409 BANK ACCOUNTS (FAM)

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Count the value of bank accounts such as:

·         checking,

·         pre-paid debit cards (such as Direct Express, Green Dot, EPPI/Way2Go, et cetera)

·         credit union accounts,

·         saving certificates,

·         NOW accounts,

·         savings, and

·         savings of a foster child either in the form of a revolving fund account or separate savings account.

Treatment: Countable Resource

Exception: If an individual has a pre-paid debit card or a checking account into which they regularly deposit their grant and out of which they regularly pay their expenses, it is considered a "working" checking account. New HEIGHTS will automatically subtract the payment standard for the assistance group size from the account balance. The remainder is a countable resource.

Example: Kate is receiving FANF for herself and her 2 minor children. Kate’s FANF grant is deposited into her checking account and the current balance is $2650. New HEIGHTS will subtract the payment standard for a HH size of 3, $1243, and count the remaining $1407 as a resource.

See also ABLE/STABLE-NH ACCOUNTS, CERTIFICATES OF DEPOSIT, IRA’s, KEOGH PLAN, PASS, and TRUSTS (RESOURCE).

References: He-W 656.04; 45 CFR 233.20(a)(3)