- How do I know if my first-grader is part of this program?
Beginning March 2022, all LAUSD first graders will have an account automatically opened for them, unless their parent/guardian opted out. If you have any questions about accessing your student's account please send us an email at email@example.com.
- What is the cost to participate in Opportunity LA (OLA)?
There is no cost to a student or a family to participate in Opportunity LA.
- What is needed to register a Student Account?
An Opportunity L.A (OLA) account has already been opened in the student’s name. To register the account, log into https://mysavingsaccount.com/account/ola.
You will need to provide the following information :
- Student account number found in the welcome letter (mailed to you)
- Student’s date of birth
- Email address
If you have questions regarding the account number please contact us at firstname.lastname@example.org.
- What can you use these savings for?
Program funds may be used for pre-college education expenses and post-secondary education. Qualified account uses will be determined by the Program and include, but are not limited to:
- Pre-college expenses such as college application fees, ACT/SAT testing fees or preparatory classes
- Pre-enrollment enrichment services such as “summer bridge” programs, deposits for on-campus room and board
- Post-secondary expenses such as tuition, mandatory fees, books, supplies (including computer equipment)
- Post-secondary education includes: colleges; universities; vocational schools; and any two or four-year degree programs from accredited institutions.
To be eligible for a qualified account use, the participant must either be currently enrolled in or graduate from an LAUSD high school. Certain restrictions apply.
- Can funds be withdrawn from this Program account?
In the case of a family emergency, the student or parent/guardian may request an early withdrawal of some or all contributions in the student’s account. **Restrictions apply.
- What happens to the Opportunity L.A (OLA) Student account, if the Student transfers from one school to another?
If a student who has an Opportunity L.A (OLA) account transfers to another LAUSD school, the student’s school information is updated and the OLA account continues as is. If the student leaves LAUSD, then the student’s OLA account will be closed. Online viewing access of a student’s OLA account will be terminated as of the date of account closure. If any Non-Program Contributions were made to the OLA account, a check payable to the student’s name will be mailed to the address on record within twenty (20) business days of the OLA account closure. All incentives and Program Contributions are returned to the Program. The parent or legal guardian of the student will be asked to destroy and discard the student’s account ID Card.
If the student who previously participated in the Program returns to an LAUSD school, a new OLA account may be established for the student and, depending on funding availability, the initial $50 deposit will be credited to the new OLA account. Please contact the OLA program manager at email@example.com for additional inquiries.
- Does the program offer an interest savings rate?
The OLA program will not offer an interest savings rate; however, it will have a growth amount incentive which will provide additional saving funds. The OLA Program accounts will provide other means of growth which will function similarly to interest on a bank account with or without making deposits to the account.
- How does Opportunity LA differ or work with ScholarShare 529 accounts?
Opportunity LA differs from ScholarShare 529 in that our program is an opt-out model, the accounts are accessible to anyone regardless of their legal status, the program will not affect a family’s public benefits, and is completely free for families. ScholarShare 529 models are typically opt-in, gain a higher interest but will likely be reportable for tax and benefit purposes. ScholarShare 529 accounts may also have penalties for early withdrawals.
- Can the funds be transferred into a 529 account?
Contributions made by parents, family, friends or legal guardians may be transferred to a 529 account upon request by the participant. All program contributions including the initial deposit and any incentive that the student has earned from Opportunity LA while in the program cannot be transferred and will stay in the custodial account. The student account will remain open unless a parent or legal guardian requests to close the account at which point they must fill out a student account closure form. For more information on contributions see Program Contribution and Incentives.
- How to make a deposit
Did you know that you and your loved ones can make deposits into an Opportunity L.A (OLA) account? All you need is the student’s name and account number. This can be done in a variety of ways
In-person at a local Los Angeles Citibank branch:
Step 1: Enter your address.
Step 2: Select Filter.
Step 3: Select Branches and Apply Filter.
You can make cash deposits, with a valid government-issued photo ID, and one additional identifying document.
Please note that Citibank Branches are limited and not accessible to all local communities. For more information about finding the nearest Citibank branch, you can use the Citibank Branch Locator https://online.citi.com/US/ag/citibank-location-finder or Google search.
Make a check or money order payable to your child’s name, include their account number in the memo section of the check, and mail to:
Citi Children’s Savings Accounts
P.O. Box 790020
St. Louis, MO 63179-9966
Bill Pay :
Step 1 : Log into your bank's online portal and proceed to the Bill Pay section.
Step 2: Enter and save the Bill Pay merchant details as follows for all fields as applicable:
- Merchant Name -: Opportunity LA
- Account # : 3322209 + remaining digits of your account number
- Merchant Address : P.O Box 790020, St Louis, MO 63179-9966
* Please note that the initial Bill Pay set up takes approximately 4-6 weeks.
- Incentives 2021-2022
Tax Time Savings Matching Incentive
Students with an Opportunity LA account are able to receive a dollar-for-dollar Tax Time Savings match of up to $25 dollars when their parents or guardians file their taxes with Free Tax Prep Los Angeles and make a deposit of at least $5 during tax season into their OLA account. Tax Time Savings Flyer
OLA Account Registration Incentive
The program will reward participants that register their Opportunity LA account for the first time with a $25 savings reward.
- How do I make a deposit using Bill Pay?
Look for the Merchant Name Opportunity LA (OLA) in your bank’s Bill Pay service. You can set up a one-time payment or recurring payments to the Participant’s account record using this service. * Please note that the Bill Pay takes approximately 4-6 weeks for the initial setup to process.
- If a student participates, will it affect benefits received? Such as Calfresh or WIC?
No, the funds are held by the City of Los Angeles for the student and cannot be counted as part of household income.
- What if I cannot find "OLA" as a merchant in my bank’s Bill Pay?
If you need to set up the OLA Program as a Bill Pay merchant at your financial institution, follow the steps below:
Log into your bank’s online portal and proceed to the Bill Pay section.
Enter and save the Bill Pay merchant details as follows for all fields as applicable:
Merchant Name — Enter Program Name (Opportunity LA)
Account # — Enter your student’s XX-digit account number (provided in the welcome letter)
Merchant Address — Enter the address: P.O. Box 790020 St. Louis, MO 62179-9966
Merchant Phone Number — XXX-XXX-XXXX
Follow the prompts to add the merchant and set up a one-time or recurring payment. Once you have entered this merchant in your bank’s Bill Pay section, you will not have to enter the merchant’s information again and all payments will be sent electronically.