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Having a Bank Account

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Canadian Freedom Lover
Deinonychus
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15 Feb 2025, 12:05 am

ToughDiamond wrote:
Oh yes, always wise to have a wad of cash around in case the electronic system fails, and for - ahem - private transactions. Don't get it nicked though, and watch out - they sometimes change the style of banknotes and eventually make the old notes hard to spend. I've never known it happen in the USA, but they changed from paper to plastic money in the UK and it caused me a bit of work. I wish they'd leave things alone. If the USA can use paper money, why can't the UK?

You can also overpay your energy bills to keep a portion of your real savings hidden from prying eyes. Or lend it to trusted family members. Or buy antiques. Could put it into bitcoin, but that might get devalued.


Canada did a similar thing with our money about 10 years ago and switched over to plastic notes, but I believe paper money is still legal tender here. I remember receiving a paper 5 dollar bill as change within the last couple of years, so I guess a handful are still in circulation.



Texasmoneyman300
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15 Feb 2025, 6:04 am

Kitty4670 wrote:
Is the reason why the SSI can look at your bank account cuz of your social security number? Is there a private bank that will be for my eyes only? My social worker can look at my bank too.


Hi Kitty,
You may want to go to your local coin shop and buy silver using cash and you can keep the silver at your house or apartment in a safe. Buying silver would protect your purchasing power versus having all your cash under the mattress because inflation eats into the purchasing power of the dollar. You could just sell your silver back to the coin shop when you need the cash.



ToughDiamond
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15 Feb 2025, 12:23 pm

Texasmoneyman300 wrote:
ToughDiamond wrote:
Oh yes, always wise to have a wad of cash around in case the electronic system fails, and for - ahem - private transactions. Don't get it nicked though, and watch out - they sometimes change the style of banknotes and eventually make the old notes hard to spend. I've never known it happen in the USA, but they changed from paper to plastic money in the UK and it caused me a bit of work. I wish they'd leave things alone. If the USA can use paper money, why can't the UK?

You can also overpay your energy bills to keep a portion of your real savings hidden from prying eyes. Or lend it to trusted family members. Or buy antiques. Could put it into bitcoin, but that might get devalued.

Having more than 2,000 dollars in antiques and/or bitcoin or any other assets would cause the OP to lose their SSI.

If they knew about it. Would that automatically be the case?



ToughDiamond
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15 Feb 2025, 12:38 pm

Canadian Freedom Lover wrote:
ToughDiamond wrote:
Oh yes, always wise to have a wad of cash around in case the electronic system fails, and for - ahem - private transactions. Don't get it nicked though, and watch out - they sometimes change the style of banknotes and eventually make the old notes hard to spend. I've never known it happen in the USA, but they changed from paper to plastic money in the UK and it caused me a bit of work. I wish they'd leave things alone. If the USA can use paper money, why can't the UK?

You can also overpay your energy bills to keep a portion of your real savings hidden from prying eyes. Or lend it to trusted family members. Or buy antiques. Could put it into bitcoin, but that might get devalued.


Canada did a similar thing with our money about 10 years ago and switched over to plastic notes, but I believe paper money is still legal tender here. I remember receiving a paper 5 dollar bill as change within the last couple of years, so I guess a handful are still in circulation.

If I remember right, paper money was legal tender in shops until a certain date. After that it got progressively harder to dispose of it at the face value. Eventually it got to a point where the only way was to go to London. You could swap it for plastic locally, but there was a charge for that. Towards the end of one of my long stays in the US, I was seriously worried about whether or not I'd be able to get home from Heathrow. My bank cards had also expired during my absence, and the banks have been known to block cards on the grounds of disuse.



Texasmoneyman300
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17 Feb 2025, 8:11 pm

ToughDiamond wrote:
Texasmoneyman300 wrote:
ToughDiamond wrote:
Oh yes, always wise to have a wad of cash around in case the electronic system fails, and for - ahem - private transactions. Don't get it nicked though, and watch out - they sometimes change the style of banknotes and eventually make the old notes hard to spend. I've never known it happen in the USA, but they changed from paper to plastic money in the UK and it caused me a bit of work. I wish they'd leave things alone. If the USA can use paper money, why can't the UK?

You can also overpay your energy bills to keep a portion of your real savings hidden from prying eyes. Or lend it to trusted family members. Or buy antiques. Could put it into bitcoin, but that might get devalued.

Having more than 2,000 dollars in antiques and/or bitcoin or any other assets would cause the OP to lose their SSI.

If they knew about it. Would that automatically be the case?



Yes, the OP would pretty much lose SSI if they went over 2,000 dollars in assets.



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17 Feb 2025, 11:00 pm

If you are getting SSI then yes, there is the strict $2000 asset limits. There is also SSDI(Social Security Disability Insurance), which is more a disability insurance type thing and thus has different rules. No bank account limits with SSDI, unless you are getting SSI as well which some people do. To qualify for SSDI you have to have a work history documented by the SSA along with an accepted and proven disability(or blindness). Yes, autism can qualify for SSDI if it meets certain requirements. Most of the autistic community, however, doesn't have a good enough work history to qualify for SSDI.

There are benefits to SSI and SSDI, it just depends on the individual and their needs. SSI income does not count as income for Medicaid, meaning they typically qualify. SSDI does count against Medicaid, which can cause people to no longer qualify for it. I myself fall in this category, I get SSDI for 2 degenerated discs in my back and do not get Medicaid because of my monthly SSDI 'income'. I like getting SSDI because they leave me alone and I don't have to give up control over parts of my life for it that I would for SSI.


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ToughDiamond
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Yesterday, 3:07 pm

Texasmoneyman300 wrote:
ToughDiamond wrote:
Texasmoneyman300 wrote:
Having more than 2,000 dollars in antiques and/or bitcoin or any other assets would cause the OP to lose their SSI.

If they knew about it. Would that automatically be the case?

Yes, the OP would pretty much lose SSI if they went over 2,000 dollars in assets.

What I mean is, would they automatically know?