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Individual Development Account |
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Individual Development Account A savings account for persons with lower income. The funds put into an IDA are matched by a public or private organization. One may use the funds in an IDA for educational purposes, starting a business, or buying a first house. IDAs are accompanied by programs for credit improvement and other classes to help account holders move up from poverty and into the middle classes. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Utah Representative David Clark, a banker by trade, goes out of his way to support Utah's Individual Development Account Network (UIDAN). Once admitted, participants receive financial literacy training, including the basics of banking, and are given $100 in seed money to open an Individual Development Account. Funds made available to an SSI recipient by a state or local government or a nonprofit organization as part of the Individual Development Account demonstration project. |
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