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Social Security now has access to all your bank accounts

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I am not completely clear on this, but as of Aug 1st, The SS administration can demand access to all your financial records. I first heard about it here.

And then found more about it here

 

Americans for a long time have had a hard time opening bank accounts in foreign countries, with some making it almost impossible. This is due to the reporting to the US (I assume the IRS) required. 

I don't see why SS getting your banking info would be a problem though, unless you believe they're going to reduce your stipend if you have sufficient resourced.

It appears that the target for this new capability are those receiving Supplemental Security Income (SSI), which is a separate payment apart from normal Social Security retirement benefits and is means tested. 

 

I suspect that there are very few retirees here in Thailand receiving SSI benefits on top of their normal retirement benefit payments, so this probably won't end up affecting many of us. Is anyone on AN receiving SSI benefits?

 

But this expansion of government surveillance is troubling by itself.

 

 

Definitely only applies to SSI, as the title of the EM indicates: New Requirement for Financial Institution Account Verification in All Supplemental Security Income (SSI) Aged (Age 65+) Claim Allowances

 

And SSI is not payable to folks outside the country for more than 30 days -- which eliminates US retirees in Thailand. And for folks getting an earned SS retirement payment, the size and complexion of your bank account(s) isn't of any concern to the Social Security Administration (only to the FATCA folks, for foreign accounts). But, to qualify for SSI payments by being over 65, you have to be poor -- and the size of your bank account is part of the verification process. Obviously, there must be some fudging going on (imagine!), hence this EM. However, the smart SSI cheat isn't going to keep his excess stash in a bank account. So, can't really see this new dragnet catching many folks.

 

Can't believe Integrity Legal believes this might be a problem for retirees in Thailand. They seem to have missed the point that this affects only SSI recipients. 

  • Author
9 hours ago, JimGant said:

And SSI is not payable to folks outside the country for more than 30 days

I didn't know that. I know someone who was counting on that as part of his income moving to Thailand.

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Those not committing fraud need not be concerned. 

1 hour ago, bunnydrops said:

I didn't know that. I know someone who was counting on that as part of his income moving to Thailand.

Your friend more than likely is referring to SS retirement (or maybe SSDI) but you may consider asking him just to be certain.

 

Posters in other threads sometimes wrongly use the acronym "SSI" when referring to SS retirement.  SS retirement has no payment restriction when outside the US for more than 30 days.

  • Author
1 hour ago, Yellowtail said:

Those not committing fraud need not be concerned. 

That is true, but should the government have the right to know what causes or parties I donate to? It is just another way for the government to collect information on private citizens.

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