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I figured that is what was happening. But I was always under the impression banks were not permitted to hold government checks, and they didn't hold my SS checks when they were coming in on the second Wednesday of every month.
But now it seems those checks are coming in several days before that second Wednesday, and the bank shows the checks as pending until they're posted on the 2nd Wednesday.
Nothing's changed, it's the same SS check that's been going into the same account since August 2012.
I bank with SOFI. My SS deposit is due the 4th Wednesday of the month. It hits my SOFI account the Friday before, i.e., April's payment was due to hit on 4/26 and actually was deposited on 4/21. I go in and transfer the whole amount to my savings account that pays 4.25% interest (vs the checking at 1.2%) until the first when I transfer money back to cover my mortgage etc. It gives me 5 extra days of interest. May not seem like much, but it adds up over time. Every little bit helps these days. SOFI doesn't put the payment as pending. The whole amount is available as soon as it hits on Friday.
DH signed up late for SS - He turned 62 on Feb 10th. 2nd Wednesday of April and May is when it hits our bank so far.
Same for me. I get it the second Wednesday of the month, it is never showing earlier then that.
I use Bank of America for my SS. We now bank with TD bank for our main accounts. Been debating having my SS deposit at TD bank, but have not done so yet. BOA has a "small loan" option called balance assist where you can borrow up to $500, six times a year for a low fee of $5, repaid in three equal installments. It's very easy to borrow, using the app, type balance assist in the search box, it will link to balance assist request form. You will know within a minute or two if they will lend the money, if they do, you click ok to start the loan transfer, the money is in your account within minutes. Start to finish is under 10 minutes.
<snip>What I do notice is that the bank seems to be holding those checks ( as pending transactions) until that Wednesday, when they are posted to the account. Wierd.
Honestly, that is how direct deposit has been for decades now. I noticed a pattern in the long string of numbers when I got my paychecks direct deposited on a Friday that the bank actually would receive the funds on the previous Wednesday. Now the banks got to play the 'float' and that is probably why they started offering free accounts for those who receive direct deposit.
Same for me. I get it the second Wednesday of the month, it is never showing earlier then that.
I use Bank of America for my SS. We now bank with TD bank for our main accounts. Been debating having my SS deposit at TD bank, but have not done so yet. BOA has a "small loan" option called balance assist where you can borrow up to $500, six times a year for a low fee of $5, repaid in three equal installments. It's very easy to borrow, using the app, type balance assist in the search box, it will link to balance assist request form. You will know within a minute or two if they will lend the money, if they do, you click ok to start the loan transfer, the money is in your account within minutes. Start to finish is under 10 minutes.
Bank of America is a criminal ripoff.
If you go with SOFI, you can pay your bills online. Should you overdraw the checking account they automatically transfer funds FREE from your SOFI savings account. They give you free checks if you really need paper checks to pay a bill (like when I pay the lawn guy). You can set up autopay for your bills. Your checking account earns 1.2% interest and your savings account earns 4.2% interest, if you have a direct deposit every month. They even pay you up to $250 (depending on direct deposit amount) after you open the account and set up the direct deposit. A SOFI credit card gives you 2% back on purchases, if you decide to get one.
Why would you pay $5 for Bank of America to decide to lend you a paltry $500? Do you still pay the $5 if in their infinite wisdom they decide you're not eligible?
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So that tells me that they are receiving the funds not just advancing them.
Well, rats. Ours are still coming on Wednesdays. In fact, mine was deposited just 2 days ago.
I'm wondering if it depends on the size of the bank. We use TD, which is actually based in Canada, but then someone mentioned their credit union.
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