Los Angeles, California The Mexican American Opportunity Foundation (MAOF), the nation's largest Latino human service nonprofit organization, announced today that Citi provided contributions to support two key programs to encourage saving and to promote financial literacy.
Through the "Get Paid to Save" Program, a United Way of Greater Los Angeles effort to help low-income taxpayers open accounts and build savings, MAOF is offering a free Ramp UP savings account to qualified participants in its Volunteer Income Tax Assistance (VITA) program. Ramp-UP is a 15-month structured savings program designed to help low-to-moderate income (LMI) residents build assets through a tax-free, high-interest savings account. Eligible participants make an initial deposit to open the account and then make monthly deposits for 15 months. The savings accounts offer interest rates of up to 19 percent.
In addition, MAOF announced it is offering the "Save Today and Earn" Program (STEP Up!), which it developed jointly with Citi. STEP Up! helps youths from distressed communities develop skills to participate in the financial mainstream, set financial goals, and make prudent decisions about major purchases. The program will use the Citigroup Financial Education Curriculum for Teens.
MAOF will also partner with Citi to develop MoneyTech, an interactive classroom curriculum to teach youths how to use computer and mobile phone technology as financial-tool devices to manage their personal finances. Youth participants in "STEP Up!" will also be offered a variation of the Ramp Up account, specially designed for young savers, called "STEP Up!" accounts.
"We are proud to support the Mexican American Opportunity Foundation," said Jeff Headon, Citibank's Area Manager for South Los Angeles. "Through Citi's Financial Education Curriculum and the Ramp UP program, we can work together to improve more lives in this great community."
"Now more than ever, we need to ensure that everyone in our community understands the importance of financial literacy and saving for the future," said MAOF President & CEO Martin Castro. "MAOF applauds Citi and United Way for their continued support and hard work to keep the American Dream alive for all."
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.