Wachovia Joins Olympic Team Offering Stored-Value Cards

Wachovia Corp., Atlanta, said it will begin selling Visa Cash stored- value cards today - just as the buildup for the Olympics reaches a fevered pitch.

The bank joins First Union Corp. and NationsBank Corp. in participating in Visa's stored-value card test centered on the summer Olympic Games, which begin in July in Atlanta.

"We wanted to begin selling the cards when we felt there was sufficient terminal infrastructure in place, so that we weren't selling a product that couldn't be used," said Joy Marshall, vice president and manager of electronic delivery for Wachovia. "All the banks are gearing up to have the majority, if not all, of their merchant terminals installed by June 1."

The cards will be accepted at some 5,000 point of sale terminals in the city, including merchants that signed up as Wachovia partners: Circle K convenience stores, Kangaroo convenience stores, Metropolitan Atlanta Rapid Transit Authority, Carlyle's cafeterias, Old Fashioned Foods and Sands cafeterias, and Brittany Place, a retail outlet.

Wachovia said it will sell the disposable cards in denominations of $10, $20, and $50 at more than 90 branches throughout Atlanta and across the state.

The bank has been testing the stored-value cards at its headquarters since January. Wachovia said it will continue the program after the Olympics with the introduction of reloadable cards. "From Wachovia's perspective, we are viewing the Olympic project as a pilot," Ms. Marshall said. "We certainly plan for there to be life after the Olympics."