Word: wachovia
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Dates: during 1980-1989
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Indeed, the outlines of a new, potentially stronger one are already emerging. Many timid, superprudent banks have been pushed to innovation and aggressive marketing. Says John Medlin, president of North Carolina's Wachovia Bank ($8 billion): "You find more risk taking, more motivation and more financial entrepreneurship." Notes Leonard Weil, president of California's Mitsui Manufacturers Bank: ($1.7 billion): "Despite all the dark suits worn by its leaders, banking is a very dynamic industry." Bankers have rolled out dozens of new services ranging from discount-catalog shopping to home-equity accounts that allow consumers to write checks based...
...financial services will eventually be part of futuristic home information packages like Viewtron that supply everything from recipes to movie reviews. Therefore they are scrambling to organize joint ventures with communications firms. Four aggressive regional banks, Florida's Southeast, Ohio's Bane One, North Carolina's Wachovia and California's Security Pacific, have banded together to develop the financial services for Viewtron. Next spring some 20 institutions, including Milwaukee's First Wisconsin National Bank and Seattle's Peoples Bank, will team up with Automatic Data Processing and the Times Mirror communications firm to test...
...Super NOW will draw in little new money. Instead, it could attract much of the $340 billion in existing checking accounts that pay interest of 5¼% or less. To discourage customers from switching to the Super NOW, many banks are slapping stiff fees on the new account. The Wachovia Bank & Trust Co. in Winston-Salem, N.C., offers 7¼% interest on the Super NOW, but also levies a $2-per-month service charge and a 200-per-check fee. Admits John Ramsey, the bank's retail marketing manager: "Customers will probably have to keep more than...
Many people, of course, cannot think of putting money into an IRA simply because they are already having problems making their paychecks stretch to meet monthly bills. Young families have not been investing heavily in IRAs. Wachovia Bank & Trust Co. in Winston-Salem, N.C., reports that 70% of its customers for new IRA accounts are more than 45 years old. Says Terry Gray, 33, a father of two who works as a security guard in Jackson, Miss.: "Inflation really keeps us from saving. We're not making enough to save...