4660 Savings Certificates

The total current amount of money held in savings certificates (e.g. money markets, certificates of deposits) will be considered a countable resource. Do not deduct any penalties which might be extracted for early withdrawal. Include any certificates owned by a non-household member when a household member is a co-owner and the certificate is accessible to the household member. Determine if the certificate is available to

the household member by reviewing the terms of the contract.For

example, if the certificate specifies that the certificate would be payable to the household member onlv upon the death of the owner the funds are considered inaccessible. See FSC 4601 for instructions on determining ownership of and access to such accounts.

NOTE:Interest paid on savings certificates will be considered income and handled as specified in FSC 5711.

Acceptable verification includes:

a.Current statements of account; or

b.Collateral contact with the financial institution specifying the current value of the savings certificate and the most recent interest payment.

The certificate itself will be acceptable only if it reflects the current amount in the account.

Verify accessibility to jointly owned certificates when questionable. Acceptable verification includes:

a.The certificate if it establishes the terms of the co-ownership; or

b.Collateral contact with an attorney or lending institution which establishes the terms of the co-ownership.

Document:

a.The kind of savings certificate;

b.The terms of the certificate (e.g. when it will come to maturity);

c.The owner or owners of the certificate; and

d.The current amount of the certificate.

When establishing accessibility to jointly owned accounts, document:

a.The terms of the co-ownership;

b.Whether or not the terms of the co-ownership were considered questionable; and

c.If co-ownership was considered questionable, how the terms were verified.