Can Social Security see what's in your bank account?
The SSA uses an automated Access to Financial Institutions (AFI) system to verify provided bank details and uncover unreported accounts. This tool allows for efficient checks based on search criteria like location and account balances, helping to identify discrepancies or resources above the cap.
For those receiving Supplemental Security Income (SSI), the short answer is yes, the Social Security Administration (SSA) can check your bank accounts because you have to give them permission to do so.
The limit for countable resources is $2,000 for an individual and $3,000 for a couple.
Current beneficiaries who exceed the limits are suspended and then terminated from program participation if their savings remain above the limits, and they must repay any benefits paid while they are over the limit. SSI beneficiaries are limited to only $2,000 in assets of any kind.
Share: The IRS probably already knows about many of your financial accounts, and the IRS can get information on how much is there. But, in reality, the IRS rarely digs deeper into your bank and financial accounts unless you're being audited or the IRS is collecting back taxes from you.
SSI Reviews: Periodically, the SSA reassesses whether beneficiaries still qualify for the program. Depending on individual circumstances, this can occur as often as annually or as infrequently as every six years, and it often includes examining bank accounts.
Banks only release bank statements to the account holder, and your spouse cannot view them without your consent. In the case of joint accounts, both account holders have equal rights to access the account information and joint bank account statements.
Exactly how much in earnings do you need to get a $3,000 benefit? Well, you just need to have averaged about 70% of the taxable maximum. In our example case, that means that your earnings in 1983 were about $22,000 and increased every year to where they ended at about $100,000 at age 62.
On January 1, 2024, the asset test to qualify for a Medicare Savings Program was eliminated. This means individuals can have any amount of assets and still qualify for a Medicare Savings Program. Assets are things that you own, such as bank accounts, cash, second homes and vehicles.
The Social Security 5-year rule refers specifically to disability benefits. It requires that you must have worked five out of the last ten years immediately before your disability onset to qualify for Social Security Disability Insurance (SSDI).
Can I have money in the bank and still get Social Security?
While saving for a comfortable retirement is important, it's crucial to know that your bank balance does not directly affect your eligibility for, or the amount of, Social Security benefits you receive.
For example, if someone pays an individual's medical bills, or offers free medical care, or if the individual receives money from a social services agency that is a repayment of an amount he/she previously spent, that value is not considered income to the individual.

It does not scrutinize or restrict specific items or transactions. Therefore, beneficiaries can use their SSI funds for various purchases according to their personal needs and preferences.
What Accounts Can the IRS Not Touch? Any bank accounts that are under the taxpayer's name can be levied by the IRS. This includes institutional accounts, corporate and business accounts, and individual accounts. Accounts that are not under the taxpayer's name cannot be used by the IRS in a levy.
HMRC can check your bank accounts without your explicit permission. While this may sound alarming, there are safeguards in place to protect your information. But if HMRC feel they have probable cause to investigate, they can check documents like your bank records directly with the third-party.
Financial institutions must file a Currency Transaction Report (CTR) for any transaction over $10,000. The CTR includes information about the person initiating the transaction, the recipient, and the nature of the transaction. The purpose of this requirement is to prevent money laundering and other criminal activity.
If you are currently receiving Social Security Income (SSI), the SSA actually can check your bank account, as they have the permission to do so. SSI is a needs-based program for those that don't qualify for full social security disability benefits due to lack of work history, age, or other factors.
For this year, the highest-earning Social Security beneficiaries can see payments of $4,873 if they retired at age 70. This is in stark contrast to the average monthly benefit, however. Across the board, payments increased by roughly $50 a month due to the COLA.
If your spouse dies, do you get both Social Security benefits? You cannot claim your deceased spouse's benefits in addition to your own retirement benefits. Social Security only will pay one—survivor or retirement. If you qualify for both survivor and retirement benefits, you will receive whichever amount is higher.
When you name someone as your Power of Attorney, they would be able to access your Bank Accounts to help pay your bills, etc. while you are living – but they DO NOT have any ownership interest of this bank account.
Can bank tellers see your balance when withdrawing money?
Yes, if say you are making a deposit or a withdrawal, they have to access your accounts. Of course they will see your balance.
Yes. The state where you applied for benefits will research your assets, and you can lose benefits for a specific time when lying on the application. Computers have made it easy to verify your statements, and finding your bank accounts in the USA is not difficult.
Have you heard about the Social Security $16,728 yearly bonus? There's really no “bonus” that retirees can collect. The Social Security Administration (SSA) uses a specific formula based on your lifetime earnings to determine your benefit amount.
Your combined annual income | How much of your Social Security benefit is taxable |
---|---|
$32,000 or less | None |
Between $32,000 and $44,000 | Up to 50% |
More than $44,000 | Up to 85% |
Individual |
The maximum Social Security benefit at full retirement age is $3,822 per month in 2024. It will be $4,018 a month in 2025. It's $4,873 per month in 2024 if retiring at age 70 and $2,710 if retiring at age 62. A person's Social Security benefit amount depends on earnings, full retirement age and when they take benefits.