This is from the current
FAQ (as of the last update to the FAQ entry Jul 17, 2015):
If you were in medium or heavy load from encumbrance before transforming, you continue to take those penalties in your melded form. Otherwise, ignore the weight of melded items and calculate your encumbrance in your polymorphed form entirely based on non-melded items. When wearing melded armor and shields, if you gain no benefit from the melded armor, you still count as wearing an armor of that type, but you do not suffer its armor check penalty, movement speed reduction, or arcane spell failure chance.
If you do gain any benefits (as with the wild property), then you do suffer the armor check penalty, movement speed reduction, and arcane spell failure chance. This also applies to all other situations where you or an armor transform: you always count as wearing an armor of that type, and if you gain any benefit at all from the armor (such as mistmail), you apply the armor check penalty, movement speed reduction, and arcane spell failure chance.
Seeing you are mentioning the Wild enchant meaning you do get the bonus from it. Also means you get the armor check penalty