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), 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) For Oregon Supplemental Income Program Medical (OSIPM), a designated bank account for an individual receiving benefits under the Independent Choices Program under OAR 411-030-0100 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 individual. (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) For Medicare Savings Programs (see OAR 461-001-0000) and OSIPM, interest and dividends earned on funds in a bank account are excluded as income. (5) In all programs except Medicare Savings Programs and OSIPM, 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.