605-7 E  PFD Permanent Fund Dividend as a Resource

PFD Permanent Fund Dividend as a Certificate of Deposit:

Cindy’s dad applies for Food Stamps for the 2 of them and verifies Cindy has a CD Certificate of Deposit with an $8,000.00 balance. Cindy’s dad says part of the divorce settlement was that Cindy’s PFD Permanent Fund Dividend must be deposited into a CD Certificate of Deposit each year that requires both parents signature to withdraw any money.   The account is in her mother’s name.  The case worker verifies both parents refuse to sign to release any money until Cindy is 18. The case worker determines the funds are available and are considered a resource to the household.  The divorce settlement does not make the funds inaccessible to either parent.  The fact that the account is only in her mother’s name may make it appear she is the only one with access, however accessing the funds would only required both parents to sign a withdrawal slip.  Choosing to not access funds until your child turns 18 does not make them an inaccessible resource.  The CD Certificate of Deposit is countable.