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August 11, 2005

Wachovia to employ automated online account opening tool

US bank Wachovia has added CashEdge's FundNow automated online funding tool to its Internet banking service to allow customers to open new Web accounts and deposit funds directly.

By CBR Staff Writer

The leading US bank says the new feature will improve its current online account opening capability by adding the funding component and making the process completely automated from start to finish. The secure system gives customers a step-by-step guide to opening savings, money market or checking accounts and also shows them how to transfer in funds from existing accounts.

Ron Kerr, Wachovia’s Internet director for retail products, said in a statement, While we’ve had the ability for customers to open deposit accounts online for more than five years, this new feature will allow the customer to also fund the account online as part of the account opening process.

The company first introduced online account opening in 2000 and now opens more than 15,000 accounts online per month, which is the equivalent to the volume of over 150 branches. Wachovia currently serves over 12 million retail and small business customers; 3 million of which use online banking.

More people first learn about Wachovia through the online channel than any other channel – now we have further enhanced this industry-leading capability for them to become a customer or for current customers to enhance their relationship with us, Mr Kerr added.

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