Wachovia Responds to Hurricane Rita

$150,000 donation brings 2005 hurricane relief by Wachovia and its employees to $3.6 million

Wachovia Corp. announced today that it is contributing $150,000 to the Foundation for

Southeast Texas to assist those affected by Hurricane Rita. The donation will

help the Foundation go beyond immediate relief efforts to identify and address

long-term development needs.

The company is also expanding the reach of relief programs it established

earlier this month in response to Hurricane Katrina to meet the needs of

customers affected by Hurricane Rita.

"Many of our employees, customers, friends and neighbors have been

seriously affected by Hurricane Rita. Wachovia employees from across Texas

have already pitched in to help, but the region will need additional support

over the long haul to get back on its feet. We want to help," said Guy

Bodine, Wachovia's Texas CEO. "We think The Foundation of Southeast Texas is

the right place to start our financial support for the long-term rebuilding of

our Gulf Coast communities."

During the 2005 hurricane season so far, Wachovia has contributed $2.9

million to hurricane relief. The company's employees have contributed an

additional $700,000 in personal donations.

Wachovia and SouthTrust are continuing to accept donations to the American

Red Cross for Hurricanes Katrina and Rita relief efforts through their

financial centers and Web sites. To date, this effort has raised more than

$6.1 million.

Donations to the American Red Cross may be made at any Wachovia or

SouthTrust financial center in any state except Georgia. Because of a previous

arrangement with Atlanta's WSB Channel 2 TV, donations to the American Red

Cross can be made by giving to the Family 2 Family Relief Fund in Georgia

financial centers.

Wachovia will also continue to match an additional $1,000 per employee for

donations made to the American Red Cross through the end of the year, with no

cap on the total amount of donations to be matched. The program regularly

matches up to $4,000 per employee per year for donations to educational

institutions and other nonprofits.

Special information and programs for customers

SouthTrust/Wachovia has re-opened all of its financial centers in Houston.

In Beaumont, Texas, two financial centers are open with limited service.

Customers seeking information about Wachovia financial center locations and

hours can call 800-WACHOVIA (922-4684). For SouthTrust financial centers,

customers can call 800-CALL-STB and press 0 to speak to a representative.

SouthTrust/Wachovia continues to provide assistance to hurricane victims

through special payment arrangements for customers, special loan assistance

offers and ATM fee waivers.

Customers with installment loans or lines of credit who need to make

special payment arrangements can call 800-334-3601.

Customers with Wachovia Prime Equity Lines can request an increase in

their lines by calling 866-421-2779.

Special unsecured installment loans are available at preferred rates.

Loans can be requested in amounts from $3,000 to $15,000. They have no points

or fees, and the first payment is deferred for 60 days. Customers can call

1-866-421-2779 for information or to apply.

Wachovia Mortgage Corp. is offering forbearance for the next 60 days.

This includes the waiving of late charges and credit reporting for all

customers in areas affected by the storms.

SouthTrust Bank, which is now owned by Wachovia, is temporarily waiving

fees at its ATMs in Mobile, Baldwin and surrounding counties in Alabama and at

its locations throughout Mississippi and Texas. Wachovia-branded ATMs in

Texas also will temporarily waive fees.

SouthTrust/Wachovia has initiated special check cashing procedures for

non-depositors. For non-depositors in affected regions, Wachovia will cash

checks up to $200 drawn on accounts with other banks. One form of

identification and thumb printing is required.

At present, the bank has also entered into special agreements with

McDonald's Corp., State Farm Insurance, MetLife Inc. and Allstate Insurance to

cash checks drawn on their accounts.

Other programs are available. Customers with questions about what

assistance may be available to them can call 800-Wachovia (922-4684).

About Wachovia

Wachovia Corporation (NYSE: WB) is one of the largest providers of

financial services to retail, brokerage and corporate customers, with retail

operations from Connecticut to Florida and west to Texas, and retail brokerage

operations nationwide. Wachovia had assets of $511.8 billion, market

capitalization of $78.2 billion and stockholders' equity of $47.9 billion at

June 30, 2005. Its four core businesses, the General Bank, Capital Management,

Wealth Management, and the Corporate and Investment Bank, serve 13 million

household and business relationships primarily through 3,126 offices in 15

states and Washington, D.C. Its full-service retail brokerage firm, Wachovia

Securities, LLC, also serves clients through 699 offices in 49 states and five

Latin American countries. The Corporate and Investment Bank serves clients

primarily in selected industries nationwide. Global services are offered

through 40 offices around the world. Online banking and brokerage products and

services also are available through Wachovia.com.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.