Bi-lingual Education & Access to Financial Opportunities for Low to Moderate-Income Americans.

One Economy Corporation and E*TRADE FINANCIAL have joined forces to help low to moderate-income people build their assets and raise their standard of living through improved access to and knowledge of banking, investing and borrowing opportunities. The three-year agreement includes the development of financial tools and resources that teach people how to bank, pay bills and invest online, as well as how to take better advantage of the Earned Income Tax Credit (EITC). The tools and resources will be housed on One Economy’s consumer portal, “the beehive” (http://www.thebeehive.org), a bi-lingual self-help website that offers national and local information and resources to help low to moderate-income people better their lives.

The first two tools “How to Bank Online” and “How to Pay Bills Online” were released this quarter. The multimedia-rich tools, written at a sixth- grade literacy level, employ audio and visual elements to break down the basics of managing money online. The tools can be accessed free, nationwide at http://www.thebeehive.org and are available in both English and Spanish. “E*TRADE FINANCIAL is proud to collaborate with One Economy to develop and deliver online banking and investing tools and resources to underserved individuals via the internet,” said Arlen Gelbard, Chief Administrative Officer, E*TRADE FINANCIAL Corporation. “One Economy’s efforts to bridge the digital divide will help an audience that is repeatedly and systematically isolated from the economic mainstream.”

According to a 2005 Pew Internet Project Report, 53 million people, or 44% of internet users, say they use online banking. This number has nearly doubled since 2002, growing faster than any other internet activity. By contrast, only 32% of people who earn less than $30K are using the internet to manage their money. Of people with broadband at home, fully 63% have used online banking. Research shows that online banking is on the rise rapidly, and access at home only boosts that growth.

“We understand that online banking is a phenomenon reaching unprecedented numbers of Americans,” said Rey Ramsey, One Economy CEO. “It is our belief that low to moderate-income individuals and families should benefit from the same opportunities afforded to those with greater means.”