Slavie in the Community: the FDIC "Money Smart" Program

Slavie Federal Savings Bank has participated in the FDIC "Money Smart" financial literacy program, introduced in 2001, since its inception and continues to do so by providing employees who teach the various FDIC Money Smart modules to low-income adults and new immigrants. These pupils are beginning careers or returning to the workforce after an absence due to the responsibilities of raising a family or incarceration.

In order to participate in The FDIC Money Smart program, organizations must sign a Money Smart Alliance Program agreement. The Maryland Bankers Community Reinvestment Group (MBCRG), with a membership consisting primarily of financial institutions, but also includes government agencies, has signed such an agreement. A MBCRG member, Slavie Federal Savings Bank participates in the Money Smart program by sending three employees to four Career Centers, located in Baltimore City, to train low-income Americans and new immigrants to sharpen their financial skills, establish a confidence level to deal with financial institutions and develop financial management tools to be able to use banking services efficiently and, ultimately, to become financially self-sufficient.

There are four hundred (400) participants per year who attend the FDIC Money Smart program through the MBCRG and 300,000 participants throughout the United States. The curriculum includes:

Bank on it: an introduction to bank services;
Borrowing Basics: an introduction to credit;
To Your Credit: how credit history affects one's future;
Your Own Home: what is homeownership?
Keep it Safe: consumer rights;
Money Matters: how to keep track of your money;

and several other modules, including:

Pay Yourself First: the importance of savings;
Check It Out: choosing a checking account;
Charge it Right: how credit cards work;
and Loan to Own: borrowing needs.

The members of MBCRG introduced an incentive program in 2004-2005 for its participants. Each participant attending three (3) sessions receives a $20.00 gift certificate to a grocery store of their choice and they are automatically entered to win a $500.00 U.S. Savings Bond. Each MBCRG member makes a financial contribution to defer the costs of delivering the FDIC Money Smart program and to sponsor the incentive program.

Slavie Federal Savings Bank has received a "FDIC Money Smart Alliance Partner of the Year 2005" Certificate of Appreciation award for its many years of participation in the program.