OAR 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 (Definitions for Chapter 461)), except that accounts in financial institutions for stocks, bonds, and certificates of deposit (CDs) are covered in OAR 461-145-0520 (Stocks, Bonds and Other Securities).(2)
Money in a bank account available to one or more members of the financial group (see OAR 461-110-0530 (Financial Group)) is counted as a resource in accordance with OAR 461-140-0020 (Availability of Resources), 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 (Approved Accounts; OSIPM-EPD).(b)
A burial fund if excluded under OAR 461-145-0040 (Burial Arrangements and Burial Fund).(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 (Treatment of Excluded Assets).(e)
An Individual Education Account if excluded under OAR 461-145-0145 (Educational Account).(f)
Money for a plan for self-support if excluded under OAR 461-145-0405 (Plan for Self-support).(g)
Proceeds from the sale of a home if excluded as a resource under OAR 461-145-0460 (Sale of a Resource).(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.
Source:
Rule 461-145-0030 — Bank Account, https://secure.sos.state.or.us/oard/view.action?ruleNumber=461-145-0030
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