COMMUNITY NEWS

Media Contact: Rosemary George
(202) 898-6530

January 30, 2003
FDIC and Wachovia Corporation Form First Corporate E-wideMoney Smart Alliance Partnership

The Federal Deposit Insurance Corporation (FDIC) and Wachovia Corporation today announced the first corporate-wide implementation of the FDIC's Money Smart financial education program. The announcement was made at FDIC headquarters in Washington, D.C.

As a partner in the FDIC's Money Smart Alliance Program, Wachovia will reach 5,000 low- and moderate-income individuals this year in the 11 states and the District of Columbia where Wachovia offers full financial services. Wachovia plans to offer Money Smart classes in English and Spanish via satellite broadcasts to churches, schools, and outreach groups, using equipment donated by the Charlotte, NC-based bank.

Wachovia is also creating English and Spanish Money Smart videos to be used by employee volunteers and community partners. Under Wachovia's community service program, each of its 82,000 employees is entitled to take four hours a month - six days a year - of paid time to volunteer in their communities.

"We are extremely proud to welcome Wachovia as the newest member of the Money Smart Alliance Program," said FDIC Chairman Don Powell. "Wachovia's example in making such a strong commitment to community service should serve as a shining light for corporate America. In this post-9/11 era, it is more important than ever that we as a nation answer the President's call to revive an ethic of service to one another and to this great country we are privileged to live in."

"Programs like Money Smart - and partners like the FDIC - will enable Wachovia to make a difference in the lives of our employees, our community partners, and our neighborhoods," said Wachovia CEO Ken Thompson. "This partnership is a logical outgrowth - of our company's proud tradition of community service. We view our communities as key stakeholders of our shared success and we work to enrich these communities through development programs, contributions, and volunteerism."

The FDIC developed the Money Smart curriculum to help adults enhance their money management skills, understand basic financial services offered by the financial mainstream and build their financial confidence to use banking services effectively.

The Money Smart curriculum is comprised of ten comprehensive instructor-led modules covering basic financial topics including an introduction to bank services, tips on obtaining credit and buying a home. It can be easily reproduced for wide dissemination and has no copyright restrictions. Money Smart is free to users.

In addition to the English and Spanish CD-ROM versions now available, Money Smart is being translated into Korean, Chinese, and Vietnamese. Those versions are scheduled for release later this year.

Any organization interested in financial education can use Money Smart. For information and instructions on how to obtain copies of the curriculum click on the FDIC Money Smart link at www.fdic.gov, or call (202) 942-3404.

"We believe using the Money Smart financial education curriculum is an excellent way to ensure that everyone has the knowledge necessary to function within our financial system," said Chairman Powell. "We know that financial education is a key element in building banking relationships, strengthening communities and improving quality of life within every segment of our society. FDIC Money Smart is the tool kit that helps people do this."

Email This Page

Printer Friendly Version

Documents marked with this icon require Adobe Acrobat Reader. If you don't already have this software installed, you can download it for free from Adobe's Web site. Get Acrobat Reader now.