Bank Accounts SR 13-36 Dated 11/13 (MAM-A)

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Count the value of bank accounts such as but not limited to:

• savings and savings certificates;

• checking;

• NOW accounts;

• savings of a foster child either in the form of a revolving fund account or separate savings account;

• credit union accounts; and

• patient accounts for nursing facility cases.

Treatment: Countable Resource

Exception: If an individual receiving FANF has a checking account into which they regularly deposit their FANF grant and out of which they regularly pay their expenses, it is considered a “working” checking account. Subtract the FANF payment standard for the group size from the account’s balance. The remainder is a countable resource.

See also Certificates of Deposit, IRAs, Keogh Plans, PASS and Trusts.