Financial Institutions as Stakeholders in Individual Development Accounts
This article reports on the experiences and motivation of banks and credit unions in the Midwest that participate in individual development account (IDA) programs, one of a handful of vehicles that give lower-income workers a direct incentive to save. Interviews with participating institutions confirm the appeal of IDAs as a community outreach tool, as well as a way to target an under-served market—workers who do not have bank accounts.
