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Bank of America, Kahn Academy Promote Better Money Habits in Whitelake-Highland

Bank of America and Khan Academy today announced a financial education collaboration
that will provide both Whitelake-Higland-area bank customers and
non-customers alike free, self-paced, easy-to-understand resources to develop
better money habits. These resources will be available on a new website,
BetterMoneyHabits.com, which will incorporate educational content from Khan
Academy and Bank of America and be promoted throughout Bank of America’s vast
network.

Bank of America and Khan Academy recognize that no matter where you are starting
from, the best way to improve long-term financial success is by changing habits
slowly, step by step. The online program allows consumers to learn at their own
pace, from a teaching style that is casual and commercial-free.

“At Khan Academy, our mission is to provide a free, world-class education for
anyone, anywhere, and we believe that financial understanding is now an
economic imperative for all,” said Sal Khan, founder, Khan Academy. “Partnering
with Bank of America will help us reach a significantly larger group of people
searching for unbiased information on personal finance and other topics we teach.”

The relationship is part of a broader Bank of America initiative to help people
understand how to make their money work harder.

“We have heard clearly from our customers that they want to build better money
habits, but often lack straightforward and accessible guidance,” said Andrew
Plepler, Corporate Social Responsibility and Consumer Policy executive at Bank
of America. “We approached Khan Academy because of their proven ability to
translate complex topics into simple, self-paced, on-demand learning
materials.”

In a style made popular by Khan, BetterMoneyHabits.com features videos that take a
bite-sized, plain-language approach to simplifying complex financial topics,
making the information easy to grasp and put into action. The first set of
videos addresses topics such as easy ways to save, steps to get out of debt,
setting and sticking to a budget, and understanding mortgages.

The Bank of America – Khan Academy partnership addresses a startling financial
knowledge deficit in our nation today. According to the National Foundation for
Credit Counseling (NFCC) 2013 Financial Literacy Survey, when asked to grade
themselves on their knowledge of personal finance, 40 percent of respondents
gave themselves a grade of C, D, or F. However, Americans demonstrated a
strong desire to improve their level of financial capability, as the survey
also revealed that an overwhelming majority (78 percent) agreed that they would
benefit from advice and answers to everyday financial questions from a
professional.

Building upon its online financial education initiative, Bank of America is piloting a
series of in-person financial workshops in several markets nationwide,
including Boston and Detroit, and later Philadelphia, Seattle, Los Angeles and
Long Island. The company will join NFCC member agencies in hosting free 60- to
90-minute sessions in banking centers and other community locations. The hands-on
workshops will cover basic money management, including the building blocks of
financial success: budgeting, saving and understanding credit reports and
scores.

This financial education initiative augments the company’s ongoing work through its
lines of business and philanthropic/volunteer partnerships to provide financial
education tools and resources to individuals and families in and around White Lake-Highland and
across the nation.

About the Bank of America – Khan Academy Partnership

Bank of America and leading online educator, Khan Academy, have joined forces to
create BetterMoneyHabits.com, a free platform to improve financial literacy.
The platform will explain financial concepts in a simple and conversational way
and will be completely free of advertising. In addition, Khan Academy will
provide videos on financial subjects with no outside editorial control,
reflecting a shared goal of providing information in an unbiased environment.

www.BetterMoneyHabits.com

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