Receiving benefits from Supplemental Security Income (SSI) is an important part of people’s financial well-being, which is why it’s important to keep those benefits once you’ve received them. 

One of the ways the SSA makes it easy to monitor your current financial situation is by monitoring your bank account. It’s totally legal, and it’s pretty important that SSI recipients keep tabs on their income and assets to make sure they stay within the program’s parameters.

We’ll tell you all about the SSA’s bank account monitoring program: How it works, what to expect, and how to remain compliant (even when you’ve received a little too much income for a short stint).

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Why does the SSA monitor bank accounts?

To qualify for Supplemental Security Income (SSI), your resources must stay below specific thresholds — $2,000 for individuals and $3,000 for couples. These limits include cash, bank accounts, and personal property. More on that in a minute.

The SSA regularly checks your financial situation using the Access to Financial Institutions (AFI) program, which allows them to verify your account balances electronically. Staying within the resource limits and reporting any changes in your financial situation promptly will help you avoid penalties and the potential loss of your benefits.

How does the SSA monitor bank accounts?

The SSA uses various methods to ensure your bank account stays within the resource limits. Here’s how they keep track:

1. Electronic verification system (EVS): Through the AFI program, the SSA can electronically access your bank account details to verify balances and locate hidden accounts.
2. Periodic redeterminations: The SSA may request financial documents like bank statements, typically during annual or six-year reviews, or when significant life changes occur.
3. Reporting requirements: You must report changes in your income or resources—such as receiving new assets or earnings — within 10 days after the end of the month when the change occurred.

The automated AFI system helps reduce errors and ensures your account balances align with the resource limits. Staying transparent and keeping your financial details up-to-date will help you avoid overpayments and suspension of benefits.

What are the SSI income and resource limits?

Understanding the SSI income and resource limits is essential to maintain your eligibility for benefits. In 2023, the SSA’s resource limits are $2,000 for an individual and $3,000 for a couple. These limits cover assets such as:

• Cash
• Bank accounts
• Stocks and bonds
• Real estate (excluding your primary residence and one vehicle)

SSI also has income limits, which include both earned income (like wages) and unearned income (like Social Security benefits or gifts). The maximum monthly benefit in 2023 is $914 for individuals and $1,371 for couples.

These figures may vary if you receive state supplements or qualify for work incentives. Keeping a close eye on your bank balances and promptly reporting any changes to the SSA will help ensure you remain eligible for benefits.

How do bank balances affect SSI eligibility?

Your bank account balance plays a significant role in your SSI eligibility. If your balance exceeds the set resource limits, even temporarily, you may lose your benefits or have to repay any overpayments. However, not all funds in your bank account are counted as resources. For instance, money set aside for burial expenses (up to $1,500) and the value of your primary home or vehicle are exempt from the resource limits.

It’s important to keep track of what counts toward your resources and report changes promptly to avoid penalties. The SSA reviews your bank account regularly to ensure your balance stays within the limits, helping you avoid overpayments or benefit suspensions.

RELATED: Learn about SSI child disability benefits.

How should you report assets and income to the SSA?

When you receive SSI, staying compliant means keeping the SSA updated on any changes to your financial situation. You must report new income, changes in assets, or shifts in living arrangements within 10 days after the end of the month in which the change occurred. Here’s what you’ll need to provide:

• Pay stubs
• Bank statements
• Property records

Using the AFI tool, the SSA verifies your financial information automatically, but you are responsible for reporting any changes to ensure your benefits remain accurate. Staying on top of your financial reporting helps prevent overpayments and ensures you continue to meet the SSI eligibility criteria.

What should you expect during an SSI redetermination?

SSI redetermination reviews are routine but can feel overwhelming. Being prepared will make the process much smoother. Here’s what you need:

• Proof of income and resources: Bring recent pay stubs, bank statements, and documentation of other income, such as pensions.
• Medical records: If your benefits are based on a disability, have up-to-date medical information to support your claim.
• Living arrangements: Keep leases and utility bills handy to verify your household expenses.

By staying organized and prepared for redeterminations, you can ensure your benefits remain uninterrupted.

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