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Wachovia bank 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. (Read that, “You Get Screwed”)

“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.”

Really, you need education? How about this for education, Put Your Money In The Bank. Feel better? But Wachovia would like for that bank to have a name that starts with Wachovi. You can add whatever last letter you want.

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.

I wonder how much market research for them to figure out, We Poor! We want more money!

I could not find a funny video about being poor to bring up this story at this point so you’ll have to live with this one instead.

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. (Pays them? By taking their own money? Who is paying who here?)

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.

Yes, but how much is the bank going to take when all that cash automatically take out of the account in dribbles leads to bounced checks or overdraft charges?

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Steve

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