Wachovia Expands Its Financial Literacy Program With Launch of Credit Education Class

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.