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Wachovia's High Yield Featured CDs Have Been Extended


Wachovia Bank
After waiting on the phone for 20 minutes this afternoon, I received confirmation from a Wachovia banking rep that they're extending the scheduled expiration date of their Featured CDs to August 5, 2008. As I had reported in my Tuesday's post, today was originally scheduled as the expiration date. According to the banking rep, all the Featured CD rates remain the same. As is always the case, they can change the expiration date at any time. Below is a list of all of their Featured CD rates. Note, only the 7 and 12-month CD rates are listed at Wachovia's website.

Wachovia Featured CD Rates as of 7/18/08
(scheduled to end on 8/05/08)

Term APY
7-month 4.00%
12-month 4.25%
18-month 4.40%
24-month 4.50%
36-month 5.00%
48-month 5.15%
60-month 5.25%

The minimum deposit is $5,000. For more details about these CDs, please refer to my June post.

But Wachovia has some competition now for 7-month CDs. Today, Bank of America came out with a 4.11% APY CD (see post) and Countrywide Bank came out with a 4.10% APY CD (see post).

Thanks to the readers who first reported this new expiration date in the comments. Please leave a comment if you hear about any changes to this latest expiration date.

  Tags: Wachovia Bank, CD rates

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Comment #1 by Anonymous posted on
A word about my experience in closing a Wachovia CD in person:

When a CD of mine matured last month, I wanted to wire the funds to an account of mine in another bank. At my local branch, I was told I could not wire the funds directly from my maturing CD. I had to have the funds deposited in my checking account and I then had to return to the bank the next day to do the wire.

When I've had a CD mature and requested an official check in person, there has been no problem: I've received it immediately.

Comment #2 by Anonymous posted on
When my cds have matured at wachovia, the funds are deposited to my checking as per my written and verbal instructions. Then, they are pulled to another linked bank account, such as gmac or etrade immediately. Thus, no lost interest.

Comment #3 by Saagar (anonymous) posted on
I just opened a CD with them thinking that today is the last day for opening one, and after I opened the bank rep told me that they have extended by one more week. ****, if I knew I would have waited to open with BofA or Countrywide. Opening the CD was pretty smooth and took about 30 mins. Their customer service is one of the best...

Comment #4 by Darvin (anonymous) posted on
Hello. I find your blog is very interesting. So much has already been said about banks – good and bad. Wachovia Bank is one of the most popular among the dissatisfied customers, the majority of reports have been posted about it. You can find lots of claims on www.**** Everyone can file his/her feedback on the site to share experience with others.

Comment #5 by Anonymous posted on
5:01 excellent post. I totally agree. This kind of foolishness is the reason I have avoided and continue to avoid Wachovia. They are very keen to make money on the float, but of course so am I. And we cannot BOTH make money on the float. Refusal to wire funds directly out of a CD, on day of maturity, is straight up ridiculous. It is unheard of. It is unacceptable. And perhaps most important, it is costly.

Now just musing: Had it been me in person at the branch (I never am in that situation), I would have tried to move the funds instantaneously to checking and then wired from checking. My guess is they would have said the Xfer to checking would not be effective until the next day. That way they keep your funds with them for a day without having to pay you interest. Of course they freely offer a check since they know it will take at least a day to clear, perhaps more. During that time they, again, are holding your money without having to pay interest. Wachovia: not my kind of bank.

Comment #6 by Anonymous posted on
Last week I tried to buy a CD from Wachovia. I spoke to them on the phone and told them where I was located. After going through the whole on line process including faxing required id's, I was told that they could not sell CD's to my zip code in Massachusetts. Found a better deal at the GMAC bank.

Comment #7 by bob (anonymous) posted on
Found a better deal at the GMAC bank. ????

On a CD ??

Please explain !

Comment #8 by Anonymous posted on
For readers in Dallas and its northern suburbs, I had mentioned in the June 26 post that the $75 new-branch bonus is also available in Allen, although it wasn't advertised -- well, it is now. These are from the postcard I received today:

* 995 W. Bethany Dr., Allen, TX. Ph: 972-649-6625
* $75 bonus with a new checking account ($100 min. to open).
* Requires ten transactions within 60 days of account opening.
* Offer expires August 15.

Comment #9 by Anonymous posted on
The fine print says that a Wachovia checking account is required in order to get the "featured CD."

Comment #10 by Anonymous posted on
I tried cashing out $5000 and depositing cash to immediately have available. Wachovia made my cash disappear for a couple days. It showed online... then it was gone for 3 days. Next time I'll take the check directly to a local 5% rewards checking account and write a check from that.

Comment #11 by Anonymous posted on
Despite the website note about the required checking account, I applied online and the issue never even came up. Based on what I've seen in various posts, "enforcement" of this supposed requirement varies. Speaking of the float issue, someone from Wachovia called and patched me into a call with my funding CU to verify the ACH request I had faxed in. That was on Weds 7-9, and the funds were debited from my funding CU on Fri 7-11. So I assumed 7-11 would be the effective date, and both voice-mailed and emailed my "financial specialist" for confirmation of this. On Mon 7-14 he emailed me that he hadn't yet received the funding, and that it would be opened when he received the funds. I wasn't too pleased about that -- especially since the delay spanned a weekend -- so I left a VM and email civilly but pointedly complaining. The next day I received a reply that he had backdated the effective date to 7-9 since that was the day of the 3-way ACH approval call. So I ended up with two days' float, although I would have been satisfied with a 7-11 start.

Comment #12 by Anonymous posted on
Hi, please reply...
I opened a 8 months CD with WAMU last night for $98,000. Any risk or any stupidity? I now see very bad review online for this bank. Am I at anykind of risk? Thanks

Comment #13 by Banking Guy (anonymous) posted on
Banking Guy
Please refer to my WaMu post. I don't know the likelihood of any bank failing, but if you keep all deposits (both principal and interest) under the FDIC limits, your money should be safe. More FDIC info and links are in this post.

Comment #15 by larkin (anonymous) posted on
They've added a featured 9-month CD at 4.15%. They also upped the promo rate of their MM to 3.75. The MM still looks like a regional thing. Works with my CA zip but not my NJ zip.