C Joint Accounts Example 3

FAA6.N Examples : 20 Financial Accounts (FIAC) Examples : C Joint Accounts Example 3

Mary and Rhoda live together and have a joint checking account. They are both self-employed and their earnings are directly deposited into the account.

Mary and Rhoda state that the monies they deposit are for their sole use. They only share the account to save money on banking fees.

Mary's total deposits are $850 per month.

Rhoda's total deposits are $1050 per month.

The balance of the account is $2150.

Deposits for the month are $1900. Balance of $2150 minus deposits of $1900 = $250.

Each budgetary unit has a resource of $250 as this resource is available to either budgetary unit.

Add the total income deposited by both NA budgetary units:

Mary	$850
Rhoda	+ $1050
Total	$1900

Subtract the total income for the month from the balance of the joint account:

Balance	$2150
Income	- $1900
Total	$250

A total resource amount of $250 is available and countable to each NA budgetary unit.

When neither budgetary unit spends their income for that month, the balance remaining the following month is considered a resource to both budgetary units.