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| Dupaco’s IDA Savings Program Enhanced With Two-to-One Match on Funds |
| Posted: | October 22, 2009 |
| Details: | A credit union program that helps individuals achieve savings goals and learn financial fundamentals has been made more powerful through an increase in matching funds, thus tripling an individual’s savings amount. The increase is from the one-to-one match provided when the program first launched in spring of 2009.
The enhancement in the Credit Union Family Partnership Program through Dupaco Community Credit Union means participants will receive two dollars for every one dollar he or she saves through the program. Eligible individuals receive matching funds through the program to save for certain assets, such as a home, a vehicle or college education.
The program is Iowa’s first credit union Individual Development Account (IDA) program, whereby the savings of a participant are matched by a grant from another organization.
Through the Credit Union Family Partnership Program, Dupaco opens the savings accounts and provides financial education. The matching funds come from the Iowa Credit Union Foundation thanks to private grants it has received.
Participants must meet income guidelines and be residents of the state of Iowa to qualify for an IDA account. The savings and matching funds are then used by the individual to purchase a specific asset, such as a home, starting or expanding a small business, paying for education or job training, or purchasing a vehicle to get to work.
“Iowa credit unions are in a unique position to offer no-cost savings accounts to families and individuals needing help saving,” said Marybeth Foster, Executive Director, Iowa Credit Union Foundation. “Our immediate goal is to offer financial education and a method of saving for a specific asset.”
Dupaco is working in collaboration with the Foundation, the Iowa Credit Union League, its subsidiary Coopera Consulting and other statewide partners on the IDA program.
Credit union members interested in more information on an IDA may contact Dupaco’s Member Services Department at service@dupaco.com or (563) 557-7600 / 800-373-7600, ext. 206.
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