FAA4.A Financial Accounts (FIAC) : 05 Financial Account Types : A Checking Accounts : .01 Personal Checking Accounts
Personal Checking Accounts
 
(01/01/21 - 12/31/21)
A bank or credit union personal checking account allows easy cash deposits and withdrawals of money. This may include direct depositing of paychecks or other types of benefits or income.
 
When money is deposited into a participant's account, determine whether any portion of the deposited money should be counted as earned, unearned, or self-employment income to the participant. Any remaining amount not counted as income is considered a resource. Do not count any portion budgeted as income, as a resource.
 
NOTE An account used only for a self-employment business is not countable as a resource.
 
Key personal checking accounts on FIAC using the PC Financial Account Code.
 
Key a credit union checking account resource on FIAC using the CU Financial Account Code.
 
For accounts with combined NA educational income, see Combined Resources.
 
For jointly owned credit union accounts, see Joint Accounts.