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Chase Announces New Funding for Financial Literacy Organizations

Submitted by: JPMorgan Chase & Co.

Categories: Philanthropy & Corporate Contributions, Community Development

Posted: Mar 01, 2007 – 02:09 PM EST

 

Chase Donates $3.9 million to Encourage Financial Education and Awareness

WILMINGTON, Del.--(BUSINESS WIRE)--March 1, 2007--As part of its long-standing commitment to help consumers with financial planning and education, Chase Card Services, the credit card division of JPMorgan Chase & Co. (NYSE:JPM), is donating $1.3 million per year for three years to multiple organizations across the United States through its new Financial Literacy Grant Program.

"Chase believes that everyone should have the opportunity to increase their financial literacy," said Carter Franke, chief marketing officer, Chase Card Services. "We know these grants will make a difference in helping adults and young people learn to use credit responsibly and be smart financial consumers all their lives."

Joel Greenberg, president and CEO of Novadebt, said: "Novadebt is extremely grateful for the support JP Morgan Chase provides, to our organization and the communities we serve, in the areas of education and community outreach. Chase has been a staunch advocate for these efforts enabling us to meet our mission in assisting consumers, through financial education and community outreach programs. With the support of Chase we have been able to reach out to thousands of individual consumers that we otherwise would not have been able to assist."

The Financial Literacy Grant Program is in its second year. Chase provided $1.3 million in funding in 2006, which is followed by $1.3 million in funding this year and an additional $1.3 million in 2008. The new nationwide program is part of Chase's multi-million dollar commitment to supporting financial literacy for people of all ages. These grants will be donated to more than 30 organizations, including credit counseling agencies, consumer financial research groups and a prominent industry trade association.

Grants to Fund Valuable Programs

Chase's grant recipient organizations* such as Consumer Credit Counseling Service of the Delaware Valley, Novadebt, George Washington University's Financial Services Research Program, Take Charge America Institute's "Duel in the Desert Program," which supports more than 80 universities' financial literacy efforts, and the Delaware Financial Literacy Institute will use Chase's donations to support several critical initiatives. These initiatives include consumer education, community outreach and awareness programs, and conducting research to design better financial literacy programs. Each grant recipient is selected from applicants based on Chase's high standards, including the organization's good standing with regulatory entities, the community reach of its program and its focus on improving financial education and outreach.

Jump Starting Financial Literacy

Chase recognizes that financial education should begin at an early age. In addition to Chase's Financial Literacy Grant program, the JPMorgan Chase Foundation supports local education programs hosted by the Delaware Financial Literacy Institute through a $30,000 grant to fund a week-long entrepreneurship camp - called "Chasing the Dream" - to teach middle and junior high school students about how to launch and manage their own businesses. The institute will also host a training program for adults focused on starting entrepreneurship camps at their schools or community centers. Additionally, through the Financial Literacy Grant Program, Chase is awarding an incremental $50,000 to the Delaware Financial Literacy Institute to support a new program to create a financial literacy program for high school students.

Chase Offers Long-term Support to Financial Literacy

In addition to its new Financial Literacy Grant Program and other financial literacy contributions, Chase supports financial literacy through its involvement with MyMoneyManagement.net, a collaborative effort by the financial services industry to give consumers access to financial education information, and by offering resources and tips to consumers on its Web site and through other channels, including:

-- "Free Alerts" service to help customers avoid fees by sending reminders by e-mail, telephone or text message when a payment due date is approaching or when spending is nearing a credit limit. Cardmembers can register at www.chase.com;

-- Guidance on how to receive a free credit report and tips on how to review it;

-- Option to receive year-end statements for Chase accounts to review annual card spending and budget responsibly for the year ahead;

-- Reminders to read statements carefully to understand terms and conditions;

-- 24-hour, 7-day a week customer service to help consumers resolve issues;

-- Tips on how to reach other valuable third-party resources that can assist with responsible credit management, including MyMoneyManagement.net; and

-- The Chase +1 program, which has a focus on financial education for college students and was launched in partnership with Facebook.com, an online social networking site that over 7 million college students use daily. In 2006, Chase +1 was publicized at more than 50 campuses to stress good credit habits. This program will expand throughout 2007.

The Need for Financial Literacy

Consumers today are faced with many financial decisions, such as budgeting, savings, investing, planned and unforeseen life events, and protecting themselves from potential fraud. Personal finance education is often limited or does not thoroughly prepare consumers for all of the fiscal planning they need to reach their personal financial goals. Many people seek financial education through the agencies who receive funding help directly from Chase.

There are multiple, existing nonprofit agencies that assist consumers with common day-to-day credit and financial management services. While such agencies typically help consumers who have financial hardships, they also offer preemptive financial literacy education to the communities they serve. These organizations offer tips and tactics to help consumers plan wisely for a healthy financial life and effectively manage debt.

About Chase

JPMorgan Chase & Co. (NYSE:JPM) is a leading global financial services firm with assets of $1.4 trillion and operations in more than 50 countries. The company has more than 140 million credit cards issued. Under the Chase and JPMorgan brands, the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients. Information about the firm is available at www.jpmorganchase.com.

*Please see accompanying addendum A for 2007 grant recipients.

Addendum A - Chase Card Services 2007 Financial Literacy Grant Recipients

Alliance Credit Counseling, Charlotte, N.C.

Consumer Credit and Budget Counseling Marmora, N.J.

Consumer Credit Counseling Services (CCCS) of Alaska, Anchorage, Alaska

CCCS of Arkansas, Fayetteville, Ark.

CCCS of the Black Hills (South Dakota), Rapid City, S.D.

CCCS of Brevard, Melbourne, Fla.

CCCS of Delaware Valley, Philadelphia, Pa.

CCCS of El Paso (CCCS of the YWCA), El Paso, Texas

CCCS of Forsyth County, Winston-Salem, N.C.

CCCS of Hawaii, Honolulu, Hawaii

CCCS of Linn Benton, Albany, Ore.

CCCS of Maryland/Delaware, Baltimore, Md.

CCCS of Montana, Great Falls, Mo.

CCCS of the North Coast, Arcata, Calif.

CCCS of Northeast Wisconsin (FISC), Menasha, Wis.

CCCS of Rochester, Rochester, N.Y.

CCCS of San Francisco, San Francisco, Calif.

CCCS of the Twin Cities, Yuba City, Calif.

CCCS of West Georgia/East Alabama, Columbus, Ga.

CCCS of Western North Carolina, Asheville, N.C.

CCCS of Yakima Valley, Yakima, Wash.

Debt Counseling Corp., Hauppauge, N.Y.

Delaware Financial Literacy Institute, Claymont, Del.

Family Service Agency, North Little Rock, Ark.

Family Service of Southern Wisconsin and Northern Illinois, Beloit, Wis.

George Washington University, Washington D.C.

LifeSpan, Inc., Hamilton, Ohio

Money Management International, Houston, Texas

National Foundation for Credit Counseling (NFCC), Silver Springs, Md.

Novadebt, Freehold, N.J.

Pioneer Credit Counseling Rapid City, S.D.

Springboard Non-Profit Consumer Credit Management, Riverside, Calif.

Take Charge America Institute for Consumer Financial Education and Research, Phoenix, Ariz.

The Village Family Service Center, Fargo, N.D.

Copyright Business Wire 2007

For more information, please contact:

Tanya Madison Chase Card Services
Phone: 302-282-5547

For more from this organization:

JPMorgan Chase & Co.

 

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