IDA Terms and Conditions

Updated 2/2010

Account Beneficiary: Upon death of the saver, the funds in this account will belong to the payees(s) designated above, less any charges or other amounts owed to Citibank and/or Opportunity Fund. Each payee will be entitled to an equal share of the funds, unless different shares are indicated on this form. The Payee(s) may be changed at any time by the (surviving) accountholders by their signing a new Program Agreement.

Account closure: Once IDA is closed, the saver’s personal funds will be returned to them by check and any remaining match funds will be forfeited by the saver.
The IDA Savings account may be closed for any of the following reasons:
1. Saver authorizes by submitting the “Account Closure Form.”
2. Saver misses more than two deposits within one twelve-month period.
3. Saver reaches Program End Date.
4. Saver provides false or misleading information/ uses IDA funds for an unapproved purpose.

Approved Withdrawals: All withdrawals from the IDA must be authorized by both the saver and an approved Opportunity Fund representative. Matched withdrawals will only be made for an approved asset purchase and issued payable to the vendor only. Matched withdrawals may be subject to verification or other audit procedures. Match funds will never be issued directly to the saver and any refunds must be returned to Opportunity Fund. Matched withdrawals may occur after a minimum of 6 months (4 for Citizenship) of consistent saving up to the program end date, assuming consistent monthly deposits are maintained. In addition,  matched withdrawals will not be approved unless a saver is in good standing with any other obligations to Opportunity Fund, including any outstanding small business loans.

Evaluation: Saver information (such as savings patterns) may be collected for program evaluation purposes. However, saver names and other identifying information will not be shared without the written consent of the saver. Savers may also be asked to participate in interviews, focus group and/or surveys as part of program evaluation. Such participation is completely voluntary.

Interest: Any earned interest will earn match up to the maximum match amount. Interest earned on IDA savings account is subject to state and federal taxes. Match funds are not subject to taxes.

Nature of Relationship: The match funds are gratuitous on the part of Opportunity Fund, and will be held in an Opportunity Fund account in its own name. Saver has no vested interest in the match funds unless and until disbursed by Opportunity Fund. The funds deposited by saver will be held in a separate bank account in the name of "Opportunity Fund for the benefit of participants". Opportunity Fund is acting merely as a custodian of saver’s funds, and owes the saver no fiduciary or other duties.

Change in Terms: Opportunity Fund reserves the right to modify any of the terms and conditions of the IDA Program set forth in Part B of the Program Agreement, and add new terms and conditions of the IDA Program, including but not limited to matched withdrawal procedures, at any time in its sole discretion by posting such new or revised terms and conditions to Opportunity Fund’s website, at www.opportunityfund.org/ida/saver/terms. Any such new or revised terms and conditions shall be binding upon saver upon their posting to the Opportunity Fund website, and any deposit made by saver after the posting of new or revised terms to the Opportunity Fund website shall constitute affirmative agreement to such new or revised terms.