Federal Deposit Insurance Corporation
Bank of America
FOR IMMEDIATE RELEASE FDIC MS-3-2005
June 10, 2005
FDIC Welcomes Bank of America to Money Smart Alliance Program
The Federal Deposit Insurance Corporation (FDIC) and Bank of America announced today that the bank has joined the FDIC's Money Smart Alliance Program. Under the alliance agreement, Bank of America will promote the FDIC's Money Smart program throughout its retail banking service area. Bank of America has one of the largest financial networks in the nation, with more than 5,800 retail banking offices, more than 16,700 ATMs and an award-winning online banking Web site with more than 13 million active users.
"The FDIC is pleased to partner with Bank of America to bring our Money Smart financial education curriculum to communities across the country," said Don Powell, Chairman of the FDIC. "Learning the principles of sound money-management is critical to building a secure financial future for families and, ultimately, the communities they live in."
Bank of America will utilize the Money Smart curriculum as part of its core financial literacy outreach, mobilized through its associate volunteer network, Team Bank of America, and will provide a link to Money Smart on its Web site. The bank's goal is to provide low- and moderate-income families with financial education linked to asset-building strategies. A key component of the bank's program will be to leverage existing services and community collaboration efforts.
The bank also plans to use Money Smart in training offered in its "Banking on the Future" programs and promote Money Smart classes through outreach by its banking centers in local communities.
"Bank of America's commitment to the Money Smart program underscores the critical need for improved financial learning in the country," said Doug Woodruff, Community Development Executive, Bank of America. "For lower income individuals and families, learning can provide the key to ending a cycle of poverty. Through the bank's partnership with the FDIC our associates are active in the community to provide the fundamental principles of budgeting, saving, and investing, allowing individuals and families a more independent and secure future."
To learn more about the FDICs Money Smart program, visit the Money Smart page on the FDIC's Web site at http://www.fdic.gov/consumers/consumer/moneysmart/index.html. In the three years since Money Smart was released, more than 294,400 adults have completed a Money Smart course and more than 39,180 new banking relationships have been established by Money Smart students. Money Smart was awarded a Service to America medal by the Partnership for Public Service.