PHILADELPHIA — Wachovia, completing a previously announced settlement, will pay an estimated $163 million to settle federal allegations it failed to stop telemarketers from taking advantage of thousands of elderly consumers, authorities said Friday.

The Wachovia case, the subject of an 18-month investigation by bank regulators, was first announced in April. The parties spent several months working out some of the settlement's details.

Federal officials say the Charlotte, N.C.-based Wachovia didn't act quickly enough to block telemarketers and payment processors from accessing customer accounts.

The marketers obtained customers' bank account numbers while selling products including vouchers for discount travel and groceries and medical discount plans.

A Wachovia spokeswoman did not immediately return a call for comment Friday.