1. Savings Bond Working Group September 25, 2014 Note New Conference Line Info: https://join.me/D2DFUND.LINE1 1.860.970.0010 361-277-745#

2. Agenda 1.Welcome & Introductions 2.New Savings Bond Working Group: Structure & Resources 3.Savings Bonds Policy & Advocacy: Updates 4.Presentation from East Bay Asian Local Development Corporation 5.Questions & Discussion 6.Wrap up & Next Meeting

3. Agenda 1.Welcome & Introductions 2.New Savings Bond Working Group: Structure & Resources 3.Savings Bonds Policy & Advocacy: Updates 4.Presentation from East Bay Asian Local Development Corporation 5.Questions & Discussion 6.Wrap up & Next Meeting

4. New Savings Bond Working Group: Structure & Resources o The Savings Bond Working Group was founded in 2008 o Since then, many changes to savings bonds both at tax-time and year-round (i.e. MyRA) o After interviewing current and past SBWG members, several common goals: o 1) Shared Learnings – How can support each other to promote savings bonds? o 2) Networking – Who & where? o 3) Policy & Advocacy – Opportunities to advocate federally and locally

5. New Savings Bond Working Group: Structure & Resources o Changes: o Logo o Sign-Up Process o Launch of Members-Only Page o Calls will focus on discussion & shared learning o More resources in newsletter

6. New Savings Bond Working Group: Structure & Resources o Sign-Up Here Sign-Up Here o Opt-Out/Change your Contact Info Opt-Out/Change your Contact Info o Launch of Members-Only Page: http://www.d2dfund.org/sbwgmembersonly http://www.d2dfund.org/sbwgmembersonly o Username: sbwgmember o Password: d2dsbwg o Newsletter: Want to share any news? mgoldberg@d2dfund.org

7. Agenda 1.Welcome & Introductions 2.New Savings Bond Working Group: Structure & Resources 3.Savings Bonds Policy & Advocacy: Updates 4.Presentation from East Bay Asian Local Development Corporation 5.Questions & Discussion 6.Wrap up & Next Meeting

8. Savings Bonds Policy & Advocacy: Updates o Government Accountability Office (GAO) Request: Accepted! o Cosigners: Rep. Neal, Rep. Hinojosa, Rep. Ellison, Rep. Rangel, Rep. Tsongas, Rep. Michaud, Rep. Benishek, and Rep. Duffy. o Read the Letter on Members-Only Site or Hereor Here o First GAO study on tax-time savings bonds & overall impact of savings bonds in helping Americans save

9. Savings Bonds Policy & Advocacy: Updates o MyRA: Announcement from Treasury at CFED Assets and Learning Conference o MyRA will launch in fall 2014 through limited employers o Treasury announced that it is looking to integrate MyRA into tax time by 2016 o Account opening versus account funding o Committed to launching to self-employed by 2016

10. Savings Bonds Policy & Advocacy: Updates D2D's Consumer Research about Preferences for Government-Administered Retirement Savings Product o D2D supports the U.S. Treasury's efforts to expand access to quality retirement savings products through myRA o D2D is interested in understanding consumer preferences for features of a government- administered retirement savings product o What features will make such a product appealing? o How can this product reach underserved consumers? o D2D fielded an online survey to over 2500 respondents through survey vendor Toluna from April 18 to May 15, 2014 o Data has been weighted to be representative of the U.S. population from ages 25-49 according to the 2010 U.S. Census o Results will be published in late 2014 and illustrate consumer preferences for: o Product features o Marketing and distribution

11. Savings Bonds Policy & Advocacy: Updates o SaveYourRefund by the numbers: o 2779 entrants, $2,551,658.35 saved o 1053 bonds purchasers, $169,700 saved o 79% of entries came from VITA sites o Strong Partner support o “Split, Save, Win” available at d2dfund.org “Split, Save, Win” available at d2dfund.org o SaveYourRefund next steps

12. Agenda 1.Welcome & Introductions 2.New Savings Bond Working Group: Structure & Resources 3.Savings Bonds Policy & Advocacy: Updates 4.Presentation from East Bay Asian Local Development Corporation 5.Questions & Discussion 6.Wrap up & Next Meeting

13. East Bay Asian Local Development Corporation Building Opportunities by Connecting Communities EBALDC’s Savings Initiative Integrating lessons from behavioral economics to increase tax time asset building Sarah Teater Family Economic Success Supervisor September 25, 2014

14. About EBALDC EBALDC is a non-profit community development organization that builds healthy, vibrant, and safe neighborhoods in Oakland and the greater East Bay.

15. Tax preparation is a unique opportunity to improve the financial well-being of low income households: Hundreds of households Building financial trust Window into finances and goals Using “found” money (refund) to kick start saving Gateway to financial counseling and services Asset Building at VITA

16. Clients are encouraged to save a portion of their refund and take advantage of ongoing financial counseling: Save Some, Spend Some No Account? Opening a safe prepaid debit card Savings Bonds Financial Counseling at the SparkPoint Center The Savings Initiative

17. 2014 Results Tax Clients Served: 357 Clients Who Saved: 102 Savings Bonds Purchased: 26 Savings Accounts Deposits: 83 Prepaid Debit Cards Opened: 46 Total Invested in Personal Savings: $106,557 Average Saved Per Client: $1,044.68

18. Before Tax Season Train Savings Coaches and Tax Volunteers Outreach postcards and flyers in appropriate languages Before Tax Appointment Appointment scheduling script Savings intake During Tax Appointment Clipboard with intake forms and sweepstakes & raffle information Tangible incentive on desk Tax volunteer prompts direct deposit After Tax Appointment Sticker on poster to denote savings goal Follow up by Financial Coach Raffle 2013 Savings Initiative Client Flow

19. Key Elements for Success Designated Savings Coaches Establish TrustSet Goals Make the Change Coach Clients to Appropriate Products Prepare for “No”

20. Selecting the Right Product Split Refund Easy, existing savings account Ready access to funds Pre-paid Debit Doesn’t qualify or want a bank account Doesn't qualify for a credit card but wants the convenience Doesn't want the debt of credit cards Savings Bonds Gift(s) for children Long-term investment Security & stability Doesn't trust banks Harder to access funds Physical “proof” of savings Doesn’t impact asset limits for benefits

21. What if they say no? Step 4: Ask them to reconsider Step 3: Utilize their emotions, values, identity, etc to make a counterpoint Step 2: Validate their opinion. Step 1: Find out why the client is saying no.

22. Thank you! Sarah Teater steater@ebaldc.org (510) 287-5353 ext.341

23. Agenda 1.Welcome & Introductions 2.New Savings Bond Working Group: Structure & Resources 3.Savings Bonds Policy & Advocacy: Updates 4.Presentation from East Bay Asian Local Development Corporation 5.Questions & Discussion 6.Wrap up & Next Meeting

25. Next Meeting Thursday December 18, 2014: 2pm EST Webinar Info: https://join.me/D2DFUND.LINE1 Dial in Info: 860-970-0010 Code: 361-277-745#https://join.me/D2DFUND.LINE1 Interested in presenting? Email us: mgoldberg@d2dfund.org