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
Total Saved By
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.