Wachovia Online Banking – Needs a Reputation Makeover

Wachovia online banking ranked as number 46 in Fortune 500 list for 2007 and considered as the fourth largest bank and holding company, still has a long way to go before it can fully establish itself as a reputable institution in terms of online banking. Aside from the usual services provided through internet access, the only major positive aspect gathered about their electronic banking services is their website layout. A visit to this company’s information provider readily supplies the browser with a host of systematic and constructive data. Thus, anyone who’s interested in becoming their banking customer through the use of compatible software will not find it difficult to carry on with their registration procedures.

In a July 2005 ranking of the top 10 online banks based on features found most useful by consumers, Wachovia online banking was able to garner at least the last place This seems to be a good enough position to be in considering the stiff competition among well-known banking institutions. A contributing factor to this may be attributed to Wachovia’s banking foundation of more than a century as its origin can be traced back to what was once the First Union Corporation established in 1879. A prolonged existence especially in banking provides a positive factor in gaining a customer’s trust.

However years after this survey, Wachovia’s online banking system became riddled with quite a number of complaints from clients. Some of the complainants who claim to have had at least six years of banking experience with Wachovia, feels betrayed by the bank’s lack of concern over the handling of their accounts. Grievances were mostly about overdraft charges brought about by inefficient handling of online bank transfers. Customer dissatisfaction was heightened still by offers of lame excuses and lack of proper action on their complaints. Other complaints made reference to rude customer assistance services, missing ATM deposits and erroneous information on balance inquiries. On top of these moans and criticisms, Wachovia Corporation’s whole banking system was in the limelight for a much bigger controversy. In 2007, the bank was accused of negligence in scrutinizing unsigned checks amounting to $142 million that allowed companies to make unauthorized withdrawals from a large number of bank accounts. Investigative findings resulted to Wachovia’s $144 million pay up as a means of ending the inquiry.

Online banking is a system wherein documentation and person to person transactions are dispensed of, thus the main concern here is the sincere effort of the bank to ensure that funds entrusted by depositors are effectively safeguarded. Errors are bound to happen, but errors when ignored provide a channel for possible fraud. Wachovia online banking is in order to provide a sound online banking system and is diligent in safeguarding its own asset, and its reputation.

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