Oregon Administrative Rules
Chapter 461 - DEPARTMENT OF HUMAN SERVICES, SELF-SUFFICIENCY PROGRAMS
Division 145 - TREATMENTS OF SPECIFIC ASSETS
Section 461-145-0030 - Bank Account

Universal Citation: OR Admin Rules 461-145-0030

Current through Register Vol. 63, No. 3, March 1, 2024

(1) As used in this rule, a bank account includes a money market account and an account in a financial institution (see OAR 461-001-0000), except that accounts in financial institutions for stocks, bonds, and certificates of deposit (CDs) are covered in OAR 461-145-0520.

(2) Money in a bank account available to one or more members of the financial group (see OAR 461-110-0530) is counted as a resource in accordance with OAR 461-140-0020, unless it is excluded under this rule or another rule in this chapter of rules.

(3) In each of the following situations, money in a bank account is excluded as a resource:

(a) An approved account if excluded under OAR 461-145-0025.

(b) A burial fund if excluded under OAR 461-145-0040.

(c) A designated bank account for an OSIPM-ICP client if:
(A) The account is designated to receive program benefits by direct deposit through electronic funds transfer; and

(B) The benefit funds are not commingled with other assets of the client.

(d) Funds from excluded income if excluded as a resource under OAR 461-140-0070.

(e) An Individual Education Account if excluded under OAR 461-145-0145.

(f) Money for a plan for self-support if excluded under OAR 461-145-0405.

(g) Proceeds from the sale of a home if excluded as a resource under OAR 461-145-0460.

(4) In the OSIP, OSIPM, and QMB programs, interest and dividends earned on funds in a bank account are excluded as income.

(5) In all programs except the OSIP, OSIPM, and QMB programs, interest and dividends earned on funds in a bank account are counted as unearned income, unless the account is excluded as a resource under section (3) of this rule or under another rule in this chapter of rules.

Statutory/Other Authority: ORS 411.060, 411.070, 411.816, 414.042 & 412.049

Statutes/Other Implemented: ORS 411.060, 411.070, 411.700, 411.816, 414.042 & 412.049

Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.