The Social Security Administration (SSA) reviews the bank accounts of the beneficiaries of Supplemental Security Income (SSI) to check whether they are still eligible to avail of the benefits of this program or not. The program was designed to help the low-income elderly, retired or disabled people to meet their basic needs.
You can lose the benefits of this program if your bank balance gets more fluctuation than the standard amount. That is why it is highly significant to know when the SSI checks the bank accounts to remain the beneficiary of the benefits it provides. Through this knowledge, you can plan to remain compliant with the program.
The article explains in detail what SSI is and the rules pertaining to it. Some benefits have also been cut off, which has left a devastating impact on the people whose living needs were fulfilled through this initiative. When you become the recipient of such benefits, the authority periodically checks the bank account.
This is done to ensure that the program’s funds are not getting wasted and are going to the deserving eligible people. Generally, the frequency of getting SSI checks on your account depends on a number of factors.
These factors include the type of benefits you receive or whether you are receiving them for the first time. Usually, in the case of receiving disability funds for the first time, the SSI reviews the bank account after 6 months.
The check or review process is formally known as “direct deposit verification”, which relates the beneficiary bank account information with the Social Security Administration records. If the information does not match, they ask the recipients to justify it.
What Does SSI Mean?
SSI stands for Supplemental Security Income. It is basically a government-funded program, particularly for low-income individuals who are elderly, blind, or disabled. The program certainly holds some eligibility criteria that you must fulfill to be eligible for the program.
The criteria mainly include the income level and some asset requirements that you need to fulfill to make yourself capable of applying for the program.
Mainly, the federal government provides the funds, but at the state level, the specific state agency executes this program.
The main aim of this program is to help elderly, disabled, and retired people to get their living and meet their needs. The program has been working since 1935 and has provided income to many people.
SSI bank account rules
To have an SSI bank account you have to fulfill the set rules. First of all, you must be an SSI beneficiary to have this account.
This helps the beneficiaries to manage their money by electronic means. The social Security Administration also known as SSA manages this bank account.
Rules pertaining to this account include the amount of money that can be deposited as well as the number of transactions to be made in a particular period.
This bank account works so that when you receive benefits through social security, the government gives it to you through this account by depositing the money in it. That is why the account is also known as the representative payee account.
You cannot freely spend the money in this account; SSA gives you certain rules. So, an SSI bank account is only established for the recipients of Supplemental Security Income.
My SSI Benefits Stopped
The monthly payments have been cut off since 2008 for a number of disabled and elderly people. This step was taken to fight the deficit faced by the federal government.
Although the step was taken on a broader level, it has disrupted the lives of many deserving people who used to depend on these monthly payments. This has left many people to face devastating impacts in their lives.
SSI travel restrictions
The SSA also imposes restrictions related to travel on the beneficiaries of SSI. This restriction is imposed to make people travel only when there is a need to do so.
Travelers must have to have a valid reason behind traveling; they probably cannot travel just for vacations.
The traveler also has not already traveled outside of the U.S.A in the past year (past 12 months).
The beneficiaries of SSI have to take approval from the SSA to make any travel; they cannot freely travel.
These restrictions can apply to domestic as well as international travel. Those beneficiaries who somehow do not get the approval from SSA may get their benefits terminated.
How Much Money Can I Have In the Bank on SSI?
Social security benefits play an integral part in the lives of retirees; for that purpose, they have to be cautious about the amount of money they can have in the bank. The beneficiaries can have up to $2,000 in their accounts to receive the social security benefits.
There is also a concept of social security through insurance checks in America. These checks allow you to get safety whenever you want in exchange for the money you have paid.
In a nutshell, SSI checks the bank accounts. Although, there is no set frequency for checking accounts, which means there is no regularity in this regard.
The SSI reviews the bank accounts to assure whether they should continue giving you money or stop it as it falls into the wrong hands.
If there are any abrupt changes in your account, it can trigger the review process for your bank account. That is why it is better to inform SSI about any big changes you will have in your bank account.
If you do not do this, you can be subjected to various penalties along with a review. So, inform SSI about the changes, and in case of any travel, get the approval beforehand.
The SSI benefit can be applied online and by calling on a toll-free number. However, you will be required to submit certain supportive documents for the application.
Further, income and assets levels should not exceed a certain threshold to ensure your SSI benefit remains active.
Frequently asked questions
How to apply for the disability benefits via SSA?
Disability benefits can be applied online on the website and by calling the toll-free number. You will be required to submit certain documents to proceed with the registration.
These documents include a birth certificate, proof of US citizenship, tax returns, medical evidence, and any other information supporting your candidacy for the SSI.
What are the income and asset limits for the SSA?
Your assets must not exceed $2,000 to remain qualified for the SSI payments. However, the limit of $2,000 does not include the value of your primary residence and personal vehicle with a value less than $4,500.
For a married person, this level of assets can increase to $3,000. The threshold for the income varies from state to state and your living standard.
Why is SSI criticized in the United States?
In the United States, SSI is criticized for its way of being funded, dispersed, and managed. Some people argue that this process should be privatized. So, things can be improved/enhanced.
What are the benefits of SSI implementation in the United States?
Following are some of the benefits of the SSI implementation in the United States.
- Retirement benefits – The workers can avail retirement plan if they have paid into the social security system for 10 years. So, it can be an excellent choice for the workers who want to protect their later ages when they do not have the potential to work.
- Survivor’s benefits – This type of benefit applies to deceased workers. This type of benefit can also be collected by the spouse and children of the deceased worker.
- Disability benefits – This type of benefit applies to people who do not have the physical/mental capacity to work. This program aims to help them in meeting survival needs and ensure survival for life.