Financial Accounts - Required Verification
Verification required for each financial account is as follows:
●Current balance of checking and savings account
The budgetary unit's resource amount may be near or over the resource limit. When this occurs, determine the current balance, less any outstanding checks or debits to the account. Determine the current balance from the date of application or first of the month in question.
●Name of bank and address
●Interest and dividends
Verify financial accounts for NA only when the information is
questionable(g) or inconsistent.
When verification has not been received by the processing deadline and the participant is continuing to cooperate, complete the case using the
verification process.
When reviewing verification, compare past account information with current. Resolve any discrepancies. Use new information to explore for unreported sources of earned or unearned income. This includes, but is not limited to, the following:
●Direct deposits
●Where the participant cashes checks (e.g., a location near an AP's address; an unemployed participant cashing checks at an employee credit union, etc.)
●Account activity
●Account deposits versus reported income