Zero Balance Accounts. If your account reaches a zero balance, or you apply for an account but never deposit funds into it, we may either keep the account open or close the account without notice. Generally, zero balance accounts will be closed within 60 calendar days of the date the account reaches a zero balance.
Zero Balance Accounts. The Service uses a main Account (“Concentration Account”) and one or more related Accounts (“Sub-Accounts”). Daily, after all debits and credits have been processed for each Sub- Account, transfers between the Sub-Account(s) and the Concentration Account will be made based upon the amount necessary to maintain the Sub-Accounts at the target balances established in the Specifications. You should maintain sufficient funds in the Concentration Account to ensure that there is a positive ending ledger balance in that Account after transfers between the Concentration and Sub-Account have been completed. If there are insufficient funds in the Concentration Account for this purpose, we may, at our option, return checks or other transactions (e.g., automatic payments or other electronic transactions) drawn on any of the Sub-Accounts in such order as we, in our sole discretion, may elect and the Accounts will be subject to our standard fees (including overdraft, insufficient funds, and uncollected funds usage fees). Any fees may be assessed through Account Analysis, directly to the Concentration Account or any Sub- Account, or any combination of the foregoing. You specifically waive any claims you may have against us as a result of the return of any check as provided herein, but you retain any liability for all overdrafts we may allow on your Accounts.
Zero Balance Accounts. Each Grantor shall take all steps necessary to ensure that (i) each Zero Balance Account is swept into a Primary Account no less frequently than every other day, and (ii) no Zero Balance Account shall maintain a balance in excess of $5,000 for a period in excess of three consecutive Business Days.
Zero Balance Accounts. If a STABLE Account has a zero balance for 90 days or more it may be closed. To reinstate a zero-balance account the Beneficiary or an Authorized Legal Representative must complete a reinstatement online, and may need to complete a new enrollment Application. The Social Security Administration (“SSA”) has issued guidance on how it will treat ABLE accounts for purposes of determining eligibility under SSI. This guidance is derived from publicly available sources and is only provided for informational purposes. It is not intended to be exhaustive, and is subject to change at any time. You should consult with your own benefits advisor or special needs planner regarding how your STABLE Account will interact with your Social Security benefits. To review the SSA’s full guidance on ABLE Accounts, please visit its website at: https:// xxxxxx.xxx.xxx/xxxx.xxx/lnx/0501130740. SSA will exclude: • Contributions to a STABLE Account from the income of the Beneficiary. This includes Rollovers from a Sibling of the Beneficiary’s ABLE account to an SSI recipient’s ABLE account. Note, however, that SSA will not deduct contributions from the countable income of the person who makes the contribution. The fact that a person uses his or her income to contribute to a STABLE Account does not mean that income is not countable for SSI purposes. For example, a Beneficiary can have contributions automatically deducted from his or her paycheck and deposited into his or her own STABLE Account. In this case, the income used to make the STABLE Account contribution would still be included in the Beneficiary’s gross wages. Likewise, if a Beneficiary were to direct-deposit benefits payments (e.g. Title II, Veterans Administration, pension, etc.) or mandatory support payments (e.g. child support, alimony) into his STABLE Account, these amounts would still be counted as income, as they otherwise would. • Any earnings a STABLE Account receives from the income of the Beneficiary. • Distributions from a STABLE Account from the income of the Beneficiary. • the Beneficiary maintains, makes contributions to, or receives distributions from the STABLE Account; • the distribution is unspent; and • the distribution is identifiable. The exclusion applies even if the Beneficiary retains the distribution beyond the month in which he or she received the distribution. Example: Xxxx takes a distribution of $500 from his STABLE Account in June to pay for a health-related Qualified Disability Expense. His heal...
Zero Balance Accounts. The following summarizes the responsibilities of UW- and of UWSA for the management of the zero balance accounts checkwriting account (ZBAs): • A control parent account has been established at UW System’s working bank for which UWSA is responsible; a zero balance sub account has been established in the name of UW- . • UW- will continue to make deposits to respective institutional bank accounts and not to the ZBA sub accounts. US Bank automatically transfers funds from the control parent account to cover checks written against sub accounts. • To the extent possible, all disbursements should be made through the ZBA. Contingent funds should be used solely for xxxxx cash and change funds. • UW- will be responsible for preparing, signing, and disbursing checks written against its zero balance account or authorizing and monitoring electronic disbursements from this account. On the day after the ZBA checks are generated by the institutions or electronic disbursements are initiated, UWSA will forward to DOA accounting transactions that support these disbursements. • Upon receipt of the accounting transactions, DOA will transfer funds from the state’s working account to the UW parent account. These funds are expected to be available in the parent account prior to presentation for payment of the checks written against the institutional ZBA accounts. • UWSA will be responsible for monitoring the balance in the parent account on a daily basis. • UWSA will be responsible for confirming that the daily new issue amount match deposits in the parent account. • UW- will, on a monthly basis, confirm that the newly issued amount reported by the bank agrees with the total of the daily issues recorded in SFS campuses for the same period. • UW- will, on a monthly basis, confirm the listing of outstanding checks provided by the bank by comparing to a SFS campuses generated listing of outstanding checks as of the same date. • UW- is responsible for notifying the UWSA ZBA accountant when miscellaneous debits or credits, such as interest earnings, appear on the monthly bank statement. • UW- is responsible for holding checks over $500,000 for three business days to allow the parent account reimbursement to happen before the check is presented for payment. • UW- is responsible for establishing either a block or a filter on their institutional ZBA account to protect against unauthorized debits to the account. • UW- will comply with the canceled draft requirement contained in s. 20.912,...
Zero Balance Accounts. If a STABLE account has a zero balance for 90 days or more it may be closed. To reinstate a zero-balance account the Beneficiary or an Authorized Legal Representative must complete a reinstatement online, and may need to complete a new enrollment Application.
Zero Balance Accounts. Taxpayer’s Responsibility ABLE AND GOVERNMENT BENEFITS CONSIDERATIONS Note: In December 2017, the U.S. Congress passed, and the President of the United States signed into law, revisions to Section 529 and 529A of the IRC that permit certain rollovers from a Section 529 account into an ABLE account, an expanded annual contribution limit for certain eligible designated beneficiaries of ABLE accounts, and the ability of certain taxpayers to claim the Saver’s Credit for contributions to ABLE accounts. It is unclear what effect, if any, these revisions to Section 529 and Section 529A will have on a Designated Beneficiary’s eligibility for federal means-tested government benefits. Supplemental Security Income Exclusions from Income Note, however, that SSA will not deduct contributions from the countable income of the person who makes the contribution. The fact that a person uses his or her income to contribute to a Program Account does not mean that income is not countable for SSI purposes. For example, a Designated Beneficiary can have contributions automatically deducted from his or her paycheck and deposited into his or her own Program Account. In this case, the income used to make the Account contribution would still be included in the Designated Beneficiary’s gross wages. Exclusions from Countable Resources Note: Withdrawals for housing-related expenses must be spent in the month received by the Designated Beneficiary or they will count as a resource beginning on the first day of the month following receipt of the withdrawal. Section SI 01130.740 of the SSA Program Operations Manual states that housing expenses for purposes of an ABLE account are the same as they are for in-kind support and maintenance purposes, except for food. See, “Housing-Related Qualified Disability Expenses and Non-Qualified Disability Expenses Not Excluded” below for a list of Qualified Disability Expenses for housing. Example: Xxxx takes a withdrawal of $500 from his ABLE account in February 2018 to pay for a health-related Qualified Disability Expense. His health-related expense is not due until May 2018, so Xxxx deposits the withdrawal into his checking account in February. The withdrawal is not income in February or subsequent months as long as it is eventually spent for a non-housing Qualified Disability Expense. Xxxx maintains his ABLE account at all relevant times, and the withdrawal is both unspent and identifiable until Xxxx pays for a Qualified Disability Expense in ...
Zero Balance Accounts. If an Account has a zero-dollar balance and no activity for 60 days or more, it may be closed. To reinstate a zero-balance account, you should contact the Plan. Under certain circumstances, if there has been no activity in the Account, or if we have not been able to contact you for a period of time, the Account may be considered abandoned under Colorado’s or your state’s unclaimed property laws. If your property is considered abandoned, it may, without proper claim by the Account Owner within a certain period of years, be transferred to the state of Colorado or your state. Account Restrictions We reserve the right to: (1) freeze an Account and/or suspend Account services if (i) we receive notice of a dispute regarding Account assets, Account control or Account ownership, including notice of the death of an Account Owner (until appropriate documentation is received and we reasonably believe that it is lawful to transfer Account ownership) or (ii) we reasonably believe a fraudulent transaction may occur or has occurred; (2) close an Account, without the Account Owner’s permission, in cases of threatening or abusive conduct or suspicious, fraudulent or illegal activity; (3) refuse to establish or terminate an Account if required documentation has not been provided to the Plan or if we determine that it is in the best interest of the Plan or required by law; (4) close the Account if we determine that you provided false or misleading information to the Plan in establishing or maintaining an Account, or that you are restricted by law from participating in the Plan; and (5) reject a contribution for any reason, including contributions to the Plan that the Program Investment Advisor, the Program Manager or the State Administrator believe are not in the best interests of the Plan, an Investment Option or the Account Owners. The risk of market loss, tax implications, penalties, and any other expenses as a result of the above will be solely the Account Owner’s responsibility. PUBLIC BENEFITS AND ABLE ACCOUNTS The information related to public benefits in this Plan Disclosure Booklet is derived from publicly available sources and is only provided for informational purposes. It is not intended to be exhaustive, is subject to change without notice, and is not to be relied upon as benefits or investment advice. In the event of a conflict between statements made in the Plan Disclosure Booklet and publicly available guidance, the guidance will control.
Zero Balance Accounts. We will automatically close your checking and savings account if it goes to a zero balance and remains in zero-balance status at the close of the following monthly statement cycle.
Zero Balance Accounts
