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Just a quick FYI to anyone who is thinking about changing banks. Apparently it takes 2-3 months for them to change your direct deposit. We opened our new checking account the end of March this year, 2 weeks before we moved. I immediately went to the SS site to get it changed and the earliest option that I was given was June. Since I don't get my deposit until the 3rd Wednesday of the month that will be over 2.5 months during which I am unable to close my other checking account. My bank requires that I close accounts in person, so we will have to go 45 minutes to MD to do that. Luckily we don't have to go clear back down to SC from DE!
This is certainly enlightening. So if you are delayed several months that's thousands of dollars that you are entitled to. Does SS ever reimburse?
In the case of poster Rothbear they are not out any money - they will just delay closing the old account, as stated. But you may be saying what if someone does close an account, not realizing that SS takes so long to process the new electronic deposit information. In that case, from what I have heard and read, SS will eventually issue a retroactive payment so that no money is lost. They are not into cheating people.
It is a bit silly that SS cannot process those deposit account changes faster. I don't see why more than three weeks lead time before the payment date should be required. They just have to enter the new institution name, routing number, and your account number in their computer data base. In this electronic age, efficiency and speed are supposed to be a great advantage.
Banks tend to have us locked in. If I were to change banks, I would have to change five electronic deposits and an equal or greater number of automatic bill payments. It would be doable, not horrendous - somewhere in between a minor and a major pain, but enough bother that I would not change banks except for force majeure.
I'm 64 just retierd last month first they told me in two weeks now 16 more days. Does it take a month.
I think you wait one month then depends on your birth date as I am the 23 day so I get it the 3rd wed. However it goes into the bank the nite b4. I did the wait til age 64 also but as advised took a few monts b4. The SS person did ask why was I waiting for 2 months since it did not add much. He was really nice and did explain it well
Last edited by maggiekate; 07-21-2015 at 05:46 PM..
Social Security pays in arrears. In other words, your check for the first month you're eligible or the month you apply for will come on the appropriate Wednesday the following month. It's like a paycheck. You have to "earn" it before you're paid it.
great answer earn it then you get it as at work they hold back money when you leave you get a check!
They asked me what month I wanted to start receiving. I told them. They informed me that I would begin the selected month about the second week of that month. I received my first check about a week earlier than predicted. Every other month has been exactly on the schedule they gave me. Second Wednesday of the month. Direct deposit.
Their schedule depends on your birthdate according to the person I spoke to.
They asked me what month I wanted to start receiving. I told them. They informed me that I would begin the selected month about the second week of that month. I received my first check about a week earlier than predicted. Every other month has been exactly on the schedule they gave me. Second Wednesday of the month. Direct deposit.
Their schedule depends on your birthdate according to the person I spoke to.
Unless you are collecting based on someone else's record; IE Spousal or Survivor's benefits. Then the schedule depends on their birthdate.
I'll be 66 on December 24th, am still working full time. Applied for SS on September 1 and asked for 1st check in December. So, from what i'm hearing, I won't get first check until January. Is that right?
I'll be 66 on December 24th, am still working full time. Applied for SS on September 1 and asked for 1st check in December. So, from what i'm hearing, I won't get first check until January. Is that right?
Yes, the December check is paid in January. You will receive your award letter soon, which will explain it.
It took me 2 months after I turned 62 even though I applied 3 months early. The good news is that I will get my final check 2 months after I die.
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