Wachovia Expands Its Financial Literacy Program With Launch Of Credit Education Class
“Extra Credit” educates consumers on credit scores, debt management and credit repair
October 17, 2006 - CHARLOTTE, N.C.— Wachovia announced today that it has developed a new tool to teach the basics of managing credit.
“Extra Credit,” a financial literacy lesson designed for classroom delivery, addresses advanced credit topics, including debt management and how to establish and maintain good credit. It is currently available in English and will be available in Spanish by the end of 2006.
“Understanding credit— and how it can affect almost every aspect of your financial life— is crucial today,” said Mike Rizer, Wachovia’s director of Community Relations. “We developed this class because we’re committed to teaching skills that help people take control of their financial futures.”
“Extra Credit” was launched at an event held by Wachovia community partner Charleston Family Services in Charleston, S.C., today. The organization will now offer the lesson as part of its larger financial literacy partnership with Wachovia.
Long an advocate for financial education, U.S. Sen. Jim DeMint (R-S.C.) helped launch the new tool.
“I commend Wachovia for taking a leading role in addressing our country’s need for financial literacy, particularly as it relates to consumer credit education,” said Sen. DeMint. “Understanding the importance of having and maintaining good credit is the first step to building a sound financial foundation.”
“Extra Credit” joins Wachovia’s existing financial literacy programs, which include:
* The Federal Deposit Insurance Corporation’s (FDIC) Money Smart curriculum, which helps adults enhance their money management skills, understand basic financial services and build financial confidence. Wachovia was the first major bank to partner with the FDIC to offer the agency’s financial literacy program.
* The company’s own eCommunitiesfirst® curriculum, which teaches basic PC and Internet skills.
Wachovia partners with more than 60 community groups across the country and leverages its branch network and employee volunteers to deliver its financial literacy program.
In 2005, Wachovia trained more than 22,000 lower-income families and individuals in PC, Internet and money management skills through its financial literacy program, offering classes in English and Spanish.
Wachovia Corporation (NYSE:WB) is one of the nation’s largest diversified financial services companies, providing a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services. Including the Golden West merger, which closed on October 1, 2006, Wachovia has retail and commercial banking operations in 21 states with 3,400 retail banking offices from Connecticut to Florida and west to Texas and California. In addition, two core businesses operate under the Wachovia Securities brand name: retail brokerage with 737 offices in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. Other nationwide businesses include mortgage lending in 39 states and auto finance covering 46 states. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. At September 30, 2006, Wachovia had assets of $559.9 billion and market capitalization of $88.2 billion. On the same date, based on pro forma data, Wachovia’s combined assets were approximately $700 billion and combined market capitalization was $107 billion.
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