so ive got a wachovia credit card with rewards points that are pretty sizeable, should i go ahead and cash those in now if they are in any danger of going under?

9/26/2008 12:26:11 PM

wachovia is pretty close. they've got cash in reserve, they might start dipping into deposits. unless there is a huge shift in the market, i doubt that they are going to fold.

9/26/2008 12:33:03 PM

i think they are offering a 4.25% 12month CD. Not a bad rate at the moment

9/26/2008 1:02:50 PM

it's a shame the rewards suck though

9/26/2008 1:03:35 PM

^ eh. ive always gotten some pretty sweet gift cards.... rather get something for spending my money then nothing.

and they still offer 25$ for anyone who refers a friend

my question is... if i open another account do i get 25$ for refering myself

9/26/2008 1:06:26 PM

im saying in relation to other rewards programs.

the % return on the gc for expendatures is like an order of magnitude lower than other rewards programs.

[Edited on September 26, 2008 at 1:11 PM. Reason : with poor selection to boot]

lawl

"169305 Points"

[Edited on September 26, 2008 at 1:12 PM. Reason : checked mine]

9/26/2008 1:11:02 PM

They are definitely next.

9/26/2008 1:13:31 PM

The Winz is shipping for a fairly large company and adding you name to the FedEx rewards.

I have made almost 500 in American Express Gift cards

9/27/2008 11:17:15 AM

^ also a good way to lose your job for fraud.

9/27/2008 12:50:22 PM

EPIC

WACHOVIA

FAIL

9/27/2008 1:12:12 PM

If we get the financial bailout signed on Monday, no. If we don't, decent chance. All about timing for Walk-all-over-ya

9/27/2008 6:40:39 PM

OMG I'M TAKING MY MONEY OUT OF WACHOVIA!!!111

9/27/2008 8:47:15 PM

LOL. I just keep like $50 in a free checking account with them to use once a month for bill pay.

9/27/2008 9:19:17 PM

If somebody wrote me a check from Wachovia what should I do with it?

9/27/2008 9:40:14 PM

frame it?

[Edited on September 28, 2008 at 12:11 AM. Reason : cash it?]

9/28/2008 12:11:02 AM

OH wow, I didn't know Wachovia was so close to going under....anyone have an article on this?

9/28/2008 7:35:10 AM

They'll merge with another bank (probably Citi), doubt you'll lose anything

9/28/2008 9:58:18 AM

^^

http://groups. google.com/ group/alt. politics/ browse_thread/ thread/e52d827b0 6c76779/cc6e6afd ef279f56? lnk=raot


http://www.foxbusiness.com/story/markets/industries/finance/report-wachovia-citi-talk-merger/

9/28/2008 11:48:09 AM

Its official - wachovia will be gone by tomorrow

9/28/2008 8:07:59 PM

one of my clients is a branch manager for wachovia

according to her people need to chill out...looks like they'll [most likely] be joining with CitiBank

9/28/2008 8:14:36 PM

one thing i know they wont lose in the merger is my massive credit card bill for next month...assholes

9/28/2008 8:23:50 PM

so would that rewards program transfer to the bank that buys wachovia?

9/28/2008 8:24:34 PM

most likely not.

http://Citigroup and Wells Fargo are reportedly in a bidding war for troubled bank Wachovia, according to a New York Times report.

[Edited on September 28, 2008 at 10:01 PM. Reason : l]

9/28/2008 9:57:53 PM

I'd cash out tomorrow^^

9/28/2008 10:05:25 PM

yeah i just liquidated my rewards account with a northface jacket and a few gift cards

9/28/2008 10:09:16 PM

Good call.

I only had a few thousand points on my rewards, but it was enough to get a gift card, so why not.

9/28/2008 10:52:16 PM

Wow, I can get an espresso maker, but I'd hate to liquidate my points if they aren't really going to disappear...

[Edited on September 28, 2008 at 10:55 PM. Reason : ]

9/28/2008 10:54:49 PM

they will most likely give you a grace period to use up your points, BUT they might not restock as things run out.

SO FAIR WARNING.

Good call on the NF Jacket and gift cards though.

9/28/2008 11:06:28 PM

i just redeemed my points for a macy's gift card

9/28/2008 11:10:08 PM

Should have seen this coming. Going to cash out on my rewards first thing Monday morning

9/28/2008 11:43:13 PM

God damn you people scurrying to top off your tank and withdraw all of your monies.

9/29/2008 8:24:41 AM

rewards account balances are not fdic insured.

a quick way to raise some capital would be just to nix it, no?

no one has mentioned that they'd be withdrawing their funds

9/29/2008 8:30:01 AM

Wachovia bought by Citigroup, stock price plummets

9/29/2008 8:51:50 AM

I hope there are bank runs like on It's a Wonderful Life

9/29/2008 8:55:55 AM

i hope the entire world economy collapses

that would be grand

9/29/2008 9:00:02 AM

Well, shows what I know. I figured they would hold on for the government deal and get rid of their bad mortgages and make it...

9/29/2008 9:10:29 AM

This may be a stupid question:

But what happens to my credit account? I'll assume they can change interest rates and whatnot, but what are the chances of them saying I've got to pay up now?

9/29/2008 9:34:20 AM

.

9/29/2008 9:35:27 AM

DING DONG THE WITCH IS DEAD

9/29/2008 9:51:32 AM

Quote :

"Citigroup will pay $1 a share, or about $2.2 billion, according to people briefed on the deal. The F.D.I.C. said that the agency would absorb losses from Wachovia above $42 billion and that it would receive $12 billion in preferred stock and warrants from Citigroup in return for assuming that risk. “Wachovia did not fail,” the F.D.I.C. said, “rather it is to be acquired by Citigroup Inc. on an open-bank basis with assistance from the F.D.I.C.” Under the deal, Citigroup will acquire most of Wachovia’s assets and liabilities, including $400 billion in deposits and will assume senior and subordinated debt of Wachovia, the F.D.I.C. said. Wachovia Corporation will continue to own the retail brokerage firm AG Edwards and the money management arm Evergreen. “There will be no interruption in services and bank customers should expect business as usual,” the F.D.I.C. chairman, Sheila C. Bair, said. The move was necessary, the F.D.I.C. said, to avoid serious fallout on economic conditions and financial stability. “This morning’s decision was made under extraordinary circumstances with significant consultation among the regulators and Treasury,” Ms. Bair said. “This action was necessary to maintain confidence in the banking industry given current financial market conditions.” The sale would further concentrate Americans’ bank deposits in the hands of just three banks: Bank of America, JPMorgan Chase and Citigroup. Together, those three would be so large that they would dominate the industry, with unrivaled power to set prices for their loans and services. Given their size and reach, the institutions would probably come under greater scrutiny from federal regulators. Some small and midsize banks, already under pressure, might have little choice but to seek suitors. Wachovia has been hurt badly by its 2006 purchase of Golden West Financial, a California lender specializing in so-called pay-option mortgages. The bank also faced mounting losses on loans made to home builders and commercial real estate developers, and its acquisition of A. G. Edwards, a retail brokerage firm, turned out to be problematic. In June, Wachovia’s board ousted G. Kennedy Thompson, the bank’s longtime chief executive. The talks with Wachovia intensified on Sunday after a weekend of negotiations in Washington over a $700 billion rescue for the banking industry. Only days earlier, federal regulators seized and sold the nation’s largest savings and loan, Washington Mutual, in one of a series of important deals that have reshaped the financial landscape. As the credit crisis has deepened, a consolidation in the financial industry that analysts have predicted for years seems to be playing out in a matter of weeks. The impact will be felt on Main Street, Wall Street and in Washington. While the tie-ups may restore confidence in the industry, they also could leave a handful of big lenders to determine fees and interest rates on everything from home mortgages to credit cards to checking accounts. Some small and midsize banks may be unable to compete with these behemoths. Last week, Wachovia held discussions with Citigroup, Wells Fargo and Banco Santander of Spain, before the foreign bank’s interested cooled. As lawmakers worked in Washington on the financial bailout this weekend, Wachovia executives huddled in the Seagram Building offices of Sullivan & Cromwell on Park Avenue. Robert K. Steel, a former top lieutenant of Henry M. Paulson Jr. at both Goldman Sachs and then the Treasury Department, who took over as Wachovia’s chief executive in July, arrived in New York to handle the negotiations in person, along with David M. Carroll, the bank’s chief deal maker. At 8:15 am. on Saturday, Citigroup and Wells took their first peek at Wachovia’s books. Regulators pressed the parties to move quickly. Senior officials at the Federal Reserve in Washington, and its branches in New York, Richmond and San Francisco held weekend discussions with all the banks involved. Top officials at the Federal Deposit Insurance Corporation and the Treasury were also in the loop. Timothy F. Geithner, the president of the Federal Reserve Bank of New York, personally reached out to executives involved in the process to assess the situation and spur it along. Citigroup and Wells pressed regulators to seize Wachovia and let them buy its assets and deposits, as JPMorgan did with WaMu, or provide some sort of financial guarantee, as regulators did with JP Morgan’s acquisition of Bear Stearns, according to people briefed on and involved with the process. Both Citigroup and Wells Fargo were deeply concerned about absorbing Wachovia’s giant loan portfolio, which is littered with bad mortgages, these people said. Bankers had little time to assess the risk. Citigroup executives considered Wachovia a make-or-break deal for their consumer banking ambitions. With Wachovia, Citigroup would gain one of the pre-eminent retail bank operations after struggling to build one for years. It will also give Citigroup access to more stable customer deposits, allowing it to rely less heavily on outside investors for funds. "

9/29/2008 10:26:54 AM

Quote :

"But what happens to my credit account? I'll assume they can change interest rates and whatnot, but what are the chances of them saying I've got to pay up now?"

i asked someone at work that and they said that your credit card account and any rewards you might have won't be affected because the credit cards are owned by another company. there was a time where BoA owned credit cards for Wachovia because the BoA bought out the company that owned the credit cards to start with... or something like that. anyway, i wouldn't worry about it.. and no, you won't be asked to pay up.

9/29/2008 11:53:01 AM

Great thanks! That's what I thought, but I wanted to be certain!

9/29/2008 11:57:30 AM

Game over man, game over.

http://www.bizjournals.com/triangle/stories/2008/09/29/daily1.html

9/29/2008 12:24:34 PM

game over for wachovia $1.71

9/29/2008 3:51:44 PM

so what does this mean for people who have their checking and savings there now? if Citi buys it then theoretically they are staying open correct?

9/29/2008 4:50:15 PM

The way I understand it there should be no change for the next while. We'll probably see name changes eventually (though maybe not, they might even keep the Wachovia brand name.) If you have accounts there I wouldn't worry, other than possibly cashing out reward points like has been mentioned above.

(I've got an old checking account that I rarely use with Wachovia, plus my car loan is through their dealer services divison, I'm not worried about either)

9/29/2008 5:15:10 PM

if you have a checking/savings account nothing will change really... rewards points shouldn't be a problem because their credit cards are owned by other companies anyway. RAWR.

if you need to change anything or whatever, they'll tell you. they're not going to run away with your money.

9/29/2008 8:09:32 PM

why wouldn't you think rewards points would be affected? i get (got?) points from both my wachovia credit card (now i think it's fia card services) and my checking account....

9/30/2008 8:16:29 AM

so wells fargo is merging with wachovia now (instead of citibank) and they're going to keep an east coast headquarters and a west coast headquarters so they'll be a lot fewer layoffs...

i like this a little better so far. we'll see what happens.

10/3/2008 7:57:47 AM

The article I read was saying the big difference in what this means is the Wells Fargo plan doesn't incorporate any government assistance, while the Citigroup plan did. They're also spelling out what's going to happen with the stocks. Seems to be a good solution.

http://news.yahoo.com/s/ap/20081003/ap_on_bi_ge/wells_fargo_wachovia;_ylt=Ahy.w68eAHTo.lUMh7_in5Ws0NUE

10/3/2008 9:19:38 AM