What is an Individual Development Account, or "IDA"?
An IDA is a matched savings account that helps you save money for an asset purchase. You open a special savings account at one of Montana's participating credit unions. For every $1 you save, you receive an additional $2 in matching funds. With this 2 to 1 match, you save much more money much faster.
What kind of assets can I purchase with my BSAFE® savings?
Three types of assets can be purchased. First, you can save for a down payment on a home. Second, you can save for higher education or job-training. And third, you can save to start your own small business.
How does participation in BSAFE® work?
Once you open an IDA account with BSAFE®, you save at least $20 a month for at least 6 months. If you want to save more, you can save up to $2,000 in three years, and receive a $4,000 match, for a total of $6,000. This is the maximum match.
What are BSAFE's requirements for participants?
All BSAFE® participants are required to enroll in and complete two kinds of financial education classes. Participants must complete a general financial education course to learn about savings and money management. Also, particpants must complete a course on the type of asset they have chosen to save for. For example, someone saving for a house would complete a First Time Homebuyer's class.
Am I eligible to apply?
You are eligible to apply if you:
- were a victim of domestic violence within the last five years
- have earned income
- earn less than twice the federal poverty level
- and have a household net worth of less than $10,000 (but the value of one car and your primary dwelling is excluded when determining your net worth).
For detailed information on income eligibility, please see our program brochure.
Why is BSAFE® dedicated to domestic violence survivors?
BSAFE® was developed to help low-income domestic violence survivors work towards economic independence, and so towards freedom and safety. Many women stay in abusive relationships because they lack financial resources and education. And abusers will often maintain control over their victims by preventing them from gaining these necessary skills and knowledge. As a result, victims may be economically dependent on their abusers and unable to escape. What is economic abuse?
I'd like to start saving. How do I apply?
If you would like to apply for the program please download the program application, and return it completed to the BSAFE® Program Coordinator at the address listed on the application form.
I still have questions. How can I get more information on BSAFE®?
You can find more information about our program as well as the program application and FAQ by clicking on the "Apply to BSAFE®" tab on the left.
Please also feel free to contact the Program Coordinator at (406) 442-9081 (ext. 124) or by email at karen@mcun.org. |
