Wachovia is now part of Wells Fargo

Wachovia Bank no longer exists as a separate company. Wells Fargo bought Wachovia in 2008 during the financial crisis, and by 2011, all Wachovia branches and accounts had been merged into Wells Fargo. If you had a Wachovia account, it automatically became a Wells Fargo account. Your account number, routing number, and the money in your account stayed the same — only the bank's name on your statements changed.

This was not a choice for customers. The Federal Deposit Insurance Corporation (FDIC) and the U.S. government arranged the sale to prevent Wachovia from failing entirely. Wachovia had been one of the largest banks in the United States before the 2008 housing crisis damaged its finances beyond repair.

Key Takeaways

  • Wachovia was acquired by Wells Fargo in 2008 and fully merged by 2011, so Wachovia accounts are now Wells Fargo accounts.
  • Your account number and routing number did not change when the merger happened, though your statements began showing Wells Fargo's name.
  • If you still have questions about an old Wachovia account, Wells Fargo customer service can look it up using your account number or Social Security number.
  • The merger was arranged by federal regulators to prevent Wachovia's collapse during the 2008 financial crisis.

Why Wachovia failed and Wells Fargo stepped in

Wachovia had grown very large through mergers of its own, including the purchase of a mortgage company called Golden West Financial in 2006. When housing prices fell sharply in 2007 and 2008, many of those mortgages became worthless. Wachovia's losses mounted so quickly that customers and other banks stopped trusting it with their money.

In September 2008, Wachovia was losing deposits so fast that it would have run out of cash within days. The FDIC stepped in and arranged for Wells Fargo to buy Wachovia's deposits and branches. This protected Wachovia's customers — their money was insured up to $250,000 per account anyway, but the sale meant they did not have to wait for insurance payouts or switch banks.

What changed for Wachovia customers

If you had a checking account, savings account, or other deposit account at Wachovia, it transferred to Wells Fargo with the same balance and the same account number. You could keep using your debit card and checks until Wells Fargo sent you new ones with the Wells Fargo name. Direct deposits and automatic payments continued without interruption.

Wachovia's loan customers — people with mortgages, car loans, or credit cards — also had their accounts transferred to Wells Fargo. The terms of the loan did not change, but Wells Fargo became the company collecting the payments.

Some Wachovia customers noticed changes to fees or interest rates after the merger, because Wells Fargo's policies were different. If you had a Wachovia account and want to know how it was affected, Wells Fargo's customer service can pull up your account history using your account number or the phone number you used with Wachovia.

Finding old Wachovia account information

If you have not used your Wachovia account in years and want to know what happened to it, Wells Fargo can search for it. Call Wells Fargo customer service at 1-800-869-3557 and tell them you had a Wachovia account. Have your old account number ready if you have it, or be prepared to give your Social Security number and the approximate date you opened the account.

Wells Fargo will tell you whether the account is still active, what the balance is, and whether there are any holds or fees. If the account has been inactive for a very long time, the money may have been turned over to your state's unclaimed property program — each state holds unclaimed money from closed accounts. You can search for unclaimed money at unclaimed.org, which is run by the National Association of Unclaimed Property Administrators.

How to access your account now

Your Wachovia account is a Wells Fargo account, so you use Wells Fargo's online banking, mobile app, and branches to manage it. If you have not logged in since the merger, you may need to set up a new password or update your contact information. Wells Fargo's website is wellsfargo.com.

If you prefer not to bank with Wells Fargo, you can close the account and move your money to another bank. There is no penalty for closing an account, though you should make sure all automatic payments and direct deposits are set up at your new bank first.

Why the merger still matters

Understanding that Wachovia became Wells Fargo matters if you are looking at old statements, tax documents, or loan paperwork. Any document from before 2011 will say Wachovia, but the account itself is now at Wells Fargo. If you are trying to prove you had an account for a long time, or if you are disputing a charge from years ago, knowing the history helps you explain what you are looking for to customer service.

The Wachovia story is also part of the larger 2008 financial crisis, when several large banks failed or nearly failed. It shows how federal regulators used bank mergers to prevent customer losses, though it also meant that some large banks became even larger.

Frequently Asked Questions

Can I still use my old Wachovia debit card?

No. Wells Fargo issued you a new debit card with the Wells Fargo name when the merger completed. If you still have an old Wachovia card, it stopped working years ago. Contact Wells Fargo if you need a replacement card.

Did my account number change when Wachovia became Wells Fargo?

No. Your account number stayed the same so that direct deposits and automatic payments would not be interrupted. Your routing number also stayed the same. The only change was the bank's name on your statements and cards.

What if I had a Wachovia credit card?

Wachovia's credit card business was sold to Citi, not Wells Fargo. If you had a Wachovia credit card, it became a Citi card. You should have received a new card in the mail with Citi's name. Contact Citi if you have questions about an old Wachovia credit card account.

Can I get my money back if Wachovia failed?

Your money was protected because the FDIC insures deposits up to $250,000 per account. Since Wells Fargo bought Wachovia before it failed, you did not have to file an insurance claim — your account just transferred. If you had more than $250,000 in the account, the amount over $250,000 would have been at risk, but most customers were protected.

Is Wells Fargo still the same company that bought Wachovia?

Yes. Wells Fargo is still operating and owns all the former Wachovia branches and accounts. The bank has grown even larger since 2008 through other mergers and acquisitions.