April 12, 2010
Free matching money is available to eligible families to begin a savings account toward an approved asset-building goal - thanks to the Pennsylvania Family Savings Account Program.
People who save up to $2,000 within a period of one to three years will have those funds matched dollar-for-dollar, and up to $2,000 can be earned, free to save for purchasing a home, home repairs, higher education for a person or their child, a car or starting one's own business.
Local participating financial institutions working with PROBE at which these savings accounts may be opened include Fulton Bank, Lebanon Federal Credit Union, Jonestown Bank and Trust Co., and Northwest Savings Bank.
The FSA program is sponsored by the U.S. Department of Health and Human Services, Assets for Independence and the state Department of Community and Economic Development.
Eligibility requirements must be met. Enrollees must save at least $10 a week in a savings account for 12 months to three years. Attendance at six financial-literacy and asset-management workshops is also needed for successful completion.
Application meetings for the FSA program are scheduled for 11 a.m. Saturday, April 24, and 10 a.m. Tuesday, April 27, at PROBE's office. There are limited saving slots available. Those interested in attending need to preregister no later than the Friday before the application meeting.