Assets for Independence Resource Center
Managing Your AFI Grant > Changing Your Financial Institution
Contact the AFI Resource Center if you are having issues with financial partnerships

Changing Your Financial Institution

Banks and credit unions are usually thrilled to partner with Individual Development Account (IDA) projects. Every once in a while, though, a grantee feels it would like to make a change. Sometimes relationships don’t work out, or a grantee decides the terms of its agreement with a financial partner aren't in its project's best interest. 

Grantees should keep the Office of Grants Management (OGM) and Office of Community Services (OCS) up to date on their financial partners, including when those partners change. When replacing the institution that holds your Project Reserve Fund or IDAs, please use the following procedures to notify your OCS and OGM contacts:

Projects awarded after July 1, 2007 have grant numbers 90EI0468 or higher.

Projects awarded July 1, 2007 or later:

  • Notify the Division of Payment Management (DPM) by letter that the account for the Reserve Fund has changed. With your letter, include the 1199A for the Reserve Fund at the original financial institution.
  • Copy your letter and the new 1199A to the OCS.

Follow up with OGM or DPM to make sure they have recorded this new account information before you attempt a new drawdown.

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