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SNAP CERTIFICATION MANUAL – SECTION 4000 5B4600 Determining and Verifying Countable Resources 35B4650 Money in Checking and Savings Accounts

4650 Money in Checking and Savings Accounts SNAP Manual 07/01/01 The current amount in any checking account, savings account, money market account, or credit union account (less any current income) will be considered a countable resource. This includes accounts established for minor children (except trust funds as specified in SNAP 4510 and special accounts such as Christmas clubs. Also included are accounts belonging to non- household members when a household member has access to such accounts. See SNAP 4601 for instructions on determining ownership of and access to such accounts.  NOTE: Interest paid on checking and savings accounts will be considered income and handled as specified in SNAP 5711. Acceptable verification includes updated passbooks; current bank statements; or collateral contact with the bank that specifies the household’s current balance and recent withdrawals or deposits. The period of time for which withdrawals or deposits must be indicated may be specified by the caseworker. The caseworker will consider the balance declared by the household, the current income, and any large amounts of income recently available to the household. Documentation must include: a. The current amount in each checking and/or savings account; b. Any current income included in the accounts; c. The figures used to calculate the countable resource amount; and d. The verification obtained.

4651 Mutual Funds SNAP Manual 10/01/87 The total amount currently invested by a household in a mutual fund will be considered a countable resource unless the mutual fund is a retirement account set up by an employer that is inaccessible to the household. Mutual funds are accounts set up with money deposited by a group of individuals. Usually, a minimum deposit is required and the depositor is said to “own” so many “shares” of the mutual fund. The money in the fund is used by a manager/broker to make a variety of investments on behalf of the investor. For example, the funds may be placed in CD’s or used to purchase stocks or bonds. In return, each investor receives a pro-rata share of any profits from the investment.