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Rule
[EAS 42-213.23]
A ‘restricted account” is a savings account that a recipient family can retain in any financial institution to be spent for certain allowable expenses. Money in a restricted account does not count against the property limit.
Effective January 1, 2008, there is no maximum amount that current CalWORKs recipients may save in a restricted account.
Note: The Restricted Account rule does not apply to applicants.
The AU must establish and maintain any restricted accounts separately from other accounts.
Any type of account which is maintained at a financial institution can be identified as a restricted account; it does not have to be a “savings” account.
The recipient must state that this account is their restricted account but is not required to declare the purpose of the restricted account until the first withdrawal is made.
Related Topics
Qualifying and Nonqualifying Withdrawal