The Social Security Administration can only verify your bank account if you are authorized to do so.
See also: 10 surprising stats about America’s retirement situation
Social Security: Do not claim benefits until this milestone is reached, regardless of age
For those receiving Supplemental Security Income (SSI), permission has been given so SSA can verify your bank account. For those receiving Social Security Disability Insurance (SSDI) or Social Security Retirement Benefits, the Disability Law Office states that “there are no limits on the assets you may have in order to qualify for benefits,” so the SSA is your You said you can’t easily verify your bank account.It may not be allowed.
The SSI program provides monthly payments to disabled or blind adults and children whose income and financial resources are below their financial limits. Benefits are also paid to non-disabled individuals aged 65 and over who meet certain economic conditions.
According to the Code of Federal Regulations, to qualify as an SSI, you must give the SSA permission to contact financial institutions and request financial records. Government agencies may also request permission from persons whose income and resources SSA deems available to you.
For SSDI and regular retirement benefits, SSA only requires that your earned income be below certain thresholds the agency receives from the IRS. Earned income is the money you get from the work you do. Unearned income is money earned from other sources of income such as interest, dividends and capital gains.
If you receive disability benefits, the Social Security Administration will classify your case into three categories: Expected Medical Improvement (MIE), Possible Medical Improvement (MIP), or No Expected Medical Improvement. (MINE). The category your case falls into determines how often the Disability Law Office reviews your case and when SSA checks your financial records.
Please answer the questionnaire: How has inflation affected your holiday shopping plans?
Social Security: Will I still receive benefits if I retire abroad?
If your SSDI or SSI benefits are denied, you may submit a reconsideration request for a full review of your claim.
Learn more about GOBankingRates
This article originally appeared on GOBankingRates.com: Social Security: Can SSA verify my bank account if I’m disabled?
