Atlanta Wachovia customers not cashing out

When giants stumble, what can you do?

You deposit your money and hope for the best.

So said a handful of Wachovia customers, who went about their usual banking Monday following the announcement that Citibank will buy Wachovia’s banking operations. The Federal Deposit Insurance Corp. swung the deal, in which Citigroup will absorb up to $42 billion in losses.

Wachovia, based in Charlotte, is Atlanta’s second largest bank in terms of deposits.

At Wachovia’s Toco Hill branch on North Druid Hils Road, customer Richard Johnson said he shrugged when he learned of the sale. He became a Wachovia customer when a larger bank, First Union, bought Wachovia. The two banks became known as Wachovia. Johnson, who had his money at First Union, left it in the new bank.

As far as Johnnson is concerned, there’s no need to cash out now. He’s confident the FDIC will keep his funds insured.

And if something fails? Johnson shrugged again.

“If you lose your money, you lose it,” the Atlanta resident said. “If you don?t, you don?t.”

Bill Lanford said he isn’t bothered, either. Like Johnson, he became a Wachovia customer after the First Union purchase. And, though he is confident his cash is safe, Lanford noted that his wife, Pat, has a separate account — at a different bank.

“She said she might put the money under our bed,” said Lanford, stopping at the Toco Hill branch.

Chris McGill might put his cash under the bed, but the Inman Park resident admitted he didn’t have that much to hide. He stopped at the Wachovia at the Edgewood Retail District.

A few months ago, he moved his account from Bank of America, where he “felt like a number.”

Not at Wachovia, said McGill.

“I?ve made some friends there,” he said.

Ilene Rittmayer is just as faithful to Wachovia. A retired nurse, she’s been a Wachovia customer for more than a decade and doesn’t plan to cash out now.

Still, she’s no fan of the sale.

“I think it’s the pits,” said Rittmayer, who stopped at the Edgewood Retail branch. “I love them the way they are.”