Wachovia Online Banking:Www.Wachovia.com Login – Wachovia’s online banking system has been experiencing some troubles in recent days. Reportedly, the website was not allowing certain customers to log in to their online banking profile. Wachovia was acquired by Wells Fargo during the financial crisis. Everything seemed to be working correctly on the front end of the website, but when users went to log in, the website reportedly is not able to recognize the username and password that have been entered into the login information. The problem is believed the only be temporary, and might be a regionally based problem as well. While some users have experienced problems logging into their online banking account at Wachovia, other users have reported that they have had no issues logging in and are able to do so without a hitch.
It was announced on October 3, 2008 that Wells Fargo was willing to acquire Wachovia in an all stock transaction that would not require any involvement from the FDIC. That deal nullified Citigroup’s deal with Wachovia that allowed Citigroup to provide equity to the bank in order to allow it to continue to operate. Wachovia was purchased for roughly $15 billion in stock by Wells Fargo. However, a judge would later find that Wells Fargo had infringed upon the agreement Wachovia had previously held with Citigroup that prevented the company from facilitating any sort of acquisition proposal. Citigroup would eventually abandon their attempts to acquire Wachovia, and would allow the planned Wachovia-Wells Fargo merger to go through as previously planned. Citigroup continues to pursue dozens of billions of dollars in compensation and in punitive damages. The merger was finally approved on October 12, 2008, and was contingent on a list of conditions outlined by the Federal Reserve.