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Debit Transactions Tied to Forced Savings Plan
This entry was posted on 1/14/2008 2:30 PM and is filed under Deposits,Debit Card.
Wachovia Introduces New Product That Makes Saving Easy and Automatic for Consumers
CHARLOTTE, N.C., Jan. 11 /PRNewswire-FirstCall/ — Wachovia is helping
American consumers with at least one New Year's resolution with the
launch of Way2Save, a new and innovative savings program that makes it
easy and automatic to save money.
Way2Save encourages customers to save by transferring $1 from their
checking account into a new special savings account each time they make
a Check Card purchase or an electronic payment. With Way2Save,
customers earn a 5.00% Annual Percentage Yield (APY) plus a 5 percent
annual bonus in the first year, and a 2.00% APY and 2 percent annual
bonus in the second and third years. After three years, a competitive,
traditional savings rate is applied. In addition, customers can choose
to transfer up to $100 a month to the special Way2Save savings account
to see their savings grow even faster.
"Wachovia is committed to helping Americans take charge of their
financial lives," said Ken Thompson, chairman and CEO of Wachovia
Corporation. "Our research shows that consumers want tools and
education to help them save, and an easy way to start saving. With a
competitive interest rate and bonuses, we believe Way2Save is exactly
what consumers are looking for to help them save."
Over the past two years, Wachovia conducted extensive savings
studies to better understand the pressures consumers face and their
priorities when it comes to saving. Way2Save was developed as a result
of the findings, which show that consumers have difficulty saving on a
regular basis. The studies also found that consumers want and need
access to attractive interest-bearing savings accounts and assistance
from their financial institutions in getting started.
"Way2Save pays customers for doing things they already do, like
using their Check Cards or making payments online," said Kathryn Black,
savings director for Wachovia Bank, N.A. "It also lets them put away
additional money each month through automatic transfers to savings.
Whether they're saving for emergencies, education or a dream vacation,
Way2Save helps customers reach their goals faster by saving dollars. It
also motivates customers to save by offering an attractive rate of
interest and annual bonuses for the first three years."
Two Examples of How Way2Save Works
If a customer makes 23 monthly Check Card purchases, four monthly
electronic payments and a recurring monthly transfer of $25 into
savings, for example, that customer can expect to save $671, including
interest and bonus, during their first year in the Way2Save program.
Meanwhile, in the first year, a customer who makes 10 monthly Check
Card transactions, two monthly electronic payments and a $100 recurring
transfer each month can save $1,446.
In addition to Way2Save, Wachovia has launched a savings education
program that includes a series of savings seminars and a national
savings study conducted by the Consumer Federation of America and
Wachovia. According to the study, more than half of respondents admit
they are not saving adequately.
To help increase the number of
Americans who are saving, Wachovia's seminars will provide savings tips
and motivation. Wachovia will offer the seminars initially through
employers across the country as part of its Wachovia At Work(R)
program. It also will work with nonprofit and community partners in
other locations to reach more consumers. The seminar content was
developed in conjunction with the Consumer Federation of America and
its America Saves campaign (americasaves.org).
Way2Save Benefits
Customers can grow savings fast with Way2Save, because the program
transfers their dollars from checking to savings and offers attractive
yields and bonuses.
Way2Save offers three ways to save:
— Check Card purchases.
— Electronic payments or automatic debits.
— Optional transfers of up to $100 per month into savings.
Way2Save offers high yields for the first three years of the program:
— In year 1, customers earn 5.00% APY.
— In years 2 and 3, customers earn 2.00% APY.
— After year 3, customers earn a competitive, traditional savings rate.
Way2Save encourages customers to keep saving their money by
offering anniversary bonuses for the first three years. Customers
enrolled in the program earn a 5 percent annual bonus in year one, up
to $300, and a 2 percent annual bonus in years two and three, up to
$300.
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