Online Banking 411

Now that Wachovia is becoming part of Wells Fargo, we here at Online Banking 411 wanted to give you the 411 on the updates being made to Wachovia checking accounts.  Specifically the addition of Wells Fargo Rewards for checking account customers in the form of the Wachovia Rewards Program.

The Wells Fargo Rewards program has been added to and is being offered to Wachovia checking account holders.  It is tied to the check card on your account, with Wachovia Rewards being given every time you make a purchase.

Wachovia Rewards can be redeemed for cash, gift certificates, travel, merchandise, and more – the cheapest rewards are cashed in at 650 points and go up from there.

You earn one point for every $4 spent as part of the Wachovia Rewards Program.  Since you’re already probably using your check card to make everyday purchases anyway, this is kind of a bonus.  Anytime you make a purchase using “credit” (not “debit”), you earn points.  Including bill payments and more.

So if you spend $600 a month in groceries, $60 on coffee, $400 on gasoline or auto expenses, $200 in utility bills, $200 for entertainment, and a few other things, you could earn 6,300 points per year (525/month).  That’s enough for a $50 gift card.

Doesn’t sound like much, but that’s fifty bucks you didn’t have before – all for doing things you spend money on anyway.

It’s a pretty good system from the Wachovia Rewards Program and you can earn even more by purchasing through the Earn More Mall at Wachovia/Wells Fargo.  If you’re already a Wachovia customer, it’s worth looking into.