CHAPEL HILL, N.C. – October 28, 2002 – Students attending the University of North Carolina atChapel Hill this fall will enjoy the ease of carrying one card to perform

all their on- and off-campus transactions.

Wachovia Bank, N.A. is partnering with the University of North Carolina at

Chapel Hill to offer the UNC One Card Plus, a campus identification card

that can be connected to a UNC-Chapel Hill expense account, a Wachovia

College Access Checking Account and a Wachovia check card.

“Wachovia is excited to pilot the check card enhancement to the existing

UNC One Card,” said Jack Clayton, president of the Central Region for

Wachovia Bank, N.A. “We are continuously looking for innovative products

and services that will better meet the needs of our customers. The

convenience and flexibility of the UNC One Card Plus is a terrific amenity

that UNC-Chapel Hill can offer students and faculty. So whether they are

checking out library books, buying a soda at a campus vending machine or

enjoying an off-campus meal on Franklin Street, students can use just one

card. We hope students continue to enjoy the advantages of the Wachovia

and UNC-Chapel Hill partnership and choose Wachovia as their bank after

college.”

The UNC One Card Plus works like the current UNC One Card by allowing

students to draw funds from their campus expense account to purchase meals

at dinning halls, use laundry facilities, pay for photocopies and printing,

or make purchases at student stores. In addition, the UNC One Card Plus,

serves as the student’s Wachovia check card by accessing funds from their

Wachovia checking account when making purchases off campus.

“The VisaCheck options for the UNC One Card Plus provides members of the

University community with a wider variety of banking options,” said Mike

Freeman, Director of Contracts and Card Applications for the University of

North Carolina at Chapel Hill. “Since 1999, when the University began its

partnership with Wachovia the University’s chief goal has been to maximize

the services available through the UNC One Card. The UNC One Card Plus

accomplishes this goal, and the initial response on campus has been very

positive.”

Among the great new benefits of the UNC One Card Plus is the ability to:

• Make purchases at 25 million Visa locations worldwide.
• Obtain cash at more than 750,000 ATMs worldwide.
• Rest easy with complete consumer protection for unauthorized VISA
  purchases.
• Avoid long lines to transfer funds to campus expenses accounts.
• A UNC-Chapel Hill student or faculty member who chooses to bank with
  Wachovia is able to transfer money from their primary bank account to their
  UNC on-campus expense account by phone. The student or faculty member will
  have immediate access to the transferred money.
  
• Take advantage of the benefits of Wachovia’s College Access Checking
  Account.

With the Wachovia College Access Checking Account, students gain a package

of banking services designed specifically to meet their financial needs.

The College Access Checking Account offers low or no monthly maintenance

fee checking with no minimum balance required, free Wachovia and First

Union ATM use at over 4,600 ATMs from Connecticut to Florida, free Wachovia

check card purchases everywhere VISA is accepted and free online and

telephone access to account information and fund transfers.

In order to receive the benefits of the UNC One Card Plus, UNC-Chapel Hill

students first must open a Wachovia account, visit the UNC One Card Office

to receive their card, and then have the Wachovia account linked to the

card. College Access Checking Accounts can be opened by visiting any

Wachovia financial center, calling 1-800-WACHOVIA or going online to

Wachovia.com/checking. Two Wachovia financial centers and seven ATMs are

conveniently located on campus or near campus on Franklin Street.

Dynamic Solutions International (DSI), a company based in Denver, Colo.

worked with Wachovia Corp. to develop the technology for issuing the UNC

One Card Plus.

About Wachovia Corporation

Wachovia Corporation (NYSE:WB), created through the September 1, 2001,

merger of First Union and Wachovia, had assets of $334 billion and

stockholder’s equity of $32 billion at September 30, 2002. Wachovia is a

leading provider of financial services to 20 million retail, brokerage and

corporate customers throughout the East Coast and the nation. The company

operates full-service banking offices under the First Union and Wachovia

names in 11 East Coast states and Washington, D.C., and offers full-service

brokerage with offices in 49 states and global services through more than

30 international offices. Online banking and brokerage products and

services are available through wachovia.com and firstunion.com.