News

There have been some new worries after Wachovia reported a record loss last week. Unlike many smaller banks, Wachovia holds some large business units that it could sell to raise money to avoid a worse condition. As this Boston article describes, one potential unit that could be sold is Evergreen Investments. This Bloomberg article describes other brokerage units that it may decide to sell.

With Wachovia being the fourth largest US bank by assets, it may be too large to fail in that the Fed wouldn't let it happen. Nevertheless, I would recommend staying below the FDIC limits. Wachovia describes how you can be FDIC insured on deposits above $100,000. I also have more info at this post. Wachovia's financials can be reviewed at their FDIC page.

For the latest deals and news from Wachovia, please refer to my Wachovia page.

  Tags: Wachovia Bank, Texas, checking account

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Comments
7 Comments.
Comment #1 by Anonymous posted on
Anonymous
I got a postcard in the mail about this promotion. The postcard included a 3.10% money market promotion with a $10,000 minimum, but they offered me 3.50% for three months in the branch with the same minimum.

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Comment #2 by Anonymous posted on
Anonymous
This promotion is now advertised in Dallas, too. I'm guessing it's available Texas-wide.

http://shopping.dallasnews.com/ROP/ads.aspx?adid=6680194&advid=427724

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Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
Thanks! I've added the ad link in the post.

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Comment #4 by houseofpain (anonymous) posted on
houseofpain
They were pushing the deal at our local Academy store here in North San Antonio (1604/281).

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Comment #5 by Anonymous posted on
Anonymous
The High Performance MMA is now at 3.75% for the $10,000 minimum (in Southern California, as of 8/12/08). Minimum initial online deposit $1000 (10 day hold). Must be new money.

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Comment #6 by Rammesh (anonymous) posted on
Rammesh
Do you know if this is offered in North Carolina? Which number do I call to confirm - Wachovia main number or local number? Thanks

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Comment #7 by Banking Guy (anonymous) posted on
Banking Guy
I haven't seen or heard of any checking account ad for North Carolina. I was able to confirm the one for Texas by calling their main number.

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