Money Transfer Apps
This policy is new and effective for all eligibility determinations completed on or after 07/01/2024.
A participant may utilize money transfer apps to send and receive money from family, friends, businesses, or employers. Funds may be transferred to the participant’s money transfer app from anyone’s bank account or money transfer app, prepaid card, debit card, or mobile check deposit.
Money transfer apps include, and are not limited to, any of the following:
●Apple Cash
●Cash App
●Chime
●PayPal
●Venmo
●Zelle
When there are funds on the participant’s money transfer app, determine the source of those funds.
When funds in the participant’s money transfer app are connected to the participant’s bank account, see
Financial Accounts - Overview for information on handling the resources.
When funds in the participant's money transfer app are from family, friends, businesses, or employers, determine whether any portion of the funds should be counted to the participant as one of the following:
Do not count any portion received in a budget month as a resource when countable as income. Any remaining balance carried over to the following month is countable as a
cash resource.
A participant may verify money transfer app activity from their mobile app or bank account statements.
NOTE Use
prudent person concept to determine whether additional verification is needed. (link is for internal use only).