BANK ACCOUNTS (FAM)

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Count the value of bank accounts such as:

• checking,

• credit union accounts,

• saving certificates,

• NOW accounts,

• savings, and

• savings of a foster child either in the form of a revolving fund account or separate savings account.

Treatment: Countable Resource

Exception: If an individual has a checking account into which they regularly deposit their grant and out of which they regularly pay their expenses, it is considered a "working" checking account. Subtract the payment standard for the group size from the account’s balance. The remainder is a countable resource.

See also Certificates of Deposit , IRA’s , Keogh Plans , PASS , and Trusts .