I received this message in my junk email. So obviously something isn't right about it to start with.
The following is the break down of the major parts of the message I received.

Here is the subject of this scam email: Wachovia Customer Support - offer opportunities we believe may benefit our customers.

This email was supposedly sent by: Wachovia connection Account Service

Here is the body of the email:

[More:]

WACHOVIA CORPORATION NOTICE

Dear Clients, Shareholders and Friends of Wachovia Corporation.
The Federal Reserve has approved the proposed merger with Wells Fargo, and we expect to close the transaction by the end of this year, subject to Wachovia shareholder approval.
There will be some changes to your accounts and your relationship with Wachovia Corporation.

Read more about latest updates>> <h__p://demystifying.encrypted.siteminderagent.ncFIqVh7KVRA6jX.productsremote.fPA6Z19gK.uehnsoe.com/message.php?/encrypted/siteminderagent/OSL.htm?LOGIN=ncFIqVh7KV&VERIFY=RA6jXKfPA6Z19gK>

Sincerely, Lloyd Graham.
2008 Wachovia Corporation.
All rights reserved.

If you receive an email like this, don't respond to it, or follow any links. JUST DELETE IT
Dave