Does having money in a savings account negatively impact eligibility for unemployment benefits?

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Does having money in a savings account negatively impact eligibility for unemployment benefits?

Asked on July 22, 2010 under Employment Labor Law, Massachusetts

Answers:

S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

The funds in your savings account will not have any effect in determining your eligibility for unemployment compensation.

Eligibility for unemployment compensation is determined by the circumstances under which you left your job.  If you voluntarily quit, this usually disqualifies you from receiving unemployment compensation. If you were fired or were dismissed due to a lay-off, you are usually eligible for unemployment compensation.  If you were fired for misconduct, the type of misconduct will determine whether or not you are eligible for unemployment compensation.

If you are denied unemployment compensation, there is an appeals process that you can pursue to challenge the denial.

 

 


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