Wachovia - Launches Podcasts Plus More Updates!

Wachovia is in the news today for a number of reasons. Please read on to know about the varied colorful events at Wachovia today.

Free Podcasts

First and foremost is that today they announced the release of their first podcast on wachovia.com. Using cutting-edge audio technology, Wachovia customers, prospects and visitors to the site can now access and subscribe to a weekly economic podcast at no charge.

PodCastWachovia's pilot podcast, "The Week Ahead", provides listeners with in-depth commentary on a variety of current economic events and their potential impact both domestically and internationally. Juan Silvera, eCommerce director of emerging trends said [1]:
"Our pilot podcast marks a significant step in the evolution of Wachovia's delivery of relevant financial content to our customers. We believe this method of communicating will quickly become an essential tool for providing easy access and meaningful information to customers. Several other Wachovia business units are exploring the use of podcasts, and we will continue to partner closely on how to best leverage this new method of content delivery."
You can listen, subscribe to the podcast using an RSS reader, stream the audio feed on their computers or download the file for future playback by following this link to "The Week Ahead."

$1 Billion in RDC

DollarThe next news is that Wachovia's Treasury Services division today announced that it has reached the $1 billion mark in Remote Deposit Capture (RDC) volumes processed in one day. Lee Madden, senior vice president and team manager of Image Services for Wachovia's Treasury Services division said [2]:

"Achieving this $1 billion milestone in RDC transactions processed in one day reflects the phenomenal growth rate for this solution. Businesses are demanding solutions to more efficiently manage payments made by paper check, from deposit preparation and transportation to record-keeping and reporting. Wachovia's RDC customer base has grown 40 percent domestically and 42 percent internationally across 25 countries since the beginning of the year, and volume of items processed has grown 30 percent over the same period. RDC has great momentum now for adoption by businesses of all sizes as they look to digital solutions to improve their internal efficiency and profitability. After three years, we are getting beyond the 'early adopter' phenomenon and are seeing mass market for this product."
QuestionWhat is RDC ?

RDC is an acronym for Remote Deposit Capture. It allows businesses to make deposits from a desktop computer, accelerating cash flow by enabling deposits 24 hours a day, seven days a week. Customers receive same-day ledger credit for deposits made until 8 p.m. US Eastern time each banking business day. Customers no longer have to physically transport checks to the bank. Instead, they can now scan paper checks at their place of business and electronically send the images to Wachovia over the Internet.

As one of the earliest innovators to develop and introduce RDC, Wachovia is a leader in this space. According to a recent study, "The State of Remote Deposit Capture: Entering the Mainstream," by industry analysts at Celent, Wachovia is among the top five U.S. banks to introduce this solution and which today collectively deploy the majority of installed clients [2].

Freedom From ATM Charges

ATMAnother great news is that Wachovia is eliminating its ATM fees at other banks' machines as it expands into California. Wachovia will not charge its customers the typical $1.50 foreign ATM fees when they use other banks' ATMs. It will also reimburse California customers up to $2 per transaction when they are charged by other banks for using ATMs for up to $6 per statement cycle [3].

Dividend Hike For Wachovia's Investors

MoneyBagMore money from Wachovia! Wachovia's board of directors today approved a 14 percent increase in the company's regular quarterly cash dividend to 64 cents per common share, up from the current 56 cents per share. The new common stock dividend is payable on September 17, 2007, to shareholders of record as of the close of business on August 31, 2007. Ken Thompson, chairman and chief executive officer of Wachovia said [4]:
"Today's announcement reflects our Board's confidence in Wachovia's capital strength, liquidity, prudent risk profile and our future. We believe it is important that our shareholders are rewarded on their investment with a growing dividend."

Wachovia Bank Robberies

The last and not so great news is that there were a couple of bank robberies at Wachovia Bank's Centers. One took place in Charlotte, NC and the details are here. The other took place in Plano (details). At both places, the thieves left with an undisclosed amount of money.

And by the way if you did not know, Wachovia is also offering a $50 sign-up bonus for opening a free checking account with them.

Well that brings us to an end of our round up of the spectacular events at Wachovia. Hope you enjoyed reading about Wachovia's colorful day.

  1. PRNewsWire: "Wachovia Launches Podcasting Technology on Wachovia.com"
  2. CNN Money: "Wachovia Surpasses $1 Billion in Daily Remote Deposit Capture Transactions"
  3. San Francisco Business Times: "Wachovia eliminates 'foreign' ATM fees"
  4. PRNewsWire: "Wachovia Corporation Increased Quarterly Dividend 14% to 64 Cents Per Share
Image Source(s): iStockPhoto

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