<PAGE>

                                                                    EXHIBIT 99.2
[Letterhead of KPMG appears here]

                         Independent Accountants' Report
                         -------------------------------


First USA Bank, National Association
The Bank of New York


We have examined the accompanying management's assertion that First USA Bank,
National Association (the "Servicer") maintained effective internal control over
the loan servicing of consumer credit card receivables in the Wachovia Credit
Card Master Trust (the "Trust") in accordance with the Amended and Restated
Pooling and Servicing Agreement dated as of June 4, 1999 (the "Agreement"), by
and between the First National Bank of Atlanta ("FNB Atlanta") and The Bank of
New York (Delaware) as Trustee (the "Trustee"), and as assumed by the Assumption
Agreement, dated as of July 27, 2001, by and among the Servicer, FNB Atlanta and
the Trustee, based upon criteria established by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO) as described in Internal Control
- Integrated Framework during the period November 1, 2000 through October 31,
2001. Such criteria for testing management's assertion included controls related
to the following:

o    segregation of Trust loans to indicate appropriate ownership.
o    timely compliance with the Agreement when either specifics with respect to
     a transaction or other issues or concerns are identified.
o    distribution of payments to the Trustee in accordance with the Agreement.
o    the accuracy and completeness of the Monthly Servicer's Certificates in
     accordance with the Agreement.
o    the review and approval of the Monthly Servicer's Certificates prior to
     distribution in accordance with Agreement.

Management is responsible for the Servicer's compliance with those requirements.
Our responsibility is to express an opinion on management's assertion about the
Servicer's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the Servicer's
compliance with those requirements and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Servicer's compliance with specified requirements

In our opinion, management's assertion that the Servicer complied with the
aforementioned requirements during the period November 1, 2000 through October
31, 2001 is fairly stated, in all material respects.

                                  /s/ KPMG LLP

November 15, 2001

<PAGE>

                ASSERTION BY FIRST USA BANK, NATIONAL ASSOCIATION

The management of First USA Bank, National Association (the "Servicer") is
responsible for maintaining effective internal control over the loan servicing
for consumer credit card receivables in the Wachovia Credit Card Master Trust
(the "Trust"), in accordance with the Amended and Restated Pooling and Servicing
Agreement dated as of June 4, 1999 (the "Agreement"), by and between the First
National Bank of Atlanta ("FNB Atlanta") and The Bank of New York (Delaware) as
Trustee (the "Trustee") and as assumed by the Assumption Agreement, dated as of
July 27, 2001, by and among the Servicer, FNB Atlanta, and the Trustee,
including ensuring adequate controls are in place to ensure:

o    segregation of Trust loans such to indicate appropriate ownership.
o    compliance with the Agreement is appropriately addressed in a timely manner
     when either specifics with respect to a transaction or other issues or
     concerns are identified.
o    distribution of payments to the Trustee are made in accordance with the
     Agreement.
o    the Monthly Servicer's Certificates contain accurate and complete
     information in accordance with the Agreement.
o    appropriate review and approval of the Monthly Servicer's Certificates
     prior to distribution in accordance with Agreement.

Management has performed an evaluation of the control environment and based on
this evaluation, management believes that the Servicer maintained effective
internal control over the loan servicing for consumer credit card receivables in
the Trust during the period November 1, 2000 through October 31, 2001, based
upon criteria established by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO) as described in Internal Control - Integrated
Framework.

/s/ Michael Looney                           /s/ Tracie H. Klein
-----------------------------------          -----------------------------------
Michael Looney                               Tracie H. Klein
Executive Vice President - Operations        First Vice President



/s/ Jeffrey Rigg
-----------------------------------
Jeffrey Rigg
Senior Vice President - Accounting

<PAGE>

[Letterhead of KPMG appears here]

                         Independent Accountant's Report
                         -------------------------------

First USA Bank, National Association
The Bank of New York:

We have examined the accompanying management's assertion, that First USA Bank,
National Association (the "Servicer"), complied with Sections 3.2, 3.4, 4.2 and
4.3 of the Amended and Restated Pooling and Servicing Agreement dated as of June
4, 1999, (the "Agreement"), by and between The First National Bank of Atlanta
("FNB Atlanta") and The Bank of New York (Delaware) as Trustee (the "Trustee")
of the Wachovia Credit Card Master Trust, and as assumed by the Assumption
Agreement, dated as of July 27, 2001, by and among the Servicer, FNB Atlanta and
the Trustee and Section 7, Article IV of the Series 1995-1, Series 1999-1,
Series 1992-2 and Series 2000-1 Supplements to the Agreement dated October 26,
1995, March 24, 1999, September 21, 1999 and August 1, 2000, respectively,
during the period November 1, 2000 through October 31, 2001. Management is
responsible for the Servicer's compliance with those requirements. Our
responsibility is to express and opinion on management's assertion about the
Servicer's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the Servicer's
compliance with those requirements and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Servicer's compliance with specified requirements.

In performing this examination, we have assumed the accuracy of the reports
prepared by the Servicer's third party credit card processor and did not extend
our assessment to the relevant aspects of the Servicer's compliance that are the
responsibility of the third party credit card processor. Accordingly, our
assessment does not extend to these aspects of the Servicer's compliance that
are the responsibility of the third party credit card processor, and we do not
express any form of assurance on those compliance aspects.

In our opinion, management's assertion that the Servicer complied with the
aforementioned requirements during the period November 1, 2000 to October 31,
2001 is fairly stated, in all material respects.

                                  /s/ KPMG LLP

November 15, 2001

<PAGE>

                ASSERTION BY FIRST USA BANK, NATIONAL ASSOCIATION

The management of First USA Bank, National Association (the "Servicer") is
responsible for complying with the requirements of Sections 3.2, 3.4, 4.2 and
4.3 of the Amended and Restated Pooling and Servicing Agreement, dated as of
June 4, 1999, as amended (the "Agreement") and Section 7, Article IV of the
respective Amended and Restated Pooling and Servicing Agreement Supplements,
noted in Attachment A (the "Supplements"), related to each Credit Card Master
Trust Series listed, as amended from time to time (together, the "Agreements")
between the Servicer and The Bank of New York (Delaware) (as Trustee for the
various Certificateholders and Enhancement Providers of the Wachovia Credit Card
Master Trust).

Management has performed an evaluation of the Servicer's compliance with the
Agreements and based on this evaluation management believes that the Servicer
has complied with the requirements of the sections of the Agreements referred to
above during the period from November 1, 2000 to October 31, 2001.

In providing this assertion on compliance, we have assumed the accuracy of the
reports prepared by the Servicer's third party credit card processor and did not
extend our assessment to the relevant aspects of the Servicer's compliance that
are the responsibility of the third party credit card processor. Accordingly,
and in accordance with Section 3.6(a) of the Agreement, our assessment does not
extend to these aspects of the Servicer's compliance that are the responsibility
of the third party credit card processor, and we do not express any form of
assurance on these compliance aspects.


/s/ Michael Looney                           /s/ Tracie H. Klein
-----------------------------------          -----------------------------------
Michael Looney                               Tracie H. Klein
Executive Vice President - Operations        First Vice President



/s/ Jeffrey Rigg
-----------------------------------
Jeffrey Rigg
Senior Vice President - Accounting

<PAGE>

Attachment A


Amended and Restated Pooling and Servicing Agreement Supplements


Wachovia Credit Card Master Trust Series                      Compliance Period
----------------------------------------                      -----------------

Wachovia Credit Card Master Trust Series 1995-1               11/1/00-11/15/00
Wachovia Credit Card Master Trust Series 1999-1               11/1/00-10/31/01
Wachovia Credit Card Master Trust Series 1999-2               11/1/00-10/31/01
Wachovia Credit Card Master Trust Series 2001-1               11/1/00-10/31/01