Midas General Terms and Conditions 

Authored by: Midas Staff and Advisors  

Last updated: 4/23/2024 

Participation in the Matched Savings Program 

 I acknowledge that The Midas Collaborative serves as a third-party program partner responsible for managing matched savings accounts. This includes tasks such as opening accounts, processing withdrawals, handling termination requests, and furnishing monthly account information. Additionally, I understand that all aspects of program participation, including match rates, are determined by the community partner sponsoring the matched savings program and/or the financial institution where my funds will be held.  

Moreover, I recognize that Midas is committed to evaluating and researching savings-based asset development strategies. By engaging in this project, I commit to facilitating the evaluation process by sharing specific information obtained through surveys, interviews, and focus groups. During these interactions, I may be asked about my spending habits, attitudes toward savings, assets, and the matched savings program. I acknowledge that the data I provide will be utilized for the study and analysis of savings behavior. These findings may be disseminated through various channels such as journals, funding agency documents, policy papers, and other public forums. All shared information will be kept confidential, and Midas will securely store all data accessible only to authorized program staff and evaluators.  

I understand that Midas will not utilize my name in any report or written summary based on the provided information without my explicit written consent. 

Responsibilities of Midas and Community Partner Program Administrators 

As administrators of the Matched Savings Program, Midas and its community partners have certain responsibilities and obligations to ensure the program operates effectively and ethically. The following outlines these responsibilities: 

1. Transparency: Midas and its community and financial partners will provide clear and accurate information to participants regarding the terms and conditions of the program, including eligibility criteria, match rates, withdrawal procedures, and any associated fees or penalties. 

2. Accountability: Midas and its community and financial partners will maintain accurate records of participant contributions, match funds earned, and program transactions. Regular audits and reviews will be conducted to ensure compliance with program guidelines and regulatory requirements. 

3. Participant Support: Midas and its community and financial partners will provide adequate support and resources to assist participants in understanding and navigating the program. This may include access to financial education, counseling, and other services aimed at promoting financial literacy and empowerment. 

4. Data Protection: Midas and its community and financial partners will implement robust data protection measures to safeguard the confidentiality and security of participant information. This includes encryption, access controls, and other technical safeguards to prevent unauthorized access or disclosure of sensitive data. 

5. Evaluation and Improvement: Midas and its community partners will regularly evaluate the effectiveness of the program and adjust as needed to enhance outcomes and impact. This may include conducting surveys, collecting feedback from participants, and collaborating with stakeholders to identify areas for improvement. 

6. Compliance: Midas and its community and financial partners will comply with all applicable laws, regulations, and industry standards governing the operation of matched savings programs. This includes adhering to anti-discrimination laws, consumer protection regulations, and financial reporting requirements. 

Rights and Responsibilities Regarding Personal Information 

As a participant in the Matched Savings Program, you have certain rights and responsibilities regarding your personal information. The following outlines these rights and responsibilities: 

1. Collection of Personal Information: You understand and consent to the collection of personal and financial information necessary for participation in the program. This information may include your name, address, social security number, financial account details, and other relevant data. 

2. Use of Personal Information: Your personal information will be used solely to administer the Matched Savings Program, evaluate its effectiveness, and comply with legal and regulatory requirements. Your information will not be shared with third parties without your explicit consent. 

3. Data Security: Midas and its community partners are committed to safeguarding the confidentiality and security of your personal information. Measures will be taken to prevent unauthorized access, disclosure, alteration, or destruction of your data. 

4. Data Retention: Your personal information will be retained only for as long as necessary to fulfill the purposes outlined in this agreement or as required by law. Upon completion of the program or termination of your participation, your information will be securely disposed of or anonymized, as appropriate. 

5. Access and Correction: You have the right to access, update, or correct any inaccuracies in your personal information held by Midas or its partners. Requests for access or correction should be submitted in writing to the community partner program administrator. 

6. Withdrawal of Consent: You have the right to withdraw your consent for the use of your personal information in the Matched Savings Program at any time. However, withdrawal of consent may result in termination of your participation in the program. 

Your Duties and Responsibilities 

• Make regular minimum monthly deposits; failure for 3 consecutive months may result in account closure. 

• Respect the privacy of other program participants and maintain the confidentiality of personal or financial information shared during your participation in the matched savings program. 

• Notify your community partner program administrator of any personal information changes, such as name, address, and phone number. 

• Upon reaching the savings goal during the agreed savings period, submit a Qualified Withdrawal Form to your community partner program administrator to request receipt of your savings and the earned matched funds. 

• Designate a beneficiary for your matched savings account. In the event of your death, the proceeds of the account (excluding any match funds earned) will be dispersed to the designated beneficiary. 

Midas Duties and Responsibilities 

• Midas will open a custodial account in your name and social security number at a designated financial institution. You can deposit into this account but may not make withdrawals.  

• Midas will collaborate with a financial institution to manage the match savings program. 

• Provide access to savings account information and/or statements. 

• Process Withdrawal and Termination requests.  

Penalties for Non-Compliance 

Failure to adhere to the terms and conditions outlined in this agreement may result in penalties as determined by The Midas Collaborative. Such penalties may include, but are not limited to, the following: 

• Account Closure: Repeated failure to make minimum monthly deposits for three consecutive months may lead to the closure of the participant's account. 

• Forfeiture of Matched Funds: Violation of program rules or misconduct may result in the forfeiture of accrued match funds and termination of participation in the program. 

• Additional Consequences: The program reserves the right to impose additional consequences for non-compliance as deemed necessary to uphold the integrity of the matched savings program and protect the interests of all participants. 

Grievance Procedure 

In the event of a dispute or grievance between a participant and program administrators, including Midas or the financial institution managing the match savings bank, the following procedure will be followed: 

• Informal Resolution: Participants are encouraged to first attempt to resolve any disputes informally by discussing concerns with their program coach or designated program representative. 

• Formal Complaint: If a resolution cannot be reached informally, participants may submit a formal written complaint to The Midas Collaborative outlining the nature of the dispute and desired resolution. 

• Review and Resolution: The program will promptly review the formal complaint and undertake reasonable efforts to address and resolve the dispute in a fair and equitable manner. 

• Appeal Process: If a participant is dissatisfied with the outcome of the formal complaint process, they may have the option to appeal the decision through an established appeals process, as determined by The Midas Collaborative. 

Program Termination 

You may choose to terminate your participation in the program at any time prior to completion, if necessary and after consulting with your community partner program administrator. In such cases, submit a Termination Form to your community program partner to request receipt of your savings contribution and any accrued interest. 

Authorization 

I acknowledge and agree to the program terms and conditions. I consent to providing all personal and financial information requested by Midas, its associated community, and financial partners, authorizing the disclosure of said information for program administration and evaluation purposes in a timely and reasonable manner. My participation in the matched savings program is voluntary, and I retain the right to withdraw at any time.