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SNAP CERTIFICATION MANUAL – SECTION 4000 5B4600 Determining and Verifying Countable Resources 37B4660 Savings Certificates

 NOTE: The income received as profits from the fund will be considered unearned income in the month received or will be prorated over the period of intended use. Normally, the money invested in a mutual fund is accessible to the household. Although there may be a 6-to-7-day delay in the receipt of the money; usually, there is not a penalty for withdrawal. When a household has funds in a mutual fund set up as a retirement account by a member’s employer, the household may not have access to the funds or may only have limited access. Such situations will be evaluated on a case-by-case basis. Acceptable verification of the amount invested in a mutual fund includes a current statement from the fund; or collateral contact with the financial institution handling the fund. In the case of mutual funds set up as a retirement fund, a statement from the employer. This statement should also verify the household’s accessibility to money invested in the fund. Documentation must include: a. The name of the financial institution, broker etc. managing the fund; b. The amount the household currently has invested in the fund; and c. If the fund is a retirement fund, the terms under which the household may gain access to the money in the fund.

4660 Savings Certificates SNAP Manual 10/01/87 The total current amount of money held in savings certificates (i.e. - certificates of deposits) will be considered a countable resource. Penalties that might be extracted for early withdrawal will not be deducted. Any certificates owned by a non-household member are a countable resource when a household member is a co-owner and the certificate is accessible to the household member. To determine if the certificate is available to the household member, the worker must review the terms of the contract. For example, if the certificate specifies that the certificate would be payable to the household member only upon the death of the owner, the funds are considered inaccessible. See SNAP 4601 for instructions on determining ownership of and access to such accounts.  NOTE: Interest paid on savings certificates will be considered income and handled as specified in SNAP 5711. Acceptable verification includes current statements of account or collateral contact with the financial institution. The collateral must specify the current value of the savings certificate and