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Update on Wells Fargo's New Way2Save Program

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This year we'll see Wachovia's Way2Save program be transitioned to Wells Fargo's new Way2Save program. The time of transition will depend on when Wells Fargo converts the branches in your state. A few states were converted last year (MN, WA and CO). According to this Wells Fargo/Wachovia blog post, Wachovia branches in Arizona, Nevada and Illinois are scheduled to convert in March, and California branches are scheduled to convert in April. Conversion in Texas is expected to take place later this year.

I described the details of the new Wells Fargo Way2Save program in this October post. For those who were maxing out Wachovia's Way2Save bonus (earning $1,500/year with 5 accounts per family and with tons of qualifying transactions), you'll be disappointed with the new program.

In this new program you can earn a bonus up to $150 after the first 13 months. The bonus will depend on your ending balance. Unlike the old program, you can ensure your get this $150 bonus if you make 13 $385 automatic monthly transfers. After 13 months, this comes out to a $5,000 balance and 3% of this comes out to $150. In my October post, I reviewed how this would compare if you just did automatic transfers to a 2% savings account. I calculated you'll get about $96 more with this new Way2Save program. Refer to Wells Fargo's terms and conditions (pdf) for the full details.


  Tags: Wells Fargo Bank, Wachovia Bank

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Comments
4 Comments.
Comment #1 by Anonymous posted on
Anonymous
There's rumbling in the Fatwallet conversion thread that Wells Fargo isn't offering the bonus to those with converted Way2Save accounts.  I'm curious what people have been told about this.

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Comment #2 by Anonymous posted on
Anonymous
wells fargo gavean insurance co. our account no.without  our knowl. they had took payment out 4 timesbefoeweknew it nopolicy orany thing   before we knew it .'then they would only return two payments  they saidthat was  thierpolicy sothat  lets meknow i am not the only one they have took money from

1
Comment #3 by Anonymous posted on
Anonymous
I opened this account last year striclty because knowing the incentive of a $150 bonus at the end of the 13 months! Now my banker is saying that Wells Fargo is no longer offering that bonus program so I dont get my bonus. This is so unfair. 13 payments of $385 was not easy for me... didnt touch that account for 13 months and now I am not being rewarded as promissed. Thanks for nothing Wells Fargo.

2
Comment #4 by Anonymous posted on
Anonymous
This same exact situation happened to me!! I have talked to several customer service reps and several branch store reps and they all claim they have never heard of this, nor is it in their database of promotional offers. Interestingly, when Wells Fargo investigated my account, they scoured my bank statements and pointed to an interest deposit made by Wachovia before it converted to Wells Fargo and said that this was the bonus they owed me. So while denying the fact that they owed me a bonus, they implicitly admitted that they owed me a bonus by stating they had already paid me, but erroneously pointed to an interest payment made by Wachovia. 

Does anyone have any Wells Fargo documentation that states the terms of the agreement with the 3% bonus payment? I would love to get a copy of those to make my case!

1