Wachovia

Wells Fargo & Company has launched its first combined online banking and online statement sweepstakes which runs through December 15, 2010.

Customers of Wells Fargo and Wachovia who sign up for online banking; sign into their online banking session; and/or switch their statement delivery from paper to online only during the promotion period are automatically entered for a chance to win the grand prize of $50,000 or one of fifty prizes of $1,000.

This year Wachovia Bank surpassed Bank of America as the largest bank in the D.C. area by deposits, according the Federal Deposit Insurance Corp.

A recently released annual report by the FDIC revealed that Wachovia reversed from last year when Charlotte N.C. -based BofA showed big gains. Acquired by Wells Fargo at the end of 2008 Wachovia reported a $2.97 billion run-off of local deposits last year, but gained it all back this year. At present it owns $18.9 billion in local deposits, or 16.92 percent of the local market share, and 136 branches.

Wells Fargo & Company (WFC) enhanced its Wells Fargo Visa® Gift Cards and Wachovia Visa® Gift Cards by eliminating monthly service fees with the expiration of funds.

First Data Corporation has appointed Steve Boehm as senior vice president leading global product management and innovation for First Data’s Financial Services division. Boehm comes to First Data from Wachovia.

A start-up brokerage led by former A.G. Edwards president Tad Edwards, Benjamin F. Edwards & Co, hired a team of veteran A.G. Edwards financial advisers from Wells Fargo.

 This week Wells Fargo & Co reported its plans to close 122 California branches in view of its Wachovia acquisition last year. The closures were scheduled for April and will involve shutting down 101 Wachovia offices and 21 Wells Fargo locations, the bank's spokeswoman Jennifer Langan told.

All affected workers will be able to opt for positions at other Wells Fargo branches. According to Los Angeles Times which reported the news the bank closes mostly Wachovia offices that are smaller and less prominently located than nearby Wells Fargo branches.

With the national unemployment rate now above 10 percent, Wachovia, a unit of Wells Fargo & Company, announced it will donate $1 to Toys for Tots for every Visa gift card it sells through December 31, 2009 – up to $250,000. Proceeds will provide toys to children who might otherwise not receive them this holiday season.

 An Internet payments services provider PayPal announced the appointment of three new executives to its staff. John McCabe will occupy the seat of senior vice president of worldwide operations for PayPal. Ed Eger was appointed as a senior vice president of transaction management. Renier Lemmens will lead PayPal’s business in Europe. All three executives will report to PayPal President Scott Thompson.