Frequently Asked Questions
Q. Is this a “scam”?
A. No! The IDA Initiative was adopted by the Oregon State Legislature in 1999. The funds are donated by individuals and corporations, and are available to qualifying individuals who want to improve their financial security.
Q. How does the match work?
A. For every dollar that you save, the program matches it with $3.00.
Q. How much money can I deposit in my savings account?
A. You can deposit as much money as you want into your savings account. The maximum match amount is $3,000 in a twelve month period. If you save $1000, and receive the match, you’ll have $4000 towards the purchase of your asset!
Q. Do I have to deposit the same amount each month?
A. No, you are not required to deposit the same amount each month but you must not deposit less than what you indicated in the Savings Plan Agreement. Lump sum deposits may not always be matched.
Q. How come my match money does not show up on my savings account statement?
A. The match money never goes directly into your savings account. It is held in a separate account. The match money is set aside for you and is available for you once you’ve completed your training and met your savings goal.
Q. Do I have to pay taxes on my savings account?
A. You may need to report the interest you earn from your savings account. Keep in mind that the financial institution will report the interest you earn.
Q. What happens if my income goes up, will I be disqualified from the program?
A. No, you will not be disqualified from the program if your income goes up. The goal is to help people improve financially–if your income goes up we feel successful and we hope you do too!
