Changing lives of Choctaws nationwide!

Frequently Asked Questions

What is an Individual Development Account (IDA)/Choctaw Asset Building (CAB)? 

Individual Development Accounts, also known as “IDAs”, are a savings account. Choctaw Asset Building (CAB) is an IDA program available for Choctaw Tribal Members. What makes it special is you receive an additional deposit each time you add to your savings. It is called a match and is usually one to three times the size of each deposit you make. For example, if you receive a 2:1 match, each time you deposit $25, you will get an additional $50 toward your savings goal.

What is an Individual Development Account (IDA)?

Individual Development Accounts (IDAs) are matched savings accounts that are designed to encourage regular savings habits and investment in assets (like a home or education) that increase in value over time. Account holders save a minimum of $25 of their earnings each month for up to 3 years. Choctaw Asset Building (CAB) then matches these savings at a rate of $3 of matching funds for every $1 of personal savings for housing accounts. Entrepreneurial and educational accounts receive $2 of matching funds for every $1 of personal savings. The total of your personal savings and matching funds can be used to pay for expenses associated with buying a first home, attending college or vocational school, or starting or expanding a small business.

How does it work?

You receive a statement each month showing your contributions, interest earned, and the match, so you feel in control of your money. You must save for at least six months in your IDA, and CAB will match your contributions for up to 3 years. Participating IDA savers must attend at least 12 hours of money management training and additional training related to their chosen asset, such as home buyer education or small business classes. The knowledge and skills you gain will help you use your savings wisely and protect your investment. You must meet income and other requirements to qualify for the CAB program. 
- Click here to see the income guidelines

What can I use a CAB account for?

Choctaw Asset Building (CAB) Accounts are used specifically for three purposes: 1) starting or expanding a small business, 2) purchasing a first home, 3) or, pursuing post-secondary education.

What is financial literacy training?

Each participant in the Choctaw Asset Building (CAB) program must take free financial literacy training (12 hours). At a minimum you will learn how to reduce your debt, develop a savings plan and prepare for your savings goal. You may also learn about your credit history, banking, and investing/money management. The training can take many forms. You may receive one-on-one counseling, classroom training or peer support. Each participant must also have 6 hours of asset training in their particular asset area.

Can I participate in CAB?

Choctaw Asset Building Program has different requirements to participate. You must be a register Choctaw Tribal Member. Generally speaking, you must be within the income guideline of “200% of poverty”. This means, for example, that an individual could not earn more than $21,660 and the head of a family of four could not earn more than $44,100. People who are eligible for Temporary Assistance for Needy Families (TANF) assistance are automatically eligible to participate in CAB. People who received Federal Earned Income Tax Credit (EITC) are automatically eligible. In addition to income guidelines, you must also have a job. IDA programs often refer to it as an “earned income” requirement. Even if you do not meet these guidelines, you should still pursue participating in an IDA program, because the IDA program nearest you may have more liberal guidelines. – Click here to see the income guidelines

How much money can I save?

CAB lasts 6 months to 36 months. How much you save in the end depends on how much you deposit and how much of a match is offered. The match rate for education and business is 2-1 and for a home purchase is 3-1. For example, if you deposit $50 every month for two years you save $1,200 on your own. CAB offers a 3:1 match, you will receive an additional $3,600 toward your savings goal. In two years you save $4,800. CAB can match up to $2,000 of your own savings. For a home purchase, it would be matched with $6,000 for a total of $8,000 to be placed on closing costs or principle.

What is Career Development?

The Choctaw Nation’s vision for the development of the Career Development Program is to create a pipeline to quality career and technology training as well as career services for the Choctaw People.

  • • Career Development Services:
  • • Career Guidance Services
  • • Assessment Training
  • • Academic Remediation
  • • Financial Assistance for Quality Training
  • • Career Readiness
  • • Employment Services

Visit the Career Development webpage here:

Is there another IDA program for me?

Unfortunately, there is no national directory of IDA programs. However, you can still find a list of programs in your state. To find out if there is a program near you, go to, click on “State Pages” on the main (left) navigation bar, select your state from the drop down menu, and then select “IDA Programs’”. Contact information for all IDA programs in your state will be listed. You may also want to look in your local Yellow Pages, where there may also be listings.