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a resource. If a business account is not clearly distinguishable from personal resources, such funds must be considered personal resources when determining resource eligibility. 2615.10.05.10

PAYMENT PROCESSING APPS

Applications such as Venmo, Cash App and others of the same nature may be used as a pass through for the purpose of transferring funds from one account to another. If used solely for that purpose, it would not be considered its own resource.

The account to which it is attached must be evaluated for resources and income just as any bank account.

Some of these applications offer banking accounts within the application. In that case, the account(s) would be evaluated for resources and income just as any bank account. It would be important to take note of whether the account within the application is also attached to another bank account, which would also need to be evaluated for resources and income. Eligibility staff must determine how the account is being used at the time of the eligibility interview and identify the account accordingly. 2615.10.10 TIME DEPOSITS

Time deposits held by financial institutions may be solely or jointly owned. If a time deposit is solely owned, the availability of funds is the deciding factor in determining if the time deposit is a resource. A time deposit such as a savings certificate or certificate of deposit usually is available to the individual and is counted as a resource.

When a time deposit is jointly owned and available, the eligibility worker is to presume 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 individual who rebuts is responsible for providing proof of ownership of the funds, which includes a record of deposits and withdrawals from the time deposit account. Immediately following a successful rebuttal, the funds must be separated and placed in separate accounts. Only the funds belonging to the individual will then be counted as a resource. If funds are not separated, the balance is counted in its entirety by each joint owner.

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 resource. Interest penalties may involve a reduction in the interest rate and/or loss of interest for a short period of time.

In rare instances 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.

Verification of a time deposit certificate from the financial institution must include information on when the funds can be withdrawn and any penalties for early withdrawal.