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Money Smart Press Releases

FDIC AND WACHOVIA CORPORATION FORM FIRST CORPORATE-WIDE MONEY SMART ALLIANCE PARTNERSHIP

FOR IMMEDIATE RELEASE
MS-001-2003 (01/30/2003)
Media Contact:
Rosemary George (202) 898-6530

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."

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Note: A Video News Release of the FDIC-Wachovia event will be available Thursday, January 30 from 3:30 pm to 4:00 pm on Telstar5/Transponder 19KU (T5K19). Downlink frequency is 12053 Vertical. 6.2/6.8 Audio Channels. Feed name is Wachovia/FDIC Money Smart.

Attachment: Photo of Signing Ceremony
Chairmanís Remarks at Signing Ceremony
Photo Essay

Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 9,415 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing the risks to which they are exposed. The FDIC receives no tax dollars - insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov or through the FDIC's Public Information Center (877-275-3342 or 202-416-6940).

Last Updated 01/30/2003 communications@fdic.gov