What Time Does SSI Direct Deposit Into Bank Accounts?

The Supplemental Security Income program provides monthly payments for adults and children who are blind or disabled with limited income and resources. The monthly payments allow SSI beneficiaries to pay for food, shelter, and other necessities. The program’s benefits also extend to older people who are not blind or disabled as long as they meet the financial eligibility requirements and are at least 65.

It should come as no surprise that someone depending on a monthly benefit payment to buy food and pay the rent would want to know when SSI direct deposit into bank accounts occurs each month. If you receive benefits through the SSI program, the information in this article answers any questions about when SSI direct deposit into bank accounts happens in 2022 and 2023.

Overview Of The SSI Program And Its Benefits

Your income must be low to qualify for SSI benefits. The federal benefit rate paid to SSI beneficiaries is $914 monthly, but other income you receive may reduce the monthly benefit payment. It’s complicated because not all income counts.

For example, you may exclude the first $65 of earned income you receive during a month, so if you make $500 from working part-time, $65 of it does not count. Of the remaining $435 of earned income, only half counts for the month. Other exclusions may also apply, so schedule a free consultation with a disability lawyer at Sackett Law to determine what effect income might have on your SSI benefits.

Your monthly SSI payment may be more than the $914 federal benefit rate because you may be eligible for a state-funded supplement depending on where you live. Some SSI beneficiaries also qualify for Social Security Disability Insurance (SSDI) benefits because of working for a long enough duration and paying Social Security taxes on their income. A Sackett Law disability lawyer helps you get all of the disability benefits that you are eligible to receive.

If you qualify to receive payments through SSI and SSDI, it affects when the Social Security Administration’s direct deposit into bank accounts occurs. What follows are the payment methods and schedule for SSI and SSDI.

Payment Methods Available For SSI And SSDI

Don’t expect to receive a check from Social Security arriving in your mailbox each month. Social Security discontinued the use of checks as a payment method. Instead, you’ll receive SSI and SSDI payments through direct deposit to your bank account or a Direct Express Debit Mastercard.

You get to choose the payment method when you apply for benefits. If you change your mind, simply notify Social Security. Just remember that switching from one payment method to another does not happen instantaneously, so do not close your bank account until the SSA has activated the change request.

SSI Direct Deposit Into Bank Accounts 2023

People who receive only SSI payments will have them deposited to their bank accounts or added to their Direct Express Debit Mastercard on the first day of each month in 2023. When the first of the month is on a Saturday, Sunday, or a federal holiday, expect SSI direct deposit into bank accounts 2023 on the weekday preceding it.

Here’s an example of how direct deposits for SSI benefits work. Direct deposit of SSI payments on July 1, 2023, was completed on June 30. The early depositing of funds is because July 1 was a Saturday. To show the difference that a year makes, the July SSI direct deposit into bank accounts 2022, due on July 1, 2022, occurred on that date. July 1, 2022, was a Friday, so it was neither a weekend nor a federal holiday.

If you qualify for SSI and SSDI benefits, the SSI direct deposit date, the first day of the month, remains the same as when you only receive SSI. The same rules apply to getting payments on the preceding weekday when the first is a weekend or federal holiday.

Although the rules that apply to SSI payments do not change when you qualify for SSI and SSDI simultaneously, the payment date for SSDI will not be the same for you as it is for someone who only receives SSDI. The SSDI schedule for direct deposits is based on the day of the month of your birth. For example, if you were born on the first through tenth day of a month, your monthly SSDI direct deposit is on the second Wednesday.

Direct deposits for people with birth dates on the eleventh through the twentieth of the month occur on the third Wednesday, and birth dates on the twenty-first through the thirty-first occur on the fourth Wednesday. However, if you qualify for SSI and SSDI, your SSDI direct deposit occurs on the first Wednesday of the month, regardless of your birth date.

Questions About Your SSI Benefits?

When challenges stand in the way of getting the SSI and SSDI benefits you deserve, contact Sackett and Associates for assistance. People throughout Northern California have relied upon Sackett Law for more than four decades for help with applications, appeals, and other issues related to their Social Security disability benefits. Learn more about your SSI and SSDI by contacting Sackett Law for a free consultation.