Copyright © 1999 NLThomas
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TAHLEQUAH - A meeting is set at the Ozark Electric Company in Stilwell 6-7 p.m., Tuesday, December 14, 1999 to explain the benefits of the Individual Development Account (IDA) Program.

Native American Indians in Adair County are invited to attend the meeting to learn more about this new program that is administered by the Cherokee Nation of Okalhoma. The savings program assists working individuals who need help saving money to achieve their future financial goals.

For every $1 a person saves in a 24-month period, up to a maximum of $720, the IDA Program will match it with up to $3. To begin the program participants open a special type of savings account (an IDA) at the Bank of Oklahoma and deposit $30.

The money may be used to obtain a house, begin a small business, or pay education costs.

Year one's match rate is approximately $2.47 to $1. The participants are required to deposit no more and no less than $30 each month. Year two's match rate will be changed to allow for different match rates based on the participant's savings goals, as much as 3 to 1.

"The people involved in the IDA Program are excited that the Cherokee Nation has provided this opportunity to help our tribal members better their financial security," said Gina Martinez, Cherokee Nation IDA Program coordinator. "Anyone who chooses to participate will greatly benefit from the savings and the classes offered."

Those eligible for the Cherokee Nation IDA program must currently have a job, an income within program guidelines, be Native American, and 18 and older. Twenty participants were accepted in the program last year. This year, 75 participants will be added, Martinez said.

The program will last 24 months. Participants may choose to stay in the program for the entire 24 months, or may withdraw their funds from the program at any time. Funds withdrawn before the end of the 24-month period will not be matched.

In addition to saving money, participants are asked to attend Economic Literacy and Asset Management classes. Attending a two-session orientation class prior to opening an IDA account is required. Participants are required to attend a minimum of four Economic Literacy classes during the first 12 months of the IDA program, but are encouraged to attend them all. Participants also will be required to attend asset management training sessions the second year of the program.

Deposits to a participant's Individual Deposit Account can be made at any Bank of Oklahoma branch, and each participant will receive monthly statements listing their savings and matching funds. The first deposit will be made after the participant's second orientation session where a Bank of Oklahoma representative will be present to open IDA accounts.

For more information, contact Gina Martinez.
Phone: (918) 456-0671, or 1-800-256-0671, (ext. 2884).