(bold mine) This commentor offers a very interesting investing strategy. If you are still here, mystwu, I know I would enjoy a more specific and detailed explanation. Thank you for sharing what you did.
mystwu - #1, Tuesday, July 27, 2010 - 10:03 AM
I have 5 Wachovia checking accounts and 5 Wachovia Way2Save accounts and I live in NJ.
The first two of my 5 Way2Save accounts are now in the 2nd year.
If WFC does the conversion in early 2011 for all NJ branches, then I will have my 5% bonus for my 3rd, 4th and 5th Way2Save account and then I will ditch Wachovia/WFC. I was happy that I saw this kinda crap would come and that's why I opened the account really early. And I was able to open 5 checkings and 5 way2save, total of 10 accounts with Wachovia before the end of 2009.
Every time when the bank merges another, I am always the one that got hurt. For example, a small NJ bank named "Worlds Saving" used to offer super high CD rate before Wachovia took it over. But once Wachovia ate it, no more cool CD rates and many Worlds Saving branches were closed forever. I have no power to stop banks from merging one to another but I will use my dollar to vote. If I dont like this bank, I will move my assets out and hope this bank goes to hell.
One good thing I learned last year was investing in stock market. I found that buying a S&P index ETF and then sell covered call won't let me take too much risk and give me a better than 6% CD's return. I know I wouldn't have FDIC on my back for this one but at the time like this, the interest rate is so low and I just feel the stock market is more attractive.
I hope you all get your 5% bouns from Wachovia / Wells Fargo.
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