An Individual Development Account (IDA) is a matched savings account. IDA’s provide an incentive to save, and in
turn, provide an opportunity to leverage savings by using the IDA as a tool for building assets and wealth. All
approved participants will establish a savings account with a qualified financial institution for the purpose of
purchasing a particular asset.
Use of IDA Funds: Automobile purchases. Not motorcycles, ATV’s, or motor scooters.
The following is an overview of the Youth Transportation IDA:
Match rate: 1:1
Maximum savings matched: $25 per month (no limit as to monthly savings amount)
Maximum match amount: $25 per month
Savings period: up to 60 months
Eligibility: Tribal citizens between 13 and 17 years of age
Monthly Savings
Total Saved By
Financial Wellness
1:1 Match
Total IDA Amount
$25 x 60 months
= $1,500
Financial wellness
+ $1,500
= $3,000
The IDA account will be managed by Chemical Bank in Dowagiac, Michigan. The IDA account is a deposit-only, joint
account between Chi Ishobak and the Youth IDA participant. The account must be opened at the Dowagiac branch;
however, once the account is opened deposits can be made at any Chemical Bank branch or through Chi Ishobak.
The final component to the Youth Transportation IDA Program is financial education. Each participant must successfully
complete the Chi Ishobak Financial Wellness Guide series during their savings period.
Upon successful completion of all program requirements, funds are made payable directly to dealers, vendors, or sellers
providing the automobile.
First Name: Middle Name: Last Name:
Mothers Maiden Name: Date of Birth: State or Country of Birth:
Mailing Address: City: State: Zip:
Email: Home Phone: Mobile Phone:
Social Security Number: Tribal ID Number:
(Attach copy)
First Name: Last Name: Social Security Number:
Mailing Address: City: State: Zip:
Email: Home Phone: Mobile Phone:
*Please attach copy of Parent/Guardian Driver’s License
Name of School: Grade: Current Grade Point Average:
Household Size: Do you have a savings account? Balance:
# of Adults: __________ # Children Under 18: ____________ Yes No $
Have you or someone in your home ever had an IDA before?
Yes No
Iunderstandtheaboveinformationwillbekeptconfidential.Icer tifythatallthestatementsmadeonthis
Applicant Signature and Date: Parent/Guardian Signature and Date:
X Date: X Date: