IM-54 May 3, 2022; IM-91 June 18, 2020; IM-82 May 20, 2019; IM-32 March 12, 2013
Cash and securities include:
- cash in the person’s possession or in safe-deposit boxes
- money remaining in a direct benefit account the month following receipt of the payment. Direct benefit account holders are typically issued a debit card to access the funds in these accounts.
- Direct Express accounts are a common type of direct benefit account. A Direct Express account is used for deposit of federal benefits such as Supplemental Security Income, Social Security, Railroad Retirement, Veterans Administration benefits, and other federal benefits. Deposits of these federal benefits are not limited to deposit into a Direct Express account; funds can be deposited into another account type of the beneficiary’s choice. Personal funds from other sources cannot be deposited into a Direct Express account. Unless the balance is in question, accept self-attestation of the current and prior quarter balances.
- There are multiple online or Mobile Applications that can accept, send and hold funds. These accounts are similar to Direct Express accounts, but they are not for receiving government payments. Mobile Applications are for personal use for buying and selling online items and for sending and receiving money from friends and family. Individuals can send money directly from a bank account to a Mobile Application where money can be held or transferred to a bank account. Examples of Mobile Applications include, but are not limited to:
- PayPal
- Venmo
- Cash App
- Zelle
- Google Pay
- Meta Messenger
- Child support payments received from the Missouri Family Support Payment Center are routinely issued to direct benefit cards. Similar to federal benefits, deposits of child support funds can also be made into an account of the payee’s choice. For more information about child support direct benefit cards for Missouri child support participants, visit https://dss.mo.gov/child-support/custodial-parent/prepaid-card.htm.
- deposits in banks, building and loan associations, credit unions
- NOTE: Do not exclude the number of outstanding checks from the verified balance of accounts with financial institutions. In the Uniform Commercial Code, U.C.C. – Article 4 – Banks Deposits and Collections, outstanding checks are those checks that have been written by the account holder or authorized signatories but not yet settled with the financial institution.
- certificates of deposit or building and loan certificates
- negotiable instruments such as checks, bank drafts, promissory notes, or bills of exchange
- stocks, bonds, treasury bills, mutual funds, money market accounts
- mortgages, the balance due on sales contracts (such as contracts for deed)
- Individual Retirement Accounts
- similar instruments, both negotiable and non-negotiable
Mortgages, Contracts for Deed, Deeds of Trust, Promissory Notes, and other sales contracts created by and/or payable to the participant or his/her spouse, may be an available resource.
For additional information, refer to: