Siouxland man receives first "IDA" check in Western Iowa - KTIV News 4 Sioux City IA: News, Weather and Sports

Siouxland man receives first "IDA" check in Western Iowa

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SIOUX CITY, Iowa (KTIV) -

Saving up paid off for Alex Watters. Watters received a $5,100 check from Sioux Valley Community Credit Union Wednesday.

He is the very first in our area to successfully earn money from an "IDA," which stands for an Individual Development Account.

After taking a class about saving money and working with the credit union, Watters was able to raise about $1,700 dollars on his own over 10 months.

State and federal grants along with an anonymous donor from the Iowa Credit Union Foundation matched his funds.

"I definitely was reaching a goal, that I can invest in my home, and continue saving as well, I think that that's the big thing it taught me is making sure to set those funds aside, so I can continue improving my home," Watters said.

To qualify for an IDA, Sioux Valley Community Credit Union said one must meet certain qualifications.

You must be within 200% of the federal poverty guidelines, you must earn an income, you must deposit a minimum of $25 a month, and you have to save for at least 6 months.

"The idea of the whole program is to use funds from federal and state grants that the Iowa Credit Union has secured in order to help people purchase a major investment, such as buying a home, purchasing an auto if they don't have one titled in their name," Sioux Valley Community Credit Union CEO John Parks said.

Parks said his credit union is thrilled to be able to help make a difference in Watters' life.

And, they hope more people sign up for IDA's.

Parks estimates there is about $800,000 available for IDA's throughout the state of Iowa.

If you're interested in finding out more about how you can get signed up for an IDA, you can call the Sioux Valley Community Credit Union at (712) 277-1440. 

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