What can Marylander Wachovia customers expect?
If you are a Wachovia credit-card customer, your account number and customer service numbers will remain the same and you should continue making your payments to the same address, Citi said. You will be notified if changes are to be made after the deal closes.
Citi also will honor the terms of Wachovia loans, mortgages and certificates of deposit, says Citi spokesman Rob Julavits.
However, Wachovia has been offering high-rate CDs to attract deposits, and customers with those CDs shouldn't count on Citi offering similar rates once the CDs mature, says Greg McBride, senior financial analyst with Bankrate.com.
After the deal closes, Citi will have about 4,300 branches in 22 states and the District of Columbia. Julavits doesn't expect many branch closings.
"The branch footprint of both banks complement each other. There is very little overlap. We see very limited consolidation," Julavits says.
If you are a bank customer of both Wachovia and Citi, your federal deposit insurance coverage will remain the same for six months after the deal closes or until your CD matures. After that, you may have to make adjustments: say, open up an account at a new bank, to make sure your deposits are fully insured.
Inga Smith, a 31-year-old bus operator for MTA who has checking and savings accounts with Wachovia, has been through two changes in ownership, from Signet to First Union to Wachovia.
She said she reluctantly has had to adjust to changes by each new owner, such as new minimum requirements for savings accounts. With Citigroup taking over, she's bracing for more to change. Still, she feels a loyalty to her bank.
"I don't want to go to another bank," she said. "I don't need to be changing anything."
The Associated Press contributed to this article.
WACHOVIA AND CITIGROUP IN MD.
Wachovia
Employees: 1,770 in Md., at branches throughout state; 1,230 in Baltimore area
Branches: 80 in Md.; 55 in Baltimore area
Citigroup
Employees: 6,000 in Md., at CitiFinancial, a credit card processing center in Hagerstown; and at Smith Barney brokerages; 1,000 in Baltimore, at CitiFinancial North America
Branches: 17 in Md.; two in Baltimore
