To receive the $75, you must:
- Open the free checking account at their new financial center at 203 East FM 544 (972-633-8684)
- Fund the checking account with a minimum intial deposit of $100 by 12/31/2008
- Make 10 transacations within the first 60 days. Transactions can include debit card purchases, check transactions, ATM withdrawals, BillPay and ACH debits.
- Limit one offer per household
- Credit in your account will appear within 120 days of account opening
- Value of bonus will be reported to the IRS
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 had 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.
Wachovia still has a $25 refer-a-friend bonus for opening a checking account.
Other Wachovia News & Deals
As reported by Reuters the Feds have given their approval to the takeover of Wachovia by Wells Fargo. Citigroup which was the first to make a deal to acquire Wachovia banking operations backed out last Thursday. Officials have said that the deal remains on track for closing by the end of the year.
For those with Wachovia CDs, the rates and terms should remain unchanged during and after the Wells Fargo acquisition. Wachovia still has some competitive rates on its Featured CDs. The 7-month and 12-month CD rates are listed at their Featured CD Page, but the 24-month and 60-month CDs are not shown. I just called Wachovia this morning and confirmed these for Texas. Note, these rates may vary by zip code.
Term APY (varies by state)
7-month 3.60% to 4.00%
12-month 4.10% to 4.30%
Wachovia CDs with terms of one year or longer have an early withdrawal penalty of 180 days of interest. Terms over 90 days and under one year have a penalty of 90 days interest.
In some states such as Texas and California, Wachovia is still offering 3.75% APY on its High Performance Money Market Account for balances over $10,000.
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).