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Chapter: 1600 Assets Program: RAP 22 The different types of liquid and nonliquid assets are discussed alphabetically in the following subsections. The policies assume that the assets are owned by and available to the individual unless noted otherwise. Refer to policy on asset ownership and availability described in Section 1660.0300. Refer also to Chapter 2200, Standard Filing Unit, which describes whose assets must be considered. 1660.0501 Bank Accounts (RAP) Bank accounts refer to funds in a bank, credit union, savings and loan association or any other financial institution that are usually payable on demand. Interest earned on bank accounts is excluded as unearned income.

This section provides information on:

1. checking and savings accounts; 2. convenience bank accounts; 3. time deposits, including Individual Retirement Accounts and Keogh Plans; and 4. special accounts for medical services. 1660.0502 Checking and Savings Accounts (RAP) The asset value is the balance in the account on the date on which eligibility is established. If the total asset value of the account does not affect eligibility, it is not necessary to determine the amount of any transactions that have not cleared the account or the individual's portion of a joint bank account. However, the individual still may be given the opportunity to rebut full or partial ownership to ensure that future changes to the account will not affect his eligibility.

Passages 1660.0504 - 1660.0506 discuss policy for bank account assets. Refer to passages 1660.0300 - 1660.0302.03 and 1660.0308 - 1660.0321 for ownership and availability policies for bank accounts. 1660.0504 Time Deposits (RAP) The availability of funds is the deciding factor in determining if a time deposit is an asset. Time deposits such as a savings certificate or certificate of deposit usually are available to the individual and are included as assets.

Any interest penalties imposed for withdrawing the time deposit funds prior to maturity are deducted from the total amount when determining the value of the time deposit asset. Interest penalties may involve a reduction in the interest rate and/or loss of interest for a short period of time.

Some time deposits cannot be withdrawn prior to maturity under any circumstances. Funds in this type of account are not included as an asset until they reach maturity and become available.

Any interest retained after the month it is available is included as an asset. 1660.0505 Retirement Accounts and Pension Plans (RAP) Exclude all retirement accounts and pension plans. Count distributed funds as:

1. unearned income if made available through installment payments, or 2. an asset in the month received if made available as a lump sum payment. 1660.0506 Verification of Bank Account (RAP) Information required for verification of an individual's bank account assets includes the:

1. type of account;