Does anyone have any experience with or know what is involved with IDA's? I would appreciate any information anyone is willing to share. Thanks!

We participate in an IDA program but I'm not an expert. I can send you the info on the programs we particpate in. That might give you an idea.

I have info too BG. Issues arise concerning where the matching funds come from and whether the bank will manage the sub accounts for each client or whether the sponsoring nonprofit will take on the labor intensive duties to manage the sub accounts.

Sounds complicated.

I did them at my previous bank and are getting ready to do some at this bank.

We work with a non profit agency (NPA) that does the program itself - recruiting the depositors, financial ed, supervising and in both cases, raising the matching funds.

our part was to offer savings accounts with little or no fees or minimum balances, provide statements and activity information to the NPA and to set up procedures so the account holder cannot withdraw the funds without permission of the NPA. It really was not that difficult and we recevied CRA credit for the service.

KC - Did the NPA approach you? I was trying to do some research in our area to see what organizations participated in this type of program. The info I got comes through the dept of social services. Any suggestions?