TN 12 (06-11)

HI 03030.015 How We Count Financial Institution Accounts

A. Background for determining how we count financial institution accounts

For purposes of determining eligibility for the subsidy, treat the resource of financial institution accounts the same as we treat them for the supplemental security income (SSI) program. To determine if the account falls under the patrimony rule, for a member of a religious order, refer to HI 03020.040.

B. Policy for ownership of financial accounts

1. Owner of the account

We consider funds held in a financial institution account (including savings, checking, and time deposits, also known as certificates of deposit) as the individual’s resources if he or she owns the account, and can use the funds for support and maintenance. Depending on how the account is set up, we determine whether the individual owns the account and can use the funds for support and maintenance.

2. Owner of an individually-held account

If the individual is the sole owner, based on the account title and can withdraw funds, and use them for support and maintenance, we consider all of the funds as the individual’s resource regardless of the source. When these conditions apply, we presume that the individual owns 100 percent of the funds in the account. This presumption is not rebuttable.

3. Owner of a jointly-held account

If only one subsidy claimant or subsidy eligible individual is an account holder on a jointly held account, we presume that all of the funds in the account belong to that individual. If more than one subsidy claimant or subsidy eligible individual are account holders, we presume that the funds in the account belong to those individuals in equal shares. For information on joint checking and savings accounts, refer to SI 01140.205.

4. Right to rebut presumption of ownership of a financial account

If the individual disagrees with the ownership presumption described in
HI 03030.015B.3., he or she has the opportunity to rebut the presumption. Rebuttal is a procedure, which permits an individual to furnish evidence and establish that some or all of the funds in a jointly held account do not belong to him or her. For information on joint checking and savings accounts, refer to SI 01140.205.

C. References


To Link to this section - Use this URL:
http://policy.ssa.gov/poms.nsf/lnx/0603030015
HI 03030.015 - How We Count Financial Institution Accounts - 06/13/2011