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This section provides information on: • Checking and savings accounts; • Time deposits, including IRAs and Keogh Plans; and • Guardianship accounts. 2615.10.05 SAVINGS AND CHECKING ACCOUNTS

It is assumed that all of the funds in a savings or checking account are owned by and available to the individual designated as owner in the account title.

If the account is jointly owned, it is to be presumed that all of the funds belong to each owner. The individuals are to be advised of this presumption and given the opportunity to rebut it. An applicant/recipient who rebuts is responsible for providing proof of ownership of the funds, which includes a record of deposits and withdrawals from the account. Following a successful rebuttal, the funds must be separated and placed in separate accounts. Only the funds belonging to the applicant/recipient will then be counted as a resource.

The resource value of savings and checking accounts is the balance in the account on the date on which eligibility is established, according to the requirements of the specific program. (Refer to Section 2605.20.00) However, when determining the balance of a checking account for resource eligibility purposes, any checks which have not cleared the bank as of the date on which eligibility is determined, are to be subtracted from the balance. The eligibility worker should also subtract any current month's income which has been deposited in the account before entering the amount in the eligibility system. This includes the "direct deposit" benefit check which is sometimes recorded by the bank at the end of one month instead of early in the next month, when it would normally be received.

EXAMPLE:

A "direct deposit" RSDI (Social Security) check shown as a deposit on May 31, but which is truly the June check, will be considered as income for the month of June and will not become a resource until July.

The total value of all bank accounts must be verified at the time of application and at each redetermination. Bank accounts must be verified by documentation obtained directly from the financial institution. In addition to using a bank collateral form, monthly account statements can be utilized to verify bank account balances. 2615.10.05.05

BUSINESS ACCOUNTS (S)

When funds are in a bank account which has been properly identified as a business account, it is assumed that the funds are being used for the operation of the business and are not counted as