OneUnited Bank Promotes Financial Literacy for Youth in Conjunction with
Bank President Teri Williams’ new children’s book, I Got Bank!

Boston, MA (March 3, 2011) – OneUnited Bank President and Chief Operating Officer Teri Williams has written a children’s book entitled I Got Bank! The book is the centerpiece of OneUnited Bank’s new initiative to promote financial literacy to urban youth. The book tells the story of an African-American boy, Jazz Ellington, whose grandfather set up a savings account for him and taught him the importance of savings. OneUnited is offering the book for free to any public library or middle school upon request.

In conjunction with the launch of the book, OneUnited Bank is sponsoring an I Got Bank! Essay Contest. To enter, children are asked to write a 500-word essay about what the book meant to them. They can also write about any other book on financial literacy if they wish. The bank will be awarding three winners a $1,000 saving account in August 2011.

I Got Bank! teaches financial literacy in a way that is relevant to urban youth (targeting 8-12 year olds); it also gives parents a great way to start a family discussion about the importance of saving.  After Jazz has saved more than $2000, his mother, older brother and sister attempt to spend his money. He experiences a number of adventures in connection with his newfound focus on savings. Kids will enjoy reading how Jazz stays true to his grandfather’s lessons as he finds creative ways to help his family.

“This book should be required curriculum in all urban schools,” said Dr. Holly M. Carter, Associate Dean for Faculty Affairs and Chairperson, Department of Education, College of Professional Studies, Northeastern University, Boston. “There’s a lot for everyone to learn from the story – no matter what the age.”

The story covers important topics such as bank accounts, credit scores, and interest rates. Ms. Williams plans a series of speaking engagements and readings to promote the book and foster financial literacy.

“I wrote the book because helping young people acquire financial literacy skills is a personal passion and mission both for me and for OneUnited Bank,” said Williams. “I could not find a similar book about money from the perspective of an urban youth. Yet, when children learn the lessons of financial literacy at a young age, they form strong habits that can be life-changing.”

I Got Bank! is published by The Beckham Publications Group, Inc. (www.beckhamhouse.com). More information on the free book for libraries (supplies are limited) or the essay contest is available at www.oneunited.com/book.

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A Wave of Consolidation Is Forcing Smaller Banks to Offer Better Terms Than Ever

By JESSICA SILVER-GREENBERG

The interest rates for 30-year fixed-rate mortgages are in free fall, averaging just 4.44% on Aug. 12, according to Freddie Mac. Not only was that down from 5.07% in January, it was the lowest since Freddie began keeping records in 1970.

But even better deals can be found at smaller banks and credit unions.

“I’ve found that my clients can get routinely better rates by heading to a more regional lender and forgoing the bigger lenders,” says Sean Satkus, a real-estate agent in the Washington, D.C., area. Read the full story »

Anyone with a bad credit score may be able to increase the quality of their credit history and up their bad credit score by using a secured credit card. There are a variety of lenders who offer secured credit cards for anyone looking to rebuild their credit, but a secured credit card is not a guaranteed fix. Read the full story »

Find links to current giveaways and savings from Coupon Clippin’ Mommy.  You can also shop on line and find great deals for you and your family.

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So the holiday bills have started to come in and you are contemplating what to do next.  Many of you have asked yourself, which bill to pay first, how much to pay or when to pay them?  Instead of procrastinating, you should put a plan in place to help you manage those worries. Read the full story »

In these difficult economic times everyone is trying to determine how to better manage their income and expenses. With the constant increase in cost of goods and services, it is very difficult to find opportunities to lower your expenses.  Nevertheless, there are many small lifestyle adjustments that you can make to help you lower your expenses Read the full story »