After the end of August, though (right in-the-middle-of a statement-cycle… as well as, in subsequent months)… the Way2Save account will be returning (as of the post-August, ending portion of that statement-cylce)… to the first-year rate of around 4.88894854% APR (which, of course, is 5.00% APY).

After the first year, though… for the account, the percentages of both the APY & annual-bonus… will be dropping to just 2% (requiring, on the Way2Save account’s 2nd & 3rd anniversary dates… balances, each year, of $15,000.00– instead of $6,000.00… in order to earn the maximum, $300.00 annual-bonus.)

What the bank does NOT mention in its brochure (nor on its web-site, either)… is that they have no intention of paying the maximum $300.00 annual bonus!?! Recently, a Senior VP at Wachovia (in charge of– get this– Customer Experience) said that, in fact, the program was designed to only facilitate a small amount of savings.

So (Wachovia’s Senior VP continued), whenever anybody does amass a substantial balance (that leads the bank to suspect that the Way2Save account will have, by its account anniversary-date, the $6,000.00 in savings– which would yield the $300.00 annual bonus)… everything will come to a screeching-halt, most suddenly.

Way2Save’s account-agreement, he explained, says that Wachovia reserves to itself… the “sole discretion” to determine whether the account-transactions are “qualified” (under the Way2Save program); and so, he said, whenever somebody saves too much… Wachovia exercises its right to determine that the transactions are not “qualified” ones.

Then, in accordance with that same Way2Save account-agreement… Wachovia exercises its right to, at any time (and, for any reason)… terminate that individual’s participation in the Way2Save program; and either close the savings account, or transfer the balance to another account (thereby, allowing Wachovia to shirk its obligation to pay the “guaranteed” interest & annual bonus).

One guy, after being in the program for less than just 5 months… had saved over $5,700 in his Way2Save account (& he had been planning to use his deposits, the interest that they would be earning, and the annual-bonus… for his dearly anticipated honeymoon, with his lovely fiancée). Unfortunately, he had an unpleasant surprise waiting for him (like others banking at Wachovia, with the Way2Save program).

When Wachovia’s corporate-office told him that they were closing his Way2Save account (so he would receive neither any more of the interest, nor the annual bonus– which would have been almost $600 that Wachovia’d “guaranteed” him with the Way2Save program’s promotional materials)… he, literally, had a stroke… and, still, is up at the hospital (in recovery), today.

To make matters worse, all of the money that he had deposited in his Wachovia checking account (so that he could transfer that money to the Way2Save account, by performing, literally, thousands of checking-account transactions)… every bit of that money had come from either Money Market accounts, or Certificates of Deposit (that he had closed– and, on which, he’d given-up a good interest-rate)… all of which he’d been intending to save for his honeymoon.

Now, after his stroke… he might never be the same, again… and his ability to marry his fiancée is in-question… both financially (because of the ongoing hospital bills), and psychologically (since, after a stroke, people are seldom the same). There is nothing about that which is better than Bank of America’s Keep the Change program.

If the Way2Save program were not a giant deception… sure, it’d be great… but, when somebody (who has never had any intention of ever keeping his word) “promises you the moon” (as they say)… you have nothing to gain from falling for that lie; however, you do have a lifetime of dreams that, in an instant, you could lose… when the “suits” at Wachovia “pull the rug, out from under you.”

1) No overdraft protection transfer fee vs $10 at BoA.
2) No opening balance or minimum balance required for Way2Save account vs $25/$300 at BoA.
3) Three years of guaranteed returns and bonuses on Way2Save account.
4) Can save even faster with full $1 transfer amounts and up to $100 automatic transfer into account.
5) Maximum match is higher at $300
6) Required checking account does not have direct deposit, minimum balance, or any other requirement to remain free.
7) BoA service stinks.

Shall I continue???

You can find this at http://wachovia.com/misc/0,,1756,00.html.

Hope that helps.