Or. Admin. Code § 461-145-0030 - Bank Account

(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.

Notes

Or. Admin. Code § 461-145-0030

AFS 80-1989, f. 12-21-89, cert. ef. 2-1-90; AFS 11-2001, f. 6-29-01, cert. ef. 7-1-01; SSP 4-2007, f. 3-30-07, cert. ef. 4-1-07; SSP 14-2007, f. 12-31-07, cert. ef. 1-1-08; SSP 8-2021, minor correction filed 02/18/2021, effective 2/18/2021

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