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Assets Value of Bank, Building Society and Credit Union Accounts
Bank, building society and credit union accounts
The credit balance held in any account with a bank, building society or credit union is an asset for pension purposes and is assessed at full face value.
For assessment purposes, a person's assertion as to the balance of an account is generally accepted. Account balances may also be verified by:
- checking passbooks or account statements provided by the person, or
- approaching the financial institution if:
- it is difficult to obtain this information from the person, or
- there is a reason to believe that the person is providing false or misleading information. More ?