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Volume 14
Issue 2
Fall 2010

A n E c o n o m i c E d u c at i o n Ne w s l e t t e r f r o m t h e Fe d e r a l Re s e r v e B a n k S t. L o u i s

Need to Know:

New Regulations for your Debit and Credit Cards
Not all that long ago, adults’ financial advice to young people was simple:
“Learn how to write a check and balance a checking account.”

What’s Your
Question?
Credit Quiz

Economic
Snapshot
Consumer Credit

Bulletin Board
Annual Educators Conf.
Social Programs and
the Federal Debt

Resources
Econ Ed Live!

www.stlouisfed.org/education

Today, young people need to know about
more than just checkbooks and paper
statements. Online banking is extremely
popular and paper is all but obsolete. And
that includes paper checks. Today, debit
and credit cards are the rule, and consumers—especially young consumers—need to
know about these tools and the rights and
responsibilities that go along with them.
With recent changes in the regulations
regarding debit and credit cards, it’s a good
time to learn about these forms of payment.

Debit Cards
According to CreditCardGuide.com, a subsidiary of Bankrate Inc., in 2008 debit-card
purchases exceeded credit-card purchases
for the first time. This trend is expected to
continue, which makes understanding debit
cards and consumers’ rights regarding debit
cards all the more important.
But what do consumers need to know that
they don’t already know? It seems pretty
straight-forward: You enter a store, you
swipe the card through the reader, you type
in your pin, and you take your bag of new
stuff home. Well, that’s just the beginning of
a process that can prove to be your greatest convenience or your biggest problem,
depending on how you handle it.

First, a definition is in order: A debit card
is a card provided by a bank as a service that
allows a point-of-sale transaction to replace
cash and checks; transactions are deducted
electronically from a cardholder’s account. It
works this way.
• The bank gives you a card linked to your
bank account.
• The card can be used to buy things instead
of using cash or writing a check or using a
credit card.
• The bank receives information about
purchases electronically and deducts the
amount spent from the account at the
time the purchase is made.
Debit cards are convenient and easy to
use, but consumers have to be responsible
and keep track of transactions to ensure they
know how much money is available. Why is
this so important? Consider this.
Suppose you buy a pack of gum at a
convenience store for $1.57 (including tax),
and you use your debit card. Your bank is
notified, and $1.57 is taken from your bank
account. But, you have only $1 in your
account, and that $1.57 transaction just
caused an overdraft in your account. (An
overdraft occurs when you do not have
enough money in your account to cover the
continued on Page 2

T h e f e d e r a l r e s e r v e ba n k o f s t. l o u i s : Ce n t r a l t o A m e r i c a ’ s e c o n o m y ™

Need to Know
continued from Page 1

cost of a transaction—whether it is a debit transaction, an ATM withdrawal, or a check.)
If you have overdraft protection and your bank
allows the transaction to go through, the bank will
charge you a fee—maybe as much as $34. Good
grief—that pack of gum cost you $35.57! ($1.57 for the
gum itself and $34 for the overdraft fee.) It had better
be very, very long-lasting gum!

Each year more than 50 million Americans overdraw their checking accounts and pay nearly $24
billion in overdraft fees. The most common triggers
of these fees are small debit-card transactions such
as the one described above. Debit-card overdrafts
are so prevalent that regulators were concerned
that consumers—who may not have understood the
fee structure—were being taken advantage of. As a
result, new regulations were established to inform
and protect consumers from incurring frequent and
multiple fees when using a debit card.

Overdraft Protection and the New Rules
Banks can cover your overdrafts in one of two
ways. Banks have “standard overdraft practices” that
cover your transaction for a flat fee of between $20
and $35 each time you overdraw your account. In the
gum example, you made a purchase for $1.57, but you
only had $1 in your account. Your bank charged you a
fee of $34. If later you made another purchase for $25,
your bank would charge you another $34. You would
pay $68 in fees for $26.57 worth of goods purchased.
Your bank may also offer a line of credit or a link
to your savings account to cover transactions that
overdraw your account. Typically you would still
pay a fee each time you overdraw your account, but
these overdraft plans are likely to be less expensive
than the standard overdraft practices.

In the past if you opened an account, some banks
would automatically enroll you in their standard
overdraft plan for all types of transactions. Under
new Federal Reserve Board rules, if you open an
account after July 1, 2010, your bank cannot charge
you overdraft fees for everyday debit-card and ATM
transactions unless you opt-in (agree to) enrollment
in that overdraft protection plan. To opt-in, your
bank must provide you a written notice explaining its
overdraft services and fees. You must indicate on the
form that you want the standard overdraft protection
on ATM and debit-card transactions, sign the form,
and return it to your bank. If you don’t opt-in, your
bank’s standard overdraft practices will not apply to
your everyday debit and ATM transactions, and those
transactions will typically be declined when you don’t
have enough money in your account to cover them.
So, if you only have $1 in your account, you can’t buy
a pack of gum that costs $1.57. Although your transaction will be denied (and you will be gumless), you will
not be charged an overdraft fee.
As of August 15, 2010, standard overdraft practices
do not apply to your existing accounts (that is, everyday debit and ATM transactions) unless you actively
opt-in to the overdraft plan. Again, transactions that
exceed the account balance typically will be declined,
but you won’t be charged any fees.
These new rules provide flexibility as well. If you
opt-in, you can cancel any time. If you do not opt-in
immediately, you may choose to do so later. The new
rules do not apply to checks or automatic bill payments that you may have set up to cover payments
for car insurance, cell phone service, etc. Your bank
may still automatically enroll you in their standard
overdraft protection for these types of transactions.
If you do not want the standard overdraft protection
to apply to these types of transactions, you will have
to speak with someone at your bank. You may or may
not have the option to cancel the protection.

Credit Cards
The consumer’s next-favorite form of plastic is
credit cards. And, these are easy to use as well, until
you realize that a bill comes every month and you
have to pay for all the things you purchased. The
most important thing to remember about credit
cards is that, if you don’t quickly pay for the things
you buy, those things can end up costing much,
much more than the original price you paid.
If you thought $35.57 was a high price to pay for
a pack of gum, try this scenario. You use your credit
continued on Page 4

G lossar y

Annual percentage rate (APR)—The cost of credit
on an annual basis, and the total cost of credit to
the consumer.

Fees—Money charged to service an account, such as
late fees, overdraft fees, over-the-credit limit fees,
and maintenance fees.

ATM (automated teller machine) card—A form
of debit card that you use in a cash machine by
punching in your personal identification number.
Using an ATM card, bank customers can access a
computer to get cash, make deposits, or transfer
money between accounts.

Interest—The price of using someone else’s money;
the price of borrowing money.

Billing cycle—The number of days between the last
statement date and the current statement date.

Introductory rate—A low interest rate that is
offered for a limited time as an incentive to use
credit cards.

Cash advance—Obtaining cash from a credit card
instead of using the card to make a purchase. The
grace period does not apply to cash advances. The
advance is an instant loan and finance charges
will be levied on this money from the time it is
obtained until the loan is paid in full.
Check—A printed form directing a bank to withdraw money from an account and pay it to
another account.
Checking account—An account held at a bank or
credit union in which account owners deposit
funds. Account owners have the privilege of writing checks on their accounts and are able to use
ATM cards and debit cards to access funds.
Consumer—A person who buys and/or uses goods
and services.
Credit—The ability of a consumer to obtain goods or
services before payment, based on an agreement
to pay later.
Credit cards—Cards that represent an agreement
between a lender—the institution issuing the
card—and the cardholder. Credit cards may be used
repeatedly to buy products or services or to borrow
money. Credit cards are issued by banks, savings
and loans, retail stores, and other businesses.
Debit card—A card provided as a service by a bank
that allows a point-of-sale transaction to replace
cash and checks; transactions are deducted electronically from a cardholder’s bank account.

Interest rate—The price paid for using someone
else’s money, expressed as a percentage of the
amount borrowed.

Late payment fee—In a credit arrangement, the
fee charged when payment is received after the
due date.
Minimum payment—The minimum amount a card
holder must pay each month to remain a borrower
in good standing.
Overdraft—A condition that occurs when an
account holder does not have enough money in
a checking account to cover transactions from
checks, ATM withdrawals, debit-card purchases, or
electronic payments.
Overdraft fee—A fee required for having a negative
balance in an account.
Overdraft service—A fee-based service provided by
financial institutions to generally approve and pay
overdraft transactions when the account holder does
not have enough funds to cover the transactions.
Over-the-credit-limit fee—Consumers are
assigned a credit limit by the credit-card company.
This is the maximum amount a consumer may
borrow. When a consumer exceeds this limit,
a fee is charged.
Savings account – An account with a bank or credit
union in which account owners deposit funds for
future use and earn interest.

Need to Know
continued from Page 3

Balance Summary
New balance
Minimum payment due
APR

$5,000.00
$100.00
14.4%

Late Payment Warning: If we do not receive your minimum payment by the date listed above, you may
have to pay a $35 late fee and your APR may be increased up to the Penalty APR of 28.99%
Minimum Payment Warning: If you make only the minimum payment each period, you will pay more in
interest and it will take you longer to pay off your balance. For example:
If you make no additional purchases using this card and each
month you pay . . .

You will pay off the balance
shown on this statement in
about . . .

And you will end up paying an
estimated total in
interest of . . .

Only the minimum
payment

23 years

$6,537

$172

3 years

$1,188
(savings of $5,349)

card to buy a 12-pack of cola at the grocery store
for $5.00. At the end of the month, you receive your
credit card bill and discover that because you already
owed a balance of $497 on your credit card that had a
$500 credit limit, the $5.00 purchase pushed you over
that limit, and your card has a $27 over-the-credit-limit
fee. Wow—that 12-pack of cola cost you $32!
If that weren’t enough, you don’t have money in
your bank account to pay off the entire credit card
bill this month, so you make the minimum payment.
You see that your interest rate on the card is 12.99%. At
this pace it will take you three years to pay off the bill
(assuming you make no additional purchases with the
card), and you will have paid approximately $98 in interest over that period of time. You may think that $98 in
interest over that period of time is exaggerated. It isn’t.
Credit cards represent agreements between thousands of lenders—the institutions issuing the card—
and millions of cardholders. Credit cards are used
repeatedly to buy products or services and to borrow
money on credit. Credit-card companies charge
over-the-limit fees, late fees, and interest on unpaid
balances. So, with the volume of credit card use as
high as it is, even small fees add up to big money.
In 2007, credit-card issuers imposed $18.1 billion in
penalty fees on credit-card holders—up more than 50
percent from 2003. Often, credit-card holders fail to

review the possible fees and charges when they sign
up for the card and don’t learn about these fees and
the rate of interest until they make a mistake.
Over the years, several laws have been passed
to protect consumers when using credit cards. The
Truth in Lending Act of 1968 mandated disclosure
of information about the cost (terms) of credit by
requiring creditors to display both their finance
charges and the annual percentage rate on forms
they use. Updates to this law were made later,
including the Fair Credit Billing Act of 1974 and the
Fair Credit and Charge Card Disclosure Act of 1988.
Most recently, the Credit Card Act of 2009 provides
new credit card rules and amends previous acts with
regulations prohibiting unfair credit-card practices.

New Rules Regarding Rates, Fees, and Limits
Under the Credit Card Act of 2009, credit-card
companies may not increase the interest rate on your
account for the first 12 months after the account is
opened, with a few exceptions:
• If the card has a variable interest rate tied to an
index, the card rate can increase when the index
increases.
• If there is an introductory rate, it must be in place
for at least six months. After that, the rate can

revert to the “go-to” rate the company disclosed
when the account was opened.
• If you are more than 60 days late in paying your
bill, the interest rate can go up.
• If you are in a workout agreement—a type of debt
management plan—and you don’t make the payments as agreed, the interest rate can go up.
If the credit-card company raises your rate after the
first year, the new rate applies only to new charges
made on the account. If there is a balance on the
account, the old interest rate is applied to that balance.
Under the new regulations, you must tell the creditcard company you want to allow transactions that
will take you over the account credit limit. If you don’t
opt-in, a transaction that would take you over the
account limit will be denied. If you don’t opt-in and the
credit-card company still accepts a transaction that
puts the account over the limit, you cannot be charged
an over-the-limit fee.
In addition, if the credit-card company requires an
annual fee or an application fee, those fees may not
total more than 25 percent of the initial credit limit
on the account. For example, if the initial credit limit
on the account is $1,000, the fees for the first year
cannot be more than $250. This restriction does not
apply to penalty fees, such as late fees. Speaking
of late fees, under the new rules, your credit-card
company cannot charge you a fee of more than $25
unless:
• one of your last six payments was late, in which
case your fee may be up to $35; or

• your credit-card company can show that the
costs it incurs as a result of late payment justify
a higher fee.
Your credit-card company can’t charge you inactivity fees, such as fees for not using your card. It also
can’t charge you more than one fee for a single event
or transaction that violates your cardholder agreement. For example, you cannot be charged more
than one fee for a single late payment.
The new regulations also address credit-card consumers under the age of 21. If you are under the age
of 21, you must demonstrate that you have the ability
to make payments: You must have income or you
must have a cosigner—someone who will be responsible for payments if you are unable to make payments.
A cardholder under the age of 21 who has a cosigner
and wants to increase the credit limit on the account
may only do so if the cosigner agrees to the increase.
The new rules also prohibit credit-card companies
from offering tangible inducements, such as t-shirts,
mugs, and caps, for opening a credit-card account
while soliciting near a college campus; moreover, the
laws prohibit credit-card companies from soliciting
within 1,000 feet of a college campus.

What Credit-Card Companies
Must Tell Consumers
The new regulations require that credit-card companies notify you 45 days before increasing interest
rates or changing certain fees, such as annual fees,
cash advance fees, and late fees that apply to your
continued on Page 6

Liber8®
Liber8®is an economic information portal designed
by Federal Reserve Bank of St. Louis Research Department librarians with university, high-school, and middle
school teachers and students in mind. Economic information can, at times, be difficult for the non-economist
to find and understand. This site provides a single point
of access to the economic information that the Federal
Reserve System, other government agencies, and data
providers have to offer. Non-technical sources were

specifically selected because they are simpler to use and
easier to understand.
Liber8 also publishes an Economic Information Newsletter 9 times per year, January through May and August
through November. The newsletter consists of a onepage overview essay on an economic topic in the news
and includes links to articles, data, and websites for
further information on the topic. It provides a perfect
starting point for student papers on economic topics.

Need to Know
continued from Page 5

account or before making other significant changes
to the terms of an account. If credit-card companies
are going to make changes in the terms of your
account, the company must give you the option
of cancelling the card before certain fee increases
take effect. If you take advantage of this option, the
credit-card company may close your account and
increase the monthly payment, subject to certain
limitations. So, credit-card companies may require
you to pay off the balance on the account in five
years or they may double the minimum payment,
which will result in faster repayment than under
the existing terms of the account. The credit-card
company does not have to send consumers a 45-day
advance notice:
• if the interest rate on the card is tied to an index
and the index goes up, causing the rate on the card
to automatically increase;
• if the interest rate on the card was an introductory
rate offered for a limited period of time and the
time expires, allowing the interest rate to revert to
the previously disclosed “go-to” rate; and
• if the interest rate goes up because the consumer
is in a workout agreement and hasn’t made the
required payments.
Credit-card companies are now required to provide
additional information on the billing statement. The
statement must include the length of time it would
take the consumer to pay off the balance if making
only the minimum payment. The statement must
also include the payment a consumer must make
each month to pay off the balance in three years. The

information on the statement should look something
like the table on page 4.

Changes to Billing and Payments
Under the new rules, credit-card companies must
mail or deliver credit-card bills to you at least 21 days
before payment is due. In addition:
• The due date must be the same date each month:
For example, the payment is always due on the
15th of the month or the last day of the month.
• The cut-off time cannot be earlier than 5:00 p.m.
on due date.
• If the payment due date falls on a weekend or a
holiday when the company does not process payments, you have until the following business day to
pay. So, if the last day of the month is on a Sunday,
the cardholder has until 5:00 p.m. on Monday (the
first day of the next month) to make the payment.
If you make more than the minimum payment
on a credit-card balance, the credit-card company
must apply the excess amount to the balance with
the highest rate, with one exception. If you made a
purchase under a deferred interest plan (for example,
“no interest if paid in full by December 2013”), the
credit-card company may let you choose to apply the
extra amounts to the deferred interest balance before
other balances. Otherwise, for two billing cycles prior
to the end of the deferred interest period, the creditcard company must apply your entire payment to the
deferred interest-rate balance first.
Finally, the new regulations eliminate two-cycle
(double-cycle) billing. This means that credit-card
companies may not impose interest charges on balances in the current billing cycle.

Conclusion
Although the new regulations regarding debit
cards and the Credit Card Act of 2009 are the most
recent attempts to protect consumers, the best
consumer protection is to know your rights and your
responsibilities. You need to read the fine print, ask
questions, and gather information before signing any
financial agreement; whether it is related to opening
a bank account, using a credit card, or—a financial
topic for another day—investing in the stock market.

w h a t ’ s y o u r qu e stion ?

Credit Quiz
Q. Is there a difference between a debit card
that requires a personal identification number,
or PIN, and a debit card that simply requires
a signature?

Q: How have the new credit-card rules affected
the interest rates charged on credit-card
accounts? What is considered an average interest
rate on credit cards?

A. When a consumer uses a PIN-based or direct
debit card, the purchase price is removed from the
consumer’s checking account almost immediately.
When a consumer uses a signature-based or deferred
debit card, the purchase price is removed from
the consumer’s account in two or three days. The
PIN-based debit card also adds a layer of protection
against identity theft.

A: Credit-card interest rates have hit their highest
levels in nine years. The national average for all credit
cards is currently above 14 percent; however, interest rates vary according to the type of card and the
consumer’s credit rating.

Q. How many credit-card accounts are currently
held in the U.S., and what is the total annual
savings predicted for the credit-card holders as a
result of the new rules for credit cards?

Credit-Card Rate Report
Updated: 09-20-2010
National Average

14.15%

Low Interest

11.99%

Cash Back

2.31%

Balance Transfer

12.68%

Business

2.85%

Student

14.05%

Airline

4.14%

Q: Because the new credit-card reform laws
were created to protect consumers, does this
mean it will be easier to get a credit card?

Reward

14.32%

Instant Approval

15.99%

A: No. According to an August 2010 report by
CBS News, credit-card issuers have cut back on the
amount of credit they extend, with the average credit
line on a new card being about $3900, which is a
drop of 11% from the previous year.

Bad Credit

A: CBS News reported in August 2010 that U.S.
consumers held 381 million credit-card accounts.
The PEW Charitable Trust predicts that provisions in
the Credit Card Accountability and Disclosure Act
of 2009 should save consumers at least $10 billion
per year.

20.64%

continued on Page 8

Q: How do debit cards and credit cards compare
in building a credit score?
A: Responsible use of credit cards can help build a
credit score. Consumers who have at least one credit
card and carry a monthly balance have an average
credit score of 689 as compared with a credit score
of 563 for consumers who do not carry a credit
card. Consumers who carry a balance on credit-card
accounts will usually have a higher credit rating than
consumers who pay the balance in full each month.
Having and using a debit card does not contribute to
building a credit score.

w h a t ’ s y o u r qu e stion ?

Credit Quiz
Q: What factors are considered in arriving at a
credit score (FICO score)?
A: There are five categories that determine a credit
score. The percentages in the chart reflect the
weighted measure of each category.
Q: How has the Credit Card Act affected
the trends in balance transfer fees and cash
advance fees?
A: These fees are not included in the new rules.
However, during the past five years, the average
fees for balance transfers and cash advance transactions have continued to increase. Additionally, the
number of balance transfer offers with no ceiling fees
increased from 47% in 2008 to 76% in 2009. Over
the same time period, the number of balance transfer
offers with no fees charged declined from 19% to 11%.

35%

15%

10%
30% 10%

Payment history
Amounts owed
Length of credit history
New credit
Types of credit used

Sources:
www.bankrate.com/finance/checking/debit-cards-1.aspx
www.cbsnews.com/stories/2010/08/23/evening news/main6798896.shtml
http://consumerboomer.com/new-credit-card-laws-rules-2010-february/
www.creditcards.com/credit-card-news/help/what-the-new-credit-card-rules-mean-6000.php
www.usatoday.com/cleanprint/?1284515947742
www.investopedia.com/ask/answers/07/credit_score.asp
www.creditcards.com/credit-card-news/heristad-canceled-credit-cards-and-credit-score-1294.php
www.myfico.com/
www.creditcards.com/credit-card-news
www.responsiblelending.org

e c o n o m i c snapshot

Consumer Credit
1.

What two types of credit are represented in
total consumer credit in the graph below?
The types of consumer credit represented are
revolving and nonrevolving.

What is revolving credit?
Revolving credit is a line of available credit that
is usually designed to be used repeatedly, with
a preapproved credit limit. The amount of available credit decreases and increases as funds are
borrowed and then repaid. The borrower makes
payments based only on the amount actually borrowed plus interest. The borrower may
repay in full at any time or over time—subject
to any minimum payment requirement. Periodic
finance charges are computed on the unpaid
balance, and the minimum payment is usually
a percentage of the balance due. Common
types of revolving credit include credit cards and
home-equity lines of credit.

What is nonrevolving credit?
Nonrevolving credit is a type of an installment
loan, which is given in a lump sum for a specific
purchase or investment. The loan is paid back
with regularly scheduled payments, which include
interest. Examples of nonrevolving credit include
home loans, car loans, and business loans.

Second Quarter 2010
Q3-’09 Q4-’09

1.6%

5.0%

3.7%

1.7%*

Inflation Rate
Consumer Price Index

3.7%

2.6%

1.5%

-0.7%

Civilian Unemployment Rate

9.6%

10.0%

9.7%

*Third estimate for GDP
Bureau of Economic Analysis: www.bea.gov.

4. What happened to the amount of revolving
and nonrevolving credit during the most
recent recession?
The amount of revolving credit began to decline
(and continues to decline), and nonrevolving credit
flattened or remained relatively the same during
the recession.
5.

Why do you think the amount of revolving
credit would decline during a recession but
the amount of nonrevolving credit would
remain steady?
When people are worried about unemployment,
they can adjust their credit-card balance relatively
quickly by simply not making credit-card purchases.
With nonrevolving credit, such adjustments aren’t
so easy. Home mortgages and car loans are longterm loans that take a while to pay off, so people
cannot adjust quickly to personal financial problems by reducing these loans.

2,800

Billions of dollars

2,400

Shaded areas
indicate U.S.
recessions.

2,000
1,600

2010 research.stlouisfed.org

1,200
800

TOTALSL

400

NONREVSL
1990

1995

2000

2005

Q2-’10

Growth Rate
Real Gross Domestic Product

Total Consumer Credit Outstanding (TOTALSL)
Total Revolving Credit Outstanding (REVOLSL)
Total Nonrevolving Credit Outstanding (NONREVSL)

0
1985

Q1-’10

2010

2015

Source of graph: FRED (Federal Reserve Bank of St. Louis, Federal Reserve Economic Database)

REVOLSL

r e sourc e s

Inside the Vault Lesson Plans
Each issue of Inside the Vault has a lead article. Federal
Reserve Bank of St. Louis economic education staff either
develop a new lesson to complement the content in the
lead article or provide a link to existing lesson plans. All
of the lessons written for past issues of Inside the Vault
can be found at: www.stlouisfed.org/publications/itv/
articles/?id=1937.
The lead article for this issue focuses on new credit and
debit card laws. We have lesson plans on our website that
complement this content.

Cards, Cars and Currency

A Federal Reserve Bank of St. Louis
High School Personal Finance Curriculum

Cards, Cars and Currency
Download lesson 2, “Credit Cards: A Package Deal” or
lesson 3, “Banking on Debit Cards” from the Cards, Cars
and Currency curriculum at www.stlouisfed.org/education_
resources/cards_cars_currency.cfm. Or register your students for the online version of these lessons found at: www.
stlouisfed.org/education_resources/online_learning.cfm.

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It’s Your Paycheck!
For additional lessons about credit, download the lessons from unit C, “All about Credit” in the It’s Your Paycheck!
curriculum or register your students for the online version
of these lessons found at: www.stlouisfed.org/education_
resources/online_learning.cfm.

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A Federal Reserve Bank of St. Louis
High School Personal Finance Curriculum

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bull e tin b o a r d

S t. L o u is

M emp h is

For more information about these programs, contact Barbara
Flowers at 314-444-8421 or barbara.flowers@stls.frb.org.

For more information about these programs, contact Jeannette
Bennett at 901-579-4104 or jeannette.n.bennett@stls.frb.org.

Annual Educators Conference: Social
Programs and the Federal Debt

October 27 | 8 am – 3 pm

October 29 | 8:30 am – 3:30 pm

To register: www.stlouisfed.org/event/02DE

To register: www.stlouisfed.org/event/02EE

Professors Conference: Topics and Tools
for the College Classroom

L ittle R oc k

Bank Contacts
Little Rock
Billy Britt
501-324-8368
Louisville
Caryn Rossiter
502-568-9257
Memphis
Jeannette Bennett
901-579-4104
St. Louis
Mary Suiter
314-444-4662

November 4 | 1 pm – 5 pm
November 5 | 8 am – noon

For more information about these programs, contact Billy
Britt at 501-324-8368 or billy.j.britt@stls.frb.org.

To register: www.stlouisfed.org/event/03AE

Annual Educators Conference: Social
Programs and the Federal Debt

Barb Flowers
314-444-8421

October 25 | 9 am – 3 pm

Scott Wolla
314-444-8624

Fed Economic Outlook 101 for College
Classrooms, Video Conference
October 20 | 11 am – noon

To register: www.stlouisfed.org/event/02CE

To register: www.stlouisfed.org/event/03BE

Resources for High School
Classrooms, Webinar
November 10 | 3:30 pm – 4:30 pm
To register: www.stlouisfed.org/event/049E

prsrt std
U.S. POSTAGE
PAID
ST. LOUIS, MO
PERMIT NO. 444

Inside the Vault is written
by economic education staff
at the Federal Reserve Bank
of St. Louis, P.O. Box 442,
St. Louis, MO 63166.
The views expressed are
those of the authors and are
not necessarily those of the
Federal Reserve Bank of
St. Louis or the Federal
Reserve System.

f e a t u r e d r e sourc e

Econ Ed Live!
Are you looking for online tools
to engage your students in
economics and personal finance
learning? If so, we have the site
for you—Econ Ed Live!

The site includes new, free, interactive online programs,
such as:
• Time Value of Money,
• The Great Depression—six separate online programs,
• It’s Your Paycheck!—nine separate online programs, and
• GDP and Pizza.

And there are interactive whiteboard applications for K-12
classrooms, podcasts, and short videos.
More online programs coming soon: Cards, Cars and Currency, In Plain English, and Comparative Advantage—more
podcasts, IWB applications, and webinars.

Full text of Inside the Vault : Fall 2010

FRASER