Matched Savings Account

Family Savings Account (FSA)

The FSA program assists low income families or individuals in Crawford, Erie and Venango counties to become financially independent by helping them to acquire a long lasting and life changing asset.

It is designed to help participants save earned income in special-purpose, matched savings accounts called Individual Development Accounts (IDAs). Every dollar in savings deposited into an IDA by participants is matched dollar for dollar, up to $2,000. This program will provide basic financial management training  including owning and managing a bank account and a credit card; credit counseling and repair; guidance in accessing refundable tax credits and specialized training in owning particular assets for the long term.

Participation Requirements:

  • Eligible individuals or families must reside in Crawford, Erie and Venango counties
  • Is Temporary Assistance for Needy Families (TANF) eligible OR
  • Meets the following requirements: Total household adjusted gross income for the twelve months immediately preceding the date of application is not more than 200% of the Federal poverty standard;  or Is eligible for the Earned Income Tax Credit (EITC);  and whose household net worth does not exceed $10,000.

Family Savings Account Brochure Family Savings Account Brochure (152 KB)

Family Savings Account Application Family Savings Account Application (32 KB)

Individual Development Account (IDA)

The IDA program is open to any Pennsylvania Resident whose family income is at or below 200% of the poverty level and the purpose of the program is for individuals to develop savings habits and set short and long term savings goals. Savings goals can include purchasing a home, starting a business, and secondary education for the saver or their children.

Participants have to save $,2000 over a two to three year period and attend 4 financial Literacy programs to be eligible for a $2,000 match. In addition GECAC has developed relationships with local banks. Accounts can be opened at any PNC Bank, Northwest Savings Bank National City, Marquette Savings Bank or Erie Federal Credit Union. The banks waive all fees for participants in the program.

Participation Requirements:

  • Eligible individuals or families must reside in Pennsylvania
  • Is Temporary Assistance for Needy Families (TANF) eligible OR
  • Meets the following requirements: Total household adjusted gross income for the twelve months immediately preceding the date of application is not more than 200% of the Federal poverty standard; or Is eligible for the Earned Income Tax Credit (EITC); and whose household net worth does not exceed $10,000. 

 

Individual Development Account Facts and Questions Individual Development Account Facts and Questions (52 KB)

Individual Development Account Application Individual Development Account Application (45 KB)