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Financial Institution Partnerships In IDA Programs

Financial Institution Partnerships In IDA Programs. Presented by Vicki Peters, Bank of Oklahoma. Presentation Outline. Financial Institution Role in an IDA Program Benefits to Financial Institutions Meeting the Needs of the IDA Program The Process: Opening & Maintaining Accounts

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Financial Institution Partnerships In IDA Programs

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  1. Financial Institution Partnerships In IDA Programs Presented by Vicki Peters, Bank of Oklahoma

  2. Presentation Outline • Financial Institution Role in an IDA Program • Benefits to Financial Institutions • Meeting the Needs of the IDA Program • The Process: Opening & Maintaining Accounts • Context for the BOk-CAP Partnership • Developing the Partnership- Timeline - Who is involved • Maintaining the Partnership

  3. Possible Financial Institution Roles in an IDA Program • Hold individual IDA accounts (existing or new product) • Provide account information to partner agency & investors • Hold matching funds account(s) • Contribute operating and/or matching funds • Other investing & lending services for IDA investors

  4. The Process: Opening Accounts • Account Opening Authorization Form- Signed by Non-Profit Representative and Investor • Release of Information Form- Signed by Investor • Investor opens account at one of four designated branches -Consumer Bankers (tellers) at these four branches have been trained in opening IDAs (with IDA “product code”) and in procedure for tracking account opening - Decision on ChexSystems

  5. The Process: Maintaining Accounts • Electronic Data Transmission- BOk arrangement with Fiserv, Inc. - Fiserv electronically transmits Account Summary data to CAP monthly - Data imported into MIS IDA • Monthly Trouble-Shooting- CAP’s MIS IDA Data Entry Specialist communicates with BOk’s designated applications support staff • Account Closings- Notification of Investor Dismissal Form

  6. Context for BOk-CAP Partnership • BOk commitment to community development • Pre-existing working partnership with CAP- EITC Program - Housing initiatives • Leadership & Staff-level commitment

  7. Benefits to Financial Institution • Source of new customers generally • Access to low-income market specifically • Cross-selling opportunities • CRA Credit • Public Relations benefits

  8. Meeting IDA Program Needs • Track record in community investment • Committed contact person- Development Phase: Dept. Head/Mgr - Maintenance Phase: Project Specialist • Electronic Data Transfer (EDT)/data reporting capability • Staff Training • Institution-wide commitment • Designated locations • Willingness to invest resources • Open to participate in personal finance training

  9. Meeting IDA Investor Needs • Monthly statements • No minimum balance • No monthly fees • Accessible locations • Mail-in, ATM, and direct deposit options • Other services

  10. 0 30 60 90 120 BOk-CAP Development Timeline Discuss Acct. Features Account Set-up Elec. Trans. Set-up Branch Training

  11. Developing the Partnership • Timeline should be shorter now • BOk employees involved in development process:- Project Manager – Coordinator of Technical Issues - District Branch Manager – Consumer Banker Training - CRA Representative – Product Coordinator - Applications Support Manager – EDT Programmer - Compliance Officer – Legal issues and disclosures - Account Development Manager – Account features • Of course – Every financial institution is different!

  12. Maintaining the Partnership • Assess the status of partnership regularly- day-to-day communication at staff level - regular periodic communications between managers • Repeat trainings for branch staff • Develop plan to help Financial Institution retain IDA investors after IDA Program ends • Hold special events to recognize the Financial Institution’s role

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