Provides unique benefit for employees, recruitment/retention tool for employers
(Washington, DC) The National Restaurant Association today announced a partnership with two of the nation's largest banks, U.S. Bank and Wachovia, on a program called Restaurant Direct. This new service - the latest addition to the Association's portfolio of member benefits - provides an exclusive package of banking services restaurant that employees would be unable to access on their own.
"We are pleased to provide a benefit to our membership that allows restaurant employers to help their employees build credit for a successful financial future," said Steven C. Anderson, president and chief executive officer of the National Restaurant Association. "Our partnership with U.S. Bank and Wachovia in offering Restaurant Direct is a pro-employee/pro-employer initiative that directly benefits the needs of our unique and diverse industry."
Restaurant Direct reflects the results of a comprehensive development and thorough selection process by the National Restaurant Association, with recommendations and reviews by two committees of the Association's Board of Directors, and an organization representing all the state restaurant associations.
U.S. Bank and Wachovia are separate companies that operate in different geographic regions of the United States, so depending on their geographic location, restaurant employees will receive either a U.S. Bank or Wachovia exclusive benefit-banking package. It includes: free checking with no minimum balance; free transactions at his or her bank-branded ATM machines, free Visa Check Card with Rewards; free Internet Banking with Bill Pay; discount on safe deposit boxes; discounts on various loans and lines of credit; special rates on certificates of deposit and special offers on investment services. Another benefit includes a personal Association branded, U.S. Bank credit card available to employees. The program is also aimed at furthering more active communication between restaurant professionals and both the National Restaurant Association and its state restaurant association partners, who serve as go-to resources for the nation's 12.2 million industry employees.
There is no cost to Association members or their employees to participate in the program. Participating restaurant locations simply provide the Restaurant Direct material to current employees as well as new hires, and an interested employee is able to easily open an account and establish a new financial relationship with either U.S. Bank or Wachovia in his or her state.
"U.S. Bank is committed to developing this unique partnership with the National Restaurant Association. We have a dedicated group of people here who are committed to providing quality financial solutions to restaurant employees nationwide," said Steve SaLoutos, Senior Vice President at U.S. Bank.
"Wachovia is proud to work with the National Restaurant Association to provide financial services at preferred rates through Restaurant Direct, offered by our unique Wachovia At Work program," said Bonnie Carlson, director of Wachovia At Work. "With Restaurant Direct and Wachovia, everyone wins. Restaurant employees can access special financial offers; restaurants can provide a free benefit to their employees; and Wachovia can attract new customers."
Restaurant Direct will be available to restaurant employees nationwide in early 2006. For more information about this program and other member benefits, visit www.restaurant.org.
The National Restaurant Association, founded in 1919, is the leading
business association for the restaurant industry, which is comprised of 878,000
restaurant and foodservice outlets and a work force of 12 million employees
- making it the cornerstone of the economy, career opportunities and community
involvement. Along with the National Restaurant Association Educational Foundation,
the Association works to represent, educate and promote the rapidly growing
industry. For more information, visit our Web site at www.restaurant.org.
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial
services to retail, brokerage and corporate customers, with banking operations
from Connecticut to Florida and west to Texas, and retail brokerage operations
nationwide. Wachovia had assets of $532.4 billion, market capitalization of
$73.9 billion and stockholders' equity of $46.8 billion at September 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 3,138 offices in 15 states and Washington, D.C.
Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves
clients through 702 offices in 49 states and five Latin American countries.
The Corporate and Investment Bank serves clients 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.
U.S. Bancorp (NYSE:USB), with $204 billion in assets, is the 6th largest
financial holding company in the United States. The company operates 2,411 banking
offices and 4,999 ATMs in 24 states, and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment services products
to consumers, businesses and institutions. U.S. Bancorp is home of the Five
Star Service Guarantee in which the company pays customers if certain key banking
benefits and services are not met. U.S. Bancorp is the parent company of U.S.
Bank. Visit U.S. Bancorp on the web at usbank.com.
Katharine Kim, 202-331-5939
National Restaurant Association
Teri Charest, 612-303-0732
Mark Cupples, 704-715-3027