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  #21  
Old 01-16-2015, 03:02 PM
connie189 Female connie189 is offline
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Selena,

No wonder the banks don't want you to put $$ into a safe deposit box.

Anyone have a fire-proof safe at home?

Funny the laws are just for us "commoner" folks and not the banks, pharmaceuticals, etc.

What a joke...
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  #22  
Old 01-16-2015, 04:18 PM
trailtrecker trailtrecker is offline
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Since thieves are attracted to money; why not use the trade of services as a means of exchange?
For example I'll trade some repair work for a jar of food you canned, or visa versa.
We can take care of each other using this process.
It's called barter.
It would be vey difficult for a thief to be involved in this.
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  #23  
Old 01-16-2015, 05:29 PM
connie189 Female connie189 is offline
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Hi

I'm all for bartering, but living in the big city right now, ca$h is king, LOL.

And it's hard to find someone to do work, even with cash.

Still need to find a way to protect Social Security funds at the bank....
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  #24  
Old 01-16-2015, 09:51 PM
connie189 Female connie189 is offline
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Selena,

I think I figured it all out...

1) There is the "direct deposit" option to your existing bank (with co-mingled funds);

2) The "debit card" option issued by SS;

and (drum roll, please!):

3) The "SS 'provider bank'" account.

With number one, self-explanatory.

With option number two there is a possibility with the card (and a fee of $1.50) "put funds into a bank account).

With option three, you choose from a "provider map of the U.S. of banks contracted to take direct deposits directly (no mistake there) and skipping the required other "outside" monies which cause the dreaded co-mingling effect.

In other words:

https://www.eta-find.gov/eta/

I actually called Pre Paid Legal Service corporate to complain about the advice I got from the attorney yesterday ("...keep EVERY PENNY SS FUNDS"...then, "GO AHEAD AND USE ANY OLD $100 TO OPEN THE ACCOUNT - You'll BE FINE"). Got a call from the head attorney that addressed everything about garnishments EXCEPT the contradictory advice I received which I went back to address.

She claims that ..."I've had my accounts for 35 years and doubt I would separate my SS funds..." REALLY?? Both attorneys thought I was in the process of being served, instead of protecting $$. Interesting.

If I won big $$ on the state lottery, not sure what I'd do. (Did win $2.00 on Power Ball, LOL). I thought that was great; the ladies at the hair salon I go to play continuously and haven't won a dime.
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  #25  
Old 01-20-2015, 01:44 AM
Selena Selena is offline
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Quote:
Originally Posted by connie189 View Post
Selena,

I think I figured it all out...

1) There is the "direct deposit" option to your existing bank (with co-mingled funds);

2) The "debit card" option issued by SS;

and (drum roll, please!):

3) The "SS 'provider bank'" account.

With number one, self-explanatory.

With option number two there is a possibility with the card (and a fee of $1.50) "put funds into a bank account).

With option three, you choose from a "provider map of the U.S. of banks contracted to take direct deposits directly (no mistake there) and skipping the required other "outside" monies which cause the dreaded co-mingling effect.

In other words:

https://www.eta-find.gov/eta/

I actually called Pre Paid Legal Service corporate to complain about the advice I got from the attorney yesterday ("...keep EVERY PENNY SS FUNDS"...then, "GO AHEAD AND USE ANY OLD $100 TO OPEN THE ACCOUNT - You'll BE FINE"). Got a call from the head attorney that addressed everything about garnishments EXCEPT the contradictory advice I received which I went back to address.

She claims that ..."I've had my accounts for 35 years and doubt I would separate my SS funds..." REALLY?? Both attorneys thought I was in the process of being served, instead of protecting $$. Interesting.

If I won big $$ on the state lottery, not sure what I'd do. (Did win $2.00 on Power Ball, LOL). I thought that was great; the ladies at the hair salon I go to play continuously and haven't won a dime.
I'd avoid the debit card like the plague. It is far too easy to block (and trace) the debit card - aka you can't get your funds.

Option 3 isn't bad except I still would not keep more than 2 months of social security monies in the account.

If it were me, I'd bills as soon as your SS deposit was made. I'd have cash on hand for any monies left over, keeping enough in the account so it stays open. Read your disclosure re: SS contracted account. My gut is there are fees associated with the account. In my experience, banks don't provide any free services

Since government agencies are the only entity that can garnish a retirement account, a Roth IRA might be an option for you. You can contribute the max or if your earned income is less than the max, you fund up to your earned income (wages or self-employment).

Converting money to pre-paid cards (purchased only with cash, aka not traceable to you) is also an option. But if you use it to pay bills, it can be traced and shut down. You'd want to use the entire amount or withdraw cash then use a money order etc. Fees would be incurred (to purchase the card, fees for money order etc).

Short of stashing cash, you will be hard pressed to avoid a government agency garnishment.

At one time, a true trust (one that is not in your name) couldn't be garnished - couldn't be tied to your name. This would cost money to set up and most likely fees for the trust to be managed (since you can't be trustee). Not sure if your spouse could be trustee and vice versa. Question for a lawyer.
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  #26  
Old 01-20-2015, 02:02 AM
connie189 Female connie189 is offline
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Selena,

So that leaves...under our mattress??
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  #27  
Old 01-20-2015, 11:34 AM
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coaltrain Male coaltrain is offline
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Back to what I said in the beginning - cash is king........
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It is what it is
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  #28  
Old 01-20-2015, 10:42 PM
Colorado Female Colorado is offline
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And just where heck does one put it. ?

I have heard if you win the lottery go to a lawyer first thing.
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  #29  
Old 01-21-2015, 02:47 AM
Selena Selena is offline
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Quote:
Originally Posted by Colorado View Post
And just where heck does one put it. ?

I have heard if you win the lottery go to a lawyer first thing.
Yes - a lawyer (and CPA) are the first order of business (besides keeping it quiet).

Not so much where you put it but how much you keep in the account and the source of the monies in the account.
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If only women voted, the Democratic party would win by 458 electoral votes to 80.
If only non-whites voted, the Democratic party would win every state in the union.
If only Millennials voted, the Democratic party would win over 400 electoral votes in a landslide.
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  #30  
Old 02-13-2015, 12:20 AM
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momma_to_seven_chi Female momma_to_seven_chi is offline
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Quote:
Originally Posted by connie189 View Post
Just wondering how many people here co-mingle their SS funds with everyday funds from other sources in one account at their bank?

After giving it much thought, I verified it with a lawyer about keeping SS funds deposited separate from other funds - in a dedicated account.
I think this is wise.
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  #31  
Old 03-19-2015, 11:45 PM
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Jjr Male Jjr is offline
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Quote:
Originally Posted by anna View Post
I believe it is no longer possible to get SS benefits in the form of a check. Its all auto deposit.
If one does not have a bank account, I believe they will still send you a paper check, begrudgingly. They were still send a guy I know a paper check just a year or so ago. I will see him again shortly after the first of April and will ask him, if I can remember it when I see him.
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  #32  
Old 03-21-2015, 10:31 PM
Colorado Female Colorado is offline
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I thought if you were any where near a bank you had to get account for SS. If too far from one they would do some thing else for you.

You can have a checking account and saving account. Run your SS through checking and keep a base amount in .
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  #33  
Old 03-22-2015, 03:16 AM
Selena Selena is offline
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http://www.ssa.gov/deposit/

http://www.ssa.gov/deposit/EFT%20Waiver%20Form.pdf
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If only women voted, the Democratic party would win by 458 electoral votes to 80.
If only non-whites voted, the Democratic party would win every state in the union.
If only Millennials voted, the Democratic party would win over 400 electoral votes in a landslide.
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  #34  
Old 03-22-2015, 07:02 PM
Colorado Female Colorado is offline
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I do not buy lottery tickets any more.

My SS is separate now. Base amount too is SS funds. Other saving such as it is is in another account. I will have budget problem figuring it out. I wrote a big check on the base amount . Just money to live on was all. Any how that is how it will show on April statement. March statement I should get soon, Least ways how I figure it will be. Every thing will clear okay. My Med Ins has to come out the 1st of each month. They automatically take it.
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  #35  
Old 03-22-2015, 07:40 PM
connie189 Female connie189 is offline
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Selena,

Wish I lived in another state that doesn't require your picture to be slathered on TV and in the newspapers when you win lotto $$. Personally I think it's a stupid idea to do that.

There used to be a show here that showcased (second draw) lottery winners. On one show they talked about how they were recognized on the street, "relatives" came out of the woodwork and cleaned them out $$.

They didn't have any choice about the publicity but were angry about it.
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  #36  
Old 03-23-2015, 12:34 AM
Colorado Female Colorado is offline
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Relatives. I only have 3 kids . I do not think they should put your picture up. I know some things have to be public record but not your picture. I had to have pictured ID at bank. Doctor office took a picture one time.

My son said tonight it made sense what I was told at bank and what she had me do. had nothing to do with SS. Ended up that way when I figured today. When you are old get things lined up0 for family. Good to have early on to.
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  #37  
Old 03-23-2015, 01:55 AM
Selena Selena is offline
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Quote:
Originally Posted by connie189 View Post
Selena,

Wish I lived in another state that doesn't require your picture to be slathered on TV and in the newspapers when you win lotto $$. Personally I think it's a stupid idea to do that.

There used to be a show here that showcased (second draw) lottery winners. On one show they talked about how they were recognized on the street, "relatives" came out of the woodwork and cleaned them out $$.

They didn't have any choice about the publicity but were angry about it.
They allowed themselves to be cleaned out as they could not bring themselves to say the one simple word - "no".

You find you have the winning ticket. Get a lawyer, create a LLC, and end-of-problem. For a few bucks, you stay anonymous.
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If only women voted, the Democratic party would win by 458 electoral votes to 80.
If only non-whites voted, the Democratic party would win every state in the union.
If only Millennials voted, the Democratic party would win over 400 electoral votes in a landslide.
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