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Putting yourmoney to work:A simple guide to financial education

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Putting your money to work: A simple guide to financial education

This booklet is meant to provide general financial information; it is not meant to substitute for, or to supersede,professional, legal, or medical advice.

Note: The content areas in this material are believed to be current as of this printing, but, over time, legislative andregulatory changes, as well as new developments, may date this material.

©2003 National Endowment for Financial Education. All rights reserved.

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Table of ContentsIntroduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4

Manage your money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6Make a budget . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6Banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10

Getting help with your finances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12Earned income credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12Child and dependent care credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13Supplemental security income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13More help . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13

Buy a home for you and your family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14A mortgage is a loan to buy a home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14How to get a loan to buy a home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14You also will pay insurances and taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14Learn more about buying your own home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15

Build good credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16Pay your bills on time . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16Order your credit report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16Use a credit card to help build good credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16Avoid predators that lend money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17

To meet your goals, save your money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18Ways to start saving your money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19Open a savings account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19

Start saving for retirement now . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20

Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21

Acknowledgments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22

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Welcome to life and culture in the UnitedStates and welcome to the U.S. system ofmoney. This booklet has been created by theInternational Association of Jewish VocationalServices (IAJVS), the National Endowment forFinancial Education (NEFE), and Bank ofAmerica to give you basic information on howto use the U.S. dollar and banking system toyour advantage. We are excited to help youlearn how to achieve your financial goals. Wealso encourage you to understand that mostpeople in the United States go through aprocess of working hard, saving money, andcarefully planning to buy homes, cars, and aneducation for themselves and their children.This process often takes years, if notgenerations.

Take time to think of your dreams and goals.The first step to making your dreams a reality is

to write down what you want to achieve.Research shows that people who write downtheir goals usually save twice as much moneytoward those goals as people who do not writethem down. To meet your goals or realize yourdreams, find the cost of what you want to buyor achieve. For example, if you want to buy ahouse, you will have to pay not only thepurchase price, but homeowners’ insurance,property taxes, and the cost of improving andmaintaining the home. Literally keep your goalin front of you. For example, cut a picture of ahouse that you like from a magazine and placeit where you will see it often. Do not bediscouraged if you cannot do at onceeverything you are determined to do. Savingeven $5 from a paycheck will help you movetoward success. Use the following table tobegin to plan.

Introduction

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My goal $ needed By what date? $ I will save weekly

Now that you have written down your goals, it is time to learn how to manage your money soyou can begin to achieve your goals.

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Manage your money

The best place to learn how to manage yourmoney is by writing down how much moneyyou earn and comparing it to the expenses youmust pay. This is called budgeting.

Make a budgetUse the following tables to record your monthlyincome and expenses. In the second table, notethat the first “expense” is for savings. This isbecause it is important to “pay” yourself first inorder to achieve your goals.

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Monthly income Current income Anticipated income

Take-home pay after taxes

Commissions/tips/bonuses

Child support/maintenance

Unemployment

Social Security or SSI

Public assistance

Food programs

Tax refund

Gifts

Interest and dividends

Other

Total monthly income

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Monthly expenses Current expenses Anticipated expenses

Savings

Rent or mortgage

Electricity

Gas/heating oil

Telephone

Groceries

Transportation(bus fare, car payments, repairs, gas)

Insurance (auto, homeowners/renters)

Insurance (life, health, disability)

Child care

Child support/maintenance

Support to other relatives

Medical bills

Taxes

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Monthly expenses Current expenses Anticipated expenses

Union or other dues

Charitable donations

Credit card/other loan payments

Personal expenses (toiletries, clothing)

Miscellaneous (Internet, continuing education)

Other

Total monthly expenses

Now compare your expenses with your income.When there is money left at the end of themonth, you have more to save toward achievingyour goals. If your expenses exceed yourincome, examine how small changes in yourspending can help you balance your budget. Forexample, if you have to take a lower-paying job,can you limit buying clothes and subscribing tocable television? Most people, from time totime, must make such choices.

Your total monthly income $ _____________

Your total monthly expenses - _____________

Amount after you subtract expenses from income = _____________

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BankingBanking in the United States is a helpful wayto manage and grow your money. It is alsovery safe. The funds you deposit in a bank areinsured, and your accounts are secure. Bankingin the United States includes making depositsand withdrawals using an automatic tellermachine (ATM). Your counselor will help youchoose the best financial institution for yourbanking needs, based, for example, onlocation, the people available to help you, andtypes of banking services offered. For now,there are two basic types of accounts: achecking account and a savings account. Youcan open both accounts at the same financialinstitution. Information on a basic savingsaccount is on page 19.

A checking account is a convenient way to payyour expenses. A check is a legal instrumentthat tells your bank how much money is to bepaid from your account to the person orcompany to whom you wrote the check. When

you open a checking account, your bank willgive you examples that will show you how touse a register to record transactions. You alsowill receive a monthly statement of youraccount, with instructions on how to balanceit. Study these examples and keep goodrecords. Also, carefully read the bank’sinformation on the fees you may be chargedeach month on the account. Record any fees asdeductions in your register.

After you have an account, find out if youremployer offers direct deposit of yourpaycheck. This is a fast, safe way toautomatically deposit money into youraccount. If you must deposit your money inperson, endorse the check by signing yourname on the back of the check. Endorse thecheck only after you have arrived at the bank.If you deposit your check using an ATM, write“for deposit only” and your account numberbelow your signature.

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Pay to the Order of

Date

JOHN SMITH123 CENTER STREETANYTOWN, USA 12345

Dollars

$

001

Memo

FIRST STATE BANK, N.A.BRANCH LOCATION123 MAINSTREETANYTOWN, USA 12345800-555-1212

1234567890❖ 12345678901❖ 0001

Your name and address

The amount of money innumerals, you are paying

The amount, in words, to bededucted from your account

The bank’s addressand phone number

Your signature

The bank’s routing number, youraccount number, and the check number

A note to tell you whatthe purchase is for

Check number

The name of the person or company thatis to receive money from your account

The date you arewriting the check

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Sometimes life events can be personally andfinancially demanding. Fortunately, programsexist that can help make your money go fartherand ease the stress you may feel over nothaving enough to take care of your family andyourself. When you face challenges such ashaving to work at a lower-paying job,remember that your situation does notrepresent who you are. The important measureof a person is not money, but how one handleslife. For those tougher times, here are resourceson which to rely until your finances improve.

Earned income creditThe Earned Income Credit (EIC) is for workingpeople who earn a low to moderate income. Itreduces taxes, supplements wages, and makesgoing to work even more attractive. In additionto a tax refund, workers may receive extra cashfrom the Internal Revenue Service (IRS). Evenworkers whose earnings are too small to oweincome tax may receive the EIC. (Talk to yourcounselor on earned income credit.) Forexample, you qualified for an EIC for the 2002tax year if:

• You were single or married and worked full-or part-time at some point during the year.

• You were not raising children in your home,were between the ages of 25 and 64 on Dec.31, 2002, and your income was less than$11,060 if you were single or $12,060 if youwere married. (Subject to change - Checkwith your counselor.)

• You were raising one child in your home formore than six months of the year and yourincome was less than $29,201 if you weresingle or $30,201 if you were married.

• You were raising more than one child in yourhome for more than six months and yourincome was less than $33,178 if you weresingle or $34,178 if you were married.

Workers raising children in their homes canget part of their EIC in their paychecksthroughout the year. They receive the secondpart after they file their tax returns. The Centeron Budget and Policy Priorities in Washington,D.C., has clear information on how EIC works,how to apply, and who qualifies for EIC. TheirWeb address is www.cbpp.org. Click “EarnedIncome Credit,” then “Earned Income Tax

Getting help with your finances

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Credit Outreach Kit” for the current tax year.Also, see IRS publication 596 Earned IncomeCredit at www.irs.gov. Click on Formspubs forthis specific form.

Child and dependent carecreditIf you pay someone to care for a child, spouse,or dependent so you can work, you may beable to reduce the amount of federal tax youpay. In general, a tax credit is available topeople who, in order to work, must pay for thecare of children younger than 13 or a spouseor dependent who is physically or mentallyunable to care for himself or herself. Inaddition, certain other requirements must bemet. Most states participate in this new serviceprogram. To learn if you qualify for the Childand Dependent Care Credit, visitwww.cbpp.org and follow these links: “EarnedIncome Credit,” “Earned Income Tax CreditOutreach Kit,” and “Facts About the NewChild Tax Credit.” Also, see IRS publication504, Child and Dependent Care Expenses atwww.irs.gov. Click on Formspubs for moreinformation about this credit.

Supplemental security incomeSupplemental Security Income (SSI) pays amonthly benefit to people with minimalincome and resources who are at least 65 yearsold or who are blind or disabled. Benefits canapply to children as well as adults. If eligible,you may receive both SSI and Social Security,which is a program of the federal government.In most states, a person who receives SSI iseligible for health benefits under Medicaid, ahealth insurance program funded by both thestate and federal government. For clearinformation on eligibility, visit the AmericanAssociation of Retired Persons Web site,www.aarp.org, and type “SSI” into the searchfeature near the top of the screen. Click “AARPWebplace | Supplemental Security Income.”

More helpYour IAJVS counselor, the Internet, and thepublic library will have information on otherprograms, including the Low Income HomeEnergy Assistance Program, the Summer FoodService Program for Children, the NationalSchool Lunch Program, and the SpecialSupplemental Nutrition Program for Women,Infants and Children.

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A mortgage is a loan to buy a home There are several different types of mortgages.These include a fixed-rate 30-year mortgage, afixed-rate 15-year mortgage, a fixed-rate, 10-year mortgage, and an adjustable-ratemortgage. Fixed-rate refers to the single interestrate at which your loan will be financed. Aninterest rate is the money you pay forborrowing money and using a loan. To qualifyfor a good rate of interest, usually 5 to 8percent, you will need to build a good credithistory. (You will learn about credit in the nextsection of this booklet.) A healthy credit ratinghelps you get a loan and lets you choose howto finance a home.

How to get a loan to buy a homeWhen you decide it is time to buy a home, it isbest to apply and be prequalified for amortgage. This means that when you find thehouse you want to buy, you will already knowthe amount of money you can borrow. Whenyou are prequalified, the seller will know you

are a serious buyer who, when you make anoffer to buy, is able to complete the purchase.

Your options for financing a home include anarrangement called “owner-carry,” wherebythe seller of a piece of property agrees tofinance the loan for the buyer. In effect, thebuyer borrows money from the seller insteadof, or in addition to, a financial institution.Another option is to receive financing througha mortgage broker, a business or person whoworks with more than one bank or financialinstitution. A broker will work with you tofind the best loan based on your individualfinances. A third option, the most widelyknown, is to obtain a mortgage from a bankor financial institution.

You also will pay insurances and taxes Conventional mortgages require homeownersto insure their property for at least the amountof money owed on a mortgage. If theinsurance is cancelled or lapses, a mortgagecompany will obtain a separate insurancepolicy on the property and charge the cost to

Buy a home for you and your family

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the person who holds the mortgage. When youbuy insurance, it would be wise to get a policythat will pay the cost of replacing your home.It would also be wise to reread your insurancepolicy every one to two years and increase yourcoverage so it is up to date with the actual costto rebuild or repair your home in case ofdamage. Homeowners’ insurance also coversthe belongings in your home andhomeowner’s liability insurance protects youin case there is an accident and someone ishurt on your property.

Each year, the county in which you live willassess taxes on your property. If you do notagree with the tax amount, you may appeal theassessment. Your counselor can advise you onthis process. If you do not pay your taxes, thegovernment can place a lien on your property,which means the government, to securepayment of the taxes owed, has a claim onyour house. If you continue to not pay, thegovernment will foreclose on your home andsell it to collect the taxes.

There is an easy way to pay your insurance andtaxes. When you get your mortgage, theprinciple amount you owe, the interest on themortgage, the taxes, and the insurance, or PITI,can be included in your regular mortgagepayment. PITI is an abbreviation for principle,interest, taxes, and insurance.

Learn more about buying your own homeA guide from the Fannie Mae Foundation thatexplains more about buying a home, includinginformation on financing and mortgages, isOpening the Door to a Home of Your Own. Toreceive a free copy of the booklet in English orRussian, phone 1-800-688-4663.

Understanding a mortgageA mortgage, besides referring to the loan forbuying a home, is your pledging the propertyyou are buying as the security for the moneyyou now owe. The word also refers to the deed,or legal document, by which the pledge ismade.

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You will build good credit by paying your billson or before the dates they are due. Having agood credit record makes it easier for you toobtain a loan from a financial institution tobuy a home, for example, or to fund yourchildren’s education. A positive credit recordshows lenders that you are able to keep yourpromise to repay a loan. You will also pay alower interest rate on your loan than youwould with a poor credit rating. Building goodcredit also is important to your eligibility towork for certain employers.

Pay your bills on timeMark on a calendar when you must mail orpay your bills online so creditors can processyour payments before the due dates. Have yourtelephone, electric, gas, and insurance billsautomatically paid by electronic transfer fromyour checking account. (Remember to recordautomatic payments in your check register.)For example, to pay your phone bill byelectronic transfer, ask the phone company forthe form to fill out to establish this paymentarrangement. Remember, automatic paymentsfrom and deposits to your account are a fast,safe way of managing money.

Order your credit reportThe following companies each have a report ofyour credit. Order your report from eachcompany every year and review it to make surethe information is correct. To order, you willneed your Social Security number, year ofbirth, and mailing address.

• Equifax, 1-800-685-1111, www.equifax.com.

• Experian, 1-888-397-3742,www.experian.com.

• Trans Union Corporation, 1-800-916-8800,www.transunion.com.

Your counselor can help you take the steps tocorrect your report, as necessary.

Use a credit card to helpbuild good creditYou can get into debt by overusing credit cards,but using them wisely can show that you canmanage credit well. Compare card offers andchoose the one with the lowest interest rateand annual fee. Be sure to read andunderstand the terms and conditions of thecard agreement. Open no more than two credit

Build good credit

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card accounts. If you want to use a credit cardto begin to build a credit history, but do notyet qualify for a major card such as MasterCardor Visa, apply for a secured credit card or acard offered by a department store. A securedcredit card account is one in which youdeposit money. Your credit limit for theaccount usually is the same as or one-half ofthe amount you deposit. You will be requiredto pay off the credit charges each month. A listof reputable secured card issuers is atwww.bankrate.com. Be sure to pay off theaccount every month or keep the balance very low.

Avoid predators that lendmoneyThough it may seem like an easy way to getmoney quickly, check-cashing stores, paydaylenders, pawnshops, and car-title loans willcost you money you cannot afford. Be smartabout where you spend and avoid “lenders”that are in business to take advantage of you.

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In coming to the United States, you havefollowed the way of millions of immigrants.For more than 400 years people have come tothe United States to create opportunities forthemselves. As you read in the introduction,whatever opportunity you seek, saving moneywill help you find it. Even saving a smallamount every month will help you achieve agoal such as owning your own home.Imagine that you save $30 every month. Alsoimagine that every year your savings earn aninterest rate of 5 percent. This means that forevery $100 you save, you earn about an extra$5. Your monthly savings would add up over20, 30, and 40 years to the following amounts.

So, what could you do with this money? Youcould buy a second-hand vehicle in goodcondition for $12,000 or less. In 30 years, youmight use $24,000 to start a business or makea down payment on a home.

When you save money, you are also ready foran emergency. Emergencies may not be part ofthe expenses you budget for each month. Yoursavings, however, can help pay for unexpectedexpenses. A good guideline is to save enoughmoney to cover all of your expenses for at leastthree months. This amount will help youmanage larger emergencies, such as someonein your household losing his or her job.

You need to save to meet long-term goals.Remember the goals you wrote down in theintroduction to this booklet? When you makeplans for your future, you motivate yourself tosave. Consider some long-term goals you wantto achieve. Write down the goals that you wantto reach in one year. Then, write down goalsthat you want to reach in 10 years.

The goals I plan to reach with my savings in oneyear are:

The goals I plan to reach with my savings in 10

To meet your goals, save your money

20 years 30 years 40 years

$12,382 $25,072 $45,791

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years are:

Ways to start saving yourmoney• Every day put at least $1 and any loose coins

in a can or jar. At the end of each month putthis money into a savings account.

• Ask your employer if you can have moneyput into your savings account directly fromyour paycheck.

• Are you paying off a loan? Once you havepaid off the loan, continue to make the samepayment each month to your savingsaccount.

• Do your habits cost money? Give up costlyhabits, such as smoking. Save the money youwould spend on these habits.

Open a savings account

You can open a savings account with as little as$100. Some financial institutions may requireless than this amount. One benefit of a savingsaccount is that you can quickly withdrawmoney in case of an emergency. Once you arein the practice of saving and have accumulatedmoney, you can choose a savings plan thatearns more interest than a basic savingsaccount. As your money grows, you will haveadditional choices for saving and investing.

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In the United States, people look forward toretirement as a reward for many years of hardwork. Americans see retirement as a time formaking a priority of personal interests, such astravel, hobbies, and spending time with family.To do such things, one must finance his or herretirement, even when it is many years away.Importantly, some employers mandate aretirement age of 65 years old. Such arequirement makes it necessary to save moneyfor those years when you may not be workingfull time.

It does not take a lot of money to start savingfor retirement. If you begin now, you will havethe money you need during your later years.Start by setting retirement goals. For example,ask yourself the following questions. Howmany years until I want to retire? Where will Ilive after retirement? How many years do Ianticipate being retired? What activities andlifestyle will I want to pursue? Use the budgetworksheet from pages 7-9 to plan a budget foryour retirement. To keep living your currentlifestyle during retirement, you will need 80 to

100 percent of your present income. Yourcounselor or a financial planner can help youdetermine the inflation for your retirementyears. Inflation is an increase in the cost ofliving, which may rise, for example, 4 percenteach year from now until you retire.

Your employer may sponsor a retirement plan.If so, carefully choose your benefit plan andunderstand how the money will be disbursedand when you will pay taxes on it. (Remember,taxes are a percentage of income or propertyyou are required to pay in support of thegovernment.) In addition, Social Security, aprogram of the U.S. federal government, givessome retirement income. Look at the pay stubfrom your paycheck and you will see that someof your earnings have gone to Social Security.You will begin receiving this money back whenyou retire. For an estimate of the SocialSecurity benefits you will receive in retirement,ask your counselor to help you obtain FormSSA-7004 (available from www.ssa.gov (click“forms” and enter “7004” in the search box) orby phoning toll free 1-800-772-1213).

Start saving for retirement now

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assets. Assets are the tangible and intangibleresources of a person or business and includesuch things as cash, real estate, material goods,skills, and education.

charitable contribution. A charitablecontribution is an amount of money you freelygive away, ideally to an organization whosemission has deep meaning for you and thatoperates solely as a result of people’scontributions of money and volunteer time.You may choose to make a charitablecontribution on a regular basis, such as onceeach month or each year.

commission. A commission is a fee orpercentage of the proceeds of a sale that is paidto a worker, such as a salesperson or broker, inaddition to or in place of a salary or wages.

dependent. A dependent is a person who relieson another person or organization forfinancial support and well-being.

dividend. A dividend is a portion of acompany’s profit that is paid to itsshareholders. For example, if the Bell

Corporation (a fictitious company) announcedan annual dividend of $5 per share of its stock,and you own 100 shares, you would earn $500each year, or $125 paid quarterly. The BellCorporation’s board of directors would decidehow large a dividend the company would payor if it would pay one at all. The larger andmore mature a company is, the more likely itsboard of directors will be to issue dividends.

Internal Revenue Service, or IRS. The InternalRevenue Service (IRS) is the agency of theUnited States Government that collects federaltaxes on one’s income. Internal revenue is theincome the government receives by taxing itscitizens’ income, profits, luxuries, andamusements. Your federal income tax return,which is the paperwork you submit to the IRSshowing how much tax you owe, is due eachyear. The annual date for filing taxescustomarily is April 15.

liability. A liability is a debt owed by a personor business, often to the disadvantage of theindividual or organization owing the debt.

Glossary

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Putting Your Money to Work: A Simple Guide toFinancial Education was written and producedfor the International Association of JewishVocational Services as a public service by theDenver-based National Endowment forFinancial Education®, or NEFE®; William L.Anthes, Ph.D., President; Brent A. Neiser, CFP,Director of Collaborative Programs; and JeannetteHerreria, Project Manager.

NEFE is an independent nonprofitorganization committed to educatingAmericans about personal finance andempowering them to make positive, sounddecisions to reach their financial goals. TheNational Endowment for Financial Education,NEFE, and the NEFE logo are federallyregistered service marks of the NationalEndowment for Financial Education. For moreinformation about the National Endowmentfor Financial Education, visit www.nefe.org.

The International Association of JewishVocational Services (IAJVS) is a not-for-profit

association that links 28 non-sectarian healthand human services agencies in the UnitedStates, Canada, Israel, and Argentina. Each year,the IAJVS network provides a diverse range ofeducational, vocational, and rehabilitationservices to more than 320,000 individuals fromacross the social strata, and works with over40,000 employer organizations.

The IAJVS network is guided by a commonmission set forth by the medieval Jewishphilosopher Moses Maimonides: the greatestcharity lies in helping people to become self-sufficient. To realize our shared mission, IAJVSprovides its member agencies with services thatstrengthen local capacity. IAJVS serves as thecollective voice, representing the networknationally and internationally, and promotingthe important work of its local agencies, bothhere and abroad. For more information onIAJVS and its members, visit www.iajvs.org

One of the world’s leading financial servicescompanies, Bank of America is committed to

Acknowledgments

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making banking work for customers like itnever has before. Through innovativetechnologies and the ingenuity of its people,Bank of America provides individuals, smallbusinesses and commercial, corporate, andinstitutional clients across the United Statesand around the world new and better ways tomanage their financial lives. The bank’snational initiative, America/Banks, seeks topromote financial literacy to help people movefrom poverty to self-sufficiency.

The company enables customers to do theirbanking and investing whenever, wherever,and however they choose through the nation’slargest financial services network, includingapproximately 4,400 domestic offices and13,000 ATMs, as well as 38 internationaloffices and an Internet Web site that providesonline access for more than 3 millioncustomers. For more information, visitwww.bankofamerica.com.

Design: Steve Stremsterfer, Fierce DesignIllustrations: R. Gregory Michaels

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