Wachovia Salaries, Bonuses and Benefits.

bank girl in Duluth, Georgia said: I work for wachovia and I am in the training still It is a long long long process. My point is to tell you that you can pass the series 6 and 63 without a problem I did it on the first try and I am a stroke victim that did not even open the 63 book until the day before I took the exam. The reason why people did not pass and were fired is because they did not take it seriously. It is self study and it takes dicipline. you can not expect to skate through it. You have to read it 24/7 until the day of your exam, do the practice exams on the computer and in the book and listen to the cd's when ever you are in the car. They give you all the tools to pass the exam trust me. You can do it, but you have to realize that you are not going to have a life until all 4 exams have been passed. It isn't hard if you prepare. out of 11 people in my class only 6 are still with us, but I know it is because people did not take it seriously...

I was wondering if you can tell me how much you asked for and received as the base salary when you were hired on? I am in the Atlanta area and was worried that I am asking for too much.

I was just curious what Loan service counselors make in the auto finance department, anyone know? I applied but i cant find any salary info

How much do admins make at Wachovia, specifically in South Florida? does anyone have an idea..or even in NYC, what does Wachovia generally pay?

what types of drug tests do you take?

Does anyone know salary range for appraisal regional reviewer?

bank girl in Duluth, Georgia said: good luck to you. I was offered 50k plus commission as a fs in georgia

Hi Bank Girl,

I am in Smyrna trying to get an FS position. I have a Marketing degree, and customer service and sales experience, but no financial experience. Would they hire me for this position if it became available? Any insight you could give me would be helpful. Thanks!

exworker in Washington, District of Columbia said: The branch managers do make about 60k. the FS (financial specialist) makes about 80 to 90k. they are paid more because the branch manager handles the typical banking stuff( deposits, checks, etc) and all else ( as little as opening up checking accounts) is done by the FS.

Could you please explain why a FS makes 80 to 90K a year, and the Branch Manager only 60K?

What is the base salary for a FS? Does the difference come from commissions? Is really possible to make 80K's, or only top producers can make it?

Do you need to bring your own book of businesses, or you can start from scratch?

Thank you in advance for your help!

FS's in branches are the Main producers of loan growth/fee income for a branch. Meaning if they don't produce the branch doesn't. FCM's "manage from the kiosk" so to speak. And primarily handle service issues, manage the tellers etc and all branch responsibilities. In a perfect world, the tellers are makign referrals, the FCM is the customer service and makes referrals while the FS brings in business. If Branch "A" is recognized for producing $2MM in loans, generally that all came the FS or FA (advisor) who has the same goal as the FS except for they are selling investments. The FS role is more stressful than the FCM but with Series 6 and 63 licenses and surpassing your thresholds it is reasonable to net high commissions its not unlikely to see an FS with a base of $45k earn 80-90 a year. The FCM in the branch make make $55k and only earn $65 a year. Mosts FCMs are between 42-55k.

bank girl in Duluth, Georgia said: I work for wachovia and I am in the training still It is a long long long process. My point is to tell you that you can pass the series 6 and 63 without a problem I did it on the first try and I am a stroke victim that did not even open the 63 book until the day before I took the exam. The reason why people did not pass and were fired is because they did not take it seriously. It is self study and it takes dicipline. you can not expect to skate through it. You have to read it 24/7 until the day of your exam, do the practice exams on the computer and in the book and listen to the cd's when ever you are in the car. They give you all the tools to pass the exam trust me. You can do it, but you have to realize that you are not going to have a life until all 4 exams have been passed. It isn't hard if you prepare. out of 11 people in my class only 6 are still with us, but I know it is because people did not take it seriously...

I just got offered a Mortgage Consultant position with Wachovia and turned down the position. I am more interested in the FS position due to the current down fall in the Mortgage business. I have 7 years of sales experience and was a SR Loan Officer for 2 years. The recrutier states I am a highly qualified candidate but I have not received a response from the FS recruiter. Is there anyway you give me a contact info to your recruiter? Did you have Financial background for them to offer you 50K? I was told salary between 38K-45K. I would like to get 50K but didn't think if that was asking for too much.

Dear ATL-Linda, send me an email and I can get you in contact with an FSL (in the ATL market) who can get you in contact with a recruiter. Sometimes the recruiters drag their feet at Wachovia.

Lkhonman@aol.com Thank you soo much! Do you know how long is the hiring process?

No problem, if its ok, I'd like to send a copy of resume along with the email to the FSL. Also 50k is not tooo much to ask for but with Wachovia your commissions and goals called "thresholds" are based on your base salary, so a person making $45k will have a much smaller threshold than someone making $50k. So it sometimes benefits having the smaller salary to make more bonus and a less goal. You can get $50 but there will be a lot of back and forth. My first offer at Wachovia was $45k, I countered they came back with $47500, I countered and they came back with $50k, but then was offered more at a community bank so I took that. They will not just offer you $50k up front b/c you make make more than some 1-2 yr FS's in their market. So $45k is safe but if you must go back and forth you can get $50k.

ATL-Linda in Duluth, Georgia said: Lkhonman@aol.com Thank you soo much! Do you know how long is the hiring process?

I just realized I didn't answer your 2nd question. The process could take as short as a few days to 3 weeks depended on the need in the area. Wachovia is turning over a lot of FS trainees who aren't passing their exams AND losing License FS's to competitors. Before you would get the job, and get your papers to train 9 mths later, now you take your test upfront and sign an agreement that you will not "leave the bank" after completion.

I applied for the FS position in CA and I got an email back from Wachovia stating the position was cancelled. So, I looked for employment somewhere else ... I would suggest all try looking for employment somewhere else since it seems the co. plus the economy is shaky right now.

Anyone in the Chicago Area might want to try a company that helped me and a few of my co-workers get great jobs!!! They treated us very well.
Most agencies treat you like a number because they have quotas and the all mighty dollar is what they look for. It's horrible when you are not treated right.

Try Strategic Talent in the Chicago area. They were very nice to me and treated me excellent.
This is the email of the recruiter that we all used.She was great to work with.

hr.strategictalent@yahoo.com Her name is Jeanna.
Send your resume and what kind of job you want.

I hope this helps. I searched for work for months before I had the right job.

Does anyone know how hard it is to get you series 6/63 license? And does Wachovia
train u?

does anyone know how hard is it to get you series 6/63 license. also what type of training do wachovia give u?

Branch Manager in SC in Greenville, South Carolina said: I just realized I didn't answer your 2nd question. The process could take as short as a few days to 3 weeks depended on the need in the area. Wachovia is turning over a lot of FS trainees who aren't passing their exams AND losing License FS's to competitors. Before you would get the job, and get your papers to train 9 mths later, now you take your test upfront and sign an agreement that you will not "leave the bank" after completion.

I would like to apply for a FS position with Wachovia in the Miami/Aventura/Fort Lauderdale area. I passed the Series 6 exam with a score of 82, and I am going to take the LH & VA exam next week. I applied online for a couple of positions with Wachovia, but never received a response from HHRR. I will appreciate it very much if you could help me to get in touch with a recruiter, or hiring manager. My email is az_2206@hotmail.com

Warmest regards,

AZ

that's unusual for Wachovia not to get back with a "licensed" candidate, I will pass an email on for you.

Branch Manager in SC in Greenville, South Carolina said: that's unusual for Wachovia not to get back with a "licensed" candidate, I will pass an email on for you.

Thank you so much!

Believe me... I tried several ways. Even a current FS that I met when I was taking my series 6 recommended me for a position... HHRR never called.

Today I received an email saying that I should attend an open house they are going to have in October... very impersonal treatment.

Thank you again for your help, I will wait for your email.

Best regards,

AZ

Cathy said: Does anyone know what a OS Processor Specialist 2 makes at Wachovia? They work behind the scenes processing deposits.

OS Processor Specialist is listed as about 27k at 50%EMV.
In my experience, it's more likely they'll hire closer to the 25%, which is about 25k

Cherish Me in Atlanta, Georgia said: does anyone know how to get ahold of a recruiter by phone instead of the internet and email??

In PA at least, it's 1800-fun-hire

Anonymous in Enterprise, Alabama said: The CEO makes over 100,000 a year

The CEO of Wachovia (Ken Thompson) makes around 11M per year, I believe.

George in Hollywood, Florida said: Does anyone knows if bad credit would means a direct no for working at wachovia?

Wachovia does not run your credit score before hiring you. That would be illegal.

UBS Financial Services checked my credit when I was hired.

Along with finger prints (BEFORE and AFTER I was licensed), a 10 year background check, and the usual drug test. Also, if I wanted to volunteer anywhere outside UBS, I had to submit a request and wait for an approval.

I don't think it's illegal for a financial firm to check your credit. Maybe it’s a Broker/Dealer thing?

What's the main difference between the Financial Consultant and the Financial Advisor? I've had my 7 and 66 for over a year and I'm trying to figure out which position I would prefer. Thanks.

Warning -- Wachovia is preparing another batch of lay-offs soon. Also, they are terminating all retirement health benefits for any employee who retires after 12/31/07.

openmic in Winston Salem, North Carolina said: Warning -- Wachovia is preparing another batch of lay-offs soon. Also, they are terminating all retirement health benefits for any employee who retires after 12/31/07.

how reliable are your sources? do you hear it happening next week?

Proceed to the forum "Wachovia Layoff" for a bird's-eye view of salaries, bonuses, and dubious benefits.

My Wachovia sources have been reliable in the past -- I know at least a dozen people working there in Winston-Salem and Charlotte. The termination of lost retirement benefits came from a company meeting and an internal memo (but no, I don't have a copy). Don't know when the layoffs are coming but the general feeling is that it'll be announced before the holidays and take place early in the first quarter of 2008.

Host said: What are the average starting salaries, bonuses, benefits and travel requirements like at Wachovia?
What do you like best about working at Wachovia? Are there any great perks or special treats for employees?

Listen all,
I work for Wachovia and it's kinda like they promise you the moon when you are recruited. The salary is good, you are just never told you are so micro-managed that the stress at times makes you physically sick. You are yelled at by fsl's and you because they are constantly trying to win that trip to the Bahamas that only 2 or 3 in company get. There are no perks except the ability to make money. No comaraderie and they spend money on absolutely nothing. My office is so old and nasty looking that I am embarassed to have customers see it. It's raggedy The company Christmas party is paid for per person by you the employee. If you like being a drone than this job is for you. If you have any heart problems DO NOT APPLY.... because the stress will definitely aggravate you.
Every Wednesday we have a conference call with all the other fs's and all your fsl does is tell you how awful you did the week before in front of your peers and I promise talks to you like a child. I am 45 and have been in this line of work for over 25 years. Then you have a conference call for the whole region and they tell you how bad you are and how bad you are doing.
Don't even get me started on the stupid gallup poll on customer service. It is unfair and discrimitory. I know employees who were threatened with firing for getting 2 "bad shops" from polls taken by gallup on customers who may or may not have visited the fianancial center. My friends teen said they ask for her mother who banks at Wachovia, and she says she is her and she and her friends give horrible scores to the employees. How unfair is that. Also I had another employee say that she has been told by others that if gallup calls and she's busy she tells them to give

They don't properly reimburse mileage. Make you take customers to lunch once a month with report into how it went on your dime. I am soooo willing to take a paycut to get out of this pressure cooker. I am tired of seeing employees raked over the coals.. No one will speak out because they are afraid they will lose their jobs. Most are looking elsewhere, but are having trouble finding jobs now because of the economy but as soon as the economy perks up there will probably be a mass exodus from Wachovia.

GALLUP IS UNFAIR..... AND A DISCRIMINATION PRACTICE.... WACHOVIA EMPLOYEES YOU CAN LOSE YOUR JOB OVER A BAD PHONE SHOP. IT MAY NOT EVEN BE THE RIGHT PERSON THEY ARE TALKING TO. IT COULD BE THE CUSTOMERS CHILD,FRIEND OR SPOUSE. YOU MUST GET ALL PERFECT SCORES TO STAY "OUT OF TROUBLE" IMPOSSIBLE.

SPEAK UP@@@@@

Hi,
I interviewed last week for a FS position in Wilmington, NC. I haven't heard anything yet (taking into account that last week was such a short week with Thanksgiving)and I am freaking out. I have followed up with the recruiter and the interviewing panel. Does anyone know how long will it take them to make a decision?
thx!

I'm looking into changing into a position as an Underwriter in FL once the market picks up, but I am curious to know what the average starting salary is for new Underwriter at Wachovia. I have been with the company 2 years.

Trying hard to find something better in Wilmington, North Carolina said: Hi,
I interviewed last week for a FS position in Wilmington, NC. I haven't heard anything yet (taking into account that last week was such a short week with Thanksgiving)and I am freaking out. I have followed up with the recruiter and the interviewing panel. Does anyone know how long will it take them to make a decision?
thx!

Did you get the job??

Underwriters make ~44-50k base plus 15% of that salary in bonus per month if you meet your 3 bonus items. (this is on the portfolio side.)

bank girl in Duluth, Georgia said: I work for wachovia and I am in the training still It is a long long long process. My point is to tell you that you can pass the series 6 and 63 without a problem I did it on the first try and I am a stroke victim that did not even open the 63 book until the day before I took the exam. The reason why people did not pass and were fired is because they did not take it seriously. It is self study and it takes dicipline. you can not expect to skate through it. You have to read it 24/7 until the day of your exam, do the practice exams on the computer and in the book and listen to the cd's when ever you are in the car. They give you all the tools to pass the exam trust me. You can do it, but you have to realize that you are not going to have a life until all 4 exams have been passed. It isn't hard if you prepare. out of 11 people in my class only 6 are still with us, but I know it is because people did not take it seriously...

Wow, that interesting. I used to teach both courses along with the series 7 exam and i always tell students it will take between 8-12 weeks to pass both exams.

Wachovia To Cut Jobs
More Than 240 Jobs To Be Eliminated By September

POSTED: 9:12 pm CST January 2, 2008
UPDATED: 9:19 pm CST January 2, 2008
[NEWSVINE: Wachovia To Cut Jobs] [DELICIOUS: Wachovia To Cut Jobs] [DIGG: Wachovia To Cut Jobs] [FACEBOOK: Wachovia To Cut Jobs] [REDDIT: Wachovia To Cut Jobs] [RSS] [PRINT: Wachovia To Cut Jobs] [EMAIL: Wachovia To Cut Jobs]
SAN ANTONIO -- One local employer announced the elimination of more than 200 jobs Wednesday.

Wachovia Corporation has already started laying off people and will eliminate 243 jobs by the end of September, according to a company spokesman.

The decision to eliminate jobs at the company’s Wiseman Boulevard campus on the city’s northwest side was made several months ago, the spokesman said.
Click here to find out more!

The company currently employs about 3,300 people in San Antonio, and blames the layoffs on trouble within the industry.

Can anyone tell me the starting pay for the Customer Service/Call Center positions in Columbia, SC?

I am currently an FS in South Florida and would tell anyone applying to be an FS to think long and hard before applying. The current starting salaries are 45-50k for FS's, which isnt a bad salary, although down here that is about all you can expect to make. I don't even make that much because I was hired over a year ago and they do not give raises, but I digress. Commissions depend on many factors beyond just sales ability. If you get stuck at a branch in the ghetto, forget about making money, and trust me there are lots of branches in the ghetto, I work at one. I do know some guys in good areas that can make 80k or so a year if they are really solid sales people and work their butts off. Also, I dont even get me started on the KDS scores. Wachoiva is hyper conscious about customer service and phone shops customers asking them to rate the experience from a 1-7. If your branch gets less than a 6.5 for the month, kiss your commission goodbye. The tests were no problem for me, although I have seen people getting canned for not passing the second time around. If you went to college and put any effort whatsoever into them, you should be fine. Those are the only really good things I have taken from the job actually, other than that I am pretty bitter at the company. They work you to the bone and could absolutely give a crap about you. I guess it depends on your manager, but all of the ones in my area are god awful. Look around before working for Walk-over-ya.

What does Wachovia pay Financial Sales Mangers in So. California?

I worked there for several years(10) so I know what I am talking about $60K is a high figure for an employee who actually deals with customers day to day, its a very cut throat high pressure company. Lots of other banks out there who do 3 thing smuch better than Wac does 1) treat their low level employees better 2) treat their customers better 3) retain good people
They say they are #1 in customer satisfaction for 6 years-if that is true, then JD Power and Ass. only questioned top level employee/customers and their relatives!

Read what banker in so fl wrote...he's exactly right...they'll be glad to tell you you'll make $200K in commissions...but the only ones who make any money at Walkalloverya are the ones who honestly don't do anything at all except forward stupid emails and create tools that no one in the world would want used on them if they were the customer...keep seeling the BS Mitch G! Look at Walk's employee retention numbers...they lost over 50% of their employees in Alabama due to atrition in 2007!

Kay in Darlington, South Carolina said: Can anyone tell me the starting pay for the Customer Service/Call Center positions in Columbia, SC?

I used to work in the call center in Columbia, on Greystone BLVD., and I started in Late 06 with a starting pay of $23,000.00; keep in mind with that they have a quarterly review every 3 months where youre eligible for a bonus and you also can receive extra money for sales referrals during your calls. Bonuses when I was there for quarterly reviews ranged from 280-1500. I resigned mainly due to the stress and dissatisfaction with the job, I don't want to discourage in applying for the call center (WDA) position, but you will get yelled at a lot by customers for overdrawing their accounts everyday.

banker in SoFla in Florida said: I am currently an FS in South Florida and would tell anyone applying to be an FS to think long and hard before applying. The current starting salaries are 45-50k for FS's, which isnt a bad salary, although down here that is about all you can expect to make. I don't even make that much because I was hired over a year ago and they do not give raises, but I digress. Commissions depend on many factors beyond just sales ability. If you get stuck at a branch in the ghetto, forget about making money, and trust me there are lots of branches in the ghetto, I work at one. I do know some guys in good areas that can make 80k or so a year if they are really solid sales people and work their butts off. Also, I dont even get me started on the KDS scores. Wachoiva is hyper conscious about customer service and phone shops customers asking them to rate the experience from a 1-7. If your branch gets less than a 6.5 for the month, kiss your commission goodbye. The tests were no problem for me, although I have seen people getting canned for not passing the second time around. If you went to college and put any effort whatsoever into them, you should be fine. Those are the only really good things I have taken from the job actually, other than that I am pretty bitter at the company. They work you to the bone and could absolutely give a crap about you. I guess it depends on your manager, but all of the ones in my area are god awful. Look around before working for Walk-over-ya.

I agree with you on KDS!!!!! The WDA call center is no better , 40%of your eval is KDS!!!!

can you give me info on a recruiter for the North Carolina area? I applied for a teller manager position, and meet all the requirements, I applied a few days ago and do not believe the recruiter has passed my info on.

I was just offered $47k for a Sr. Financial Analyst position in Charlotte. Is that about right? It seems pretty fair, but the bonus involves some time of "Star Bonus" and it sounds like something that I can't really count on.

Should I counter the offer? If so how much more and will countering jeopardize the offer itself?

Lastly, it seems like most of the people on this board are working as an FS so maybe that position is very high stress and low satisfaction. Are the rest of the people working at Wachovia happy or should I pass on this job? I am hoping that this is a good long term move, is there a lot of opportunity for advancement?

I would really appreciate any quick answers. Thanks!

showtime in Fort Mill, South Carolina said: I was just offered $47k for a Sr. Financial Analyst position in Charlotte. Is that about right? It seems pretty fair, but the bonus involves some time of "Star Bonus" and it sounds like something that I can't really count on.

Should I counter the offer? If so how much more and will countering jeopardize the offer itself?

Lastly, it seems like most of the people on this board are working as an FS so maybe that position is very high stress and low satisfaction. Are the rest of the people working at Wachovia happy or should I pass on this job? I am hoping that this is a good long term move, is there a lot of opportunity for advancement?

I would really appreciate any quick answers. Thanks!

RUN AWAY AS FAST AS YOU CAN!!
Wachovia is a bunch of lying unethical scuzzbuckets. Please read the other Wachovia boards here on indeed:
www.indeed.com/forum/cmp/Wachovia/05390c183c137e1b797f4706
www.indeed.com/forum/cmp/Wachovia/05390c183c137e1e7570470d
exwachovia.wordpress.com/
These threads will give you a flavor of the treatment Wachovia has in store for you.
Again - RUN AWAY AND DON'T LOOK BACK!!

run run run as fast as you can..