Is Wachovia and Wells Fargo the same?
Is Wachovia and Wells Fargo the same?
In 2008, Wells Fargo & Company acquired Wachovia Corporation to create North America’s most extensive distribution system for financial services, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through approximately 4,800 retail banking branches, more than 12,000 ATMs …
What caused Wachovia to fail?
Wachovia has been hurt badly by its 2006 purchase of Golden West Financial, a California lender specializing in so-called pay-option mortgages. And the bank also faced mounting losses on loans made to home builders and commercial real estate developers.
When did Wachovia bank fail?
2008
The acquisition of Wachovia by Wells Fargo was completed on December 31, 2008, after a government-forced sale to avoid Wachovia’s failure….Wachovia.
| Type | Public |
|---|---|
| Founded | June 16, 1879 |
| Defunct | 2008 (as an independent corporation) 2011 (as a brand) |
| Fate | Acquired by Wells Fargo |
Can Wells Fargo bank be trusted?
Tip. Fortunately for consumers, there are thousands of financial institutions that are FDIC-insured, including Wells Fargo. FDIC insurance limits cap at $250,000. The FDIC insures certificates of deposit and money market accounts, along with traditional checking and savings accounts.
Can I still use my Wachovia checks?
You can also use your old Wachovia checks and deposit slips. Many customers say they’ll just have to wait and see what it’s like when the merger is done August 8th.
Why you shouldn’t get Wells Fargo?
The main drawback we see with Wells Fargo are the low APYs—if you’re looking to earn money through interest, this is not the bank for you. Wells Fargo should also be avoided by people who struggle with overdraft fees. The standard overdraft fee is $35 at a max of three a day.
Is SunTrust a good bank?
SunTrust will be the right bank for customers looking for perks with their basic checking and savings options. It may be a particularly good fit for those who: Wish to bank with a large and well-established institution.
