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Individual Development Accounts?

  • 1.  Individual Development Accounts?

    Posted 9 days ago

    Good Afternoon Everyone!

     

    And Happy New Year to you all – here's hoping 2021 is better, safer and healthier for all of us!

     

    My first question for 2021:

     

    As part of the information that was presented during a Certified Financial Counseling training that I just completed, I ran across a reference to Individual Development Accounts. These accounts are intended to help someone purchase their first home, pay for college, start a business, etc.

     

    The member's deposits into the account are supplemented by funds from grants which significantly boosts the balance in the account to help members reach their goals. There is also a financial literacy component that is part of this program.

     

    A local non-profit in the DC area appears to support these accounts - https://www.hocommunitypartners.org/index.php/our-work/saving-for-a-better-tomorrow-individual-development-account-ida-program

     

    We're considering adding this option as a new offering from FedChoice.

     

    Does anyone happen to have any experience with these accounts both from the account opening and financial literacy perspectives?

    Debbie Wright
    Product and Service Strategist
    FedChoice Federal Credit Union
    Tel: 301.699.6100 x4480
    Fax: 301-699-6137/6141
    Email: DWright@fedchoice.org
    fedchoice.org
    FedChoice ‑ Altogether Better!
    We Want to Save You Money - Learn More About How We Could Help!
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  • 2.  RE: Individual Development Accounts?

    Posted 7 days ago

    Good morning!

     

    Here's an article about how Dupaco and its foundation do this: CU and Its Foundation Leverage IDAs to Help Members Reach Their Dreams

     

    Hope this is helpful!

     

    Warm regards,

    Lisa

    id:<a href=image001.png@01D2F3D9.3FEDAF40">

    Lisa Hochgraf

    Senior Editor

    lisa@cues.org

    608.288.5317

    Twitter | LinkedIn

     

     

     

     






  • 3.  RE: Individual Development Accounts?

    Posted 7 days ago

    Hi Lisa,

     

    Thank you so much sharing this article. It was very inspiring to read how Dupaco Community Credit Union is utilizing Individual Development Accounts to assist members with achieving their goal of homeownership.

     

    I've shared this article with others at FedChoice as we recently started a Foundation. But, like Dupaco, we would likely need to locate grant money elsewhere until we have enough funds at the Foundation to support this initiative.

    Debbie Wright
    Product and Service Strategist
    FedChoice Federal Credit Union
    Tel: 301.699.6100 x4480
    Fax: 301-699-6137/6141
    Email: DWright@fedchoice.org
    fedchoice.org
    FedChoice ‑ Altogether Better!
    We Want to Save You Money - Learn More About How We Could Help!
    This message contains confidential information and is intended only for . If you are not you should not disseminate, distribute or copy this e-mail. Please notify immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system. E-mail transmission cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. {Display name} therefore does not accept liability for any errors or omissions in the contents of this message, which arise as a result of e-mail transmission. If verification is required please request a hard-copy version.