Wednesday, January 1, 2014

Our Money

Back in 2010 a small group of neighbors, myself included, started a short lived neighborhood watch group. We scraped together 80 dollars and deposited the money at Erie General Electric Federal Credit Union. That neighborhood watch group fell apart, but it was my involvement in the group that inspired me to start the Academy Neighborhood Association.

So for a few years the 80 dollars sat there. There were two people's names on the account, mine, and another gentleman who has since moved out of the neighborhood. I wasn't really sure if I would be able to access the funds to use them for our new group until about a week ago.

On December 23rd I visited the newly named Widget Financial, hoping to withdraw the funds or at least close down the old neighborhood watch account that had my name attached to it. I was pleasantly surprised to find out that I would be able to not only withdraw the old funds but also use them to start a new checking account for the Academy Neighborhood Association. 

The staff at Widget were very helpful.They guided me through the process of shutting down the old account and establishing the new one. Here's a breakdown of what happened and where the money is. 

There was 72 dollars left in the old account. 8 dollars had been paid in fees over the last two years to Erie FCU/Widget. I was allowed to withdraw 62 dollars to start the new Academy Neighborhood account. I wasn't able to take out the entire amount or shut down the old account. Widget required that 10 dollars be left in the old account, and I was told the account would eventually "fee out" meaning that it would sit there until the ten dollars was eaten up by fees. 

So I was given a check for 62 dollars for the Academy Neighborhood Association. I had already applied for and received an EIN (employee identification number) from the I.R.S. for the Association, I did so earlier this year.  I was able to use the 62 dollar check to start our new checking account. Widget required us to also have a savings account with a minimum of 10 dollars. So I deposited 52 dollars into the new checking account. I ordered checks, which cost 19 dollars. Leaving us with 33 dollars! Not much, but 33 dollars more than we had before.

I hope someday to look back at this post and laugh about how little money we had "back then".

I realize this is not the most exciting story! But when it comes to money, even the small amounts we are dealing with so far, I want to be as open as possible. If you you are an active or interested member of our group and you want to see the account information and/or paperwork I will be glad to share it with you. 

Now, to start raising more money! I have a couple of ideas I will be taking action on in the next few days. I may need your help to make them a reality. I will update everyone as soon as possible.

If you have any questions contact me (Bob Hand) by email:

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