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Chicago Fed Letter, No. 184, December 2002
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.

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Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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