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Are federal credit unions worth opening accounts with?

 
 
Reply Tue 26 Jan, 2021 06:22 pm
Hi. I am curious about this. The difference between a federal credit union and a bank is that a federal credit union is a no-frills bank; it's a non-profit bank. There are no hidden surcharges incurred when you open and use an account at one.

I have thought about opening an account at a federal credit union. Is that worth doing? And this probably sounds like a silly question, but does the money you put into a federal credit union account get reported to SSA?

Please help - thank you.
 
JGoldman10
 
  -2  
Reply Wed 27 Jan, 2021 10:49 pm
I'll ask - why is no one else responding to this thread?
0 Replies
 
PUNKEY
 
  1  
Reply Thu 28 Jan, 2021 11:10 am
I have accounts at both a bank and a credit union. The fees at the credit union are less than the bank for a checking account.

Of course the government knows how much money that you have in your bank accounts because you are going to have to report the account numbers to them.

Haven’t you asked this question before? If you know the legal limit about how much you can have in a savings account then don’t let your savings get over that amount in any account SS can look at.
JGoldman10
 
  0  
Reply Thu 28 Jan, 2021 12:05 pm
@PUNKEY,
Thank you for responding. I don't think so.
0 Replies
 
Linkat
 
  2  
Reply Thu 28 Jan, 2021 01:53 pm
@JGoldman10,
To me, the big downside I can see at least on the surface of a credit union - is the lack of physical banks/ATMs available.

If you use the ATM a lot you could rack up fees if you use a non-credit union ATM. Check some places do reimburse for these charges.
0 Replies
 
tsarstepan
 
  1  
Reply Thu 28 Jan, 2021 02:26 pm
@JGoldman10,
JGoldman10 wrote:

I have thought about opening an account at a federal credit union. Is that worth doing? And this probably sounds like a silly question, but does the money you put into a federal credit union account get reported to SSA?

Please help - thank you.

You're generally contemplating committing fraud against the Social Security Administration by underreporting your income and still double-dipping into the SS till? You probably could get away with it. But since you now have a literal digital trail that admits you are aware of the sketchiness that this practice entails? Good gravy.

Since no one here is allowed to give legal advice, make of the following directly from the SSA as you will.
Quote:
§ 416.207. You do not give us permission to contact financial institutions.
(a) To be eligible for SSI payments you must give us permission to contact any financial institution and request any financial records that financial institution may have about you. You must give us this permission when you apply for SSI payments or when we ask for it at a later time. You must also provide us with permission from anyone whose income and resources we consider as being available to you, i.e., deemors (see §§ 416.1160, 416.1202, 416.1203, and 416.1204).

(b) Financial institution means any:

(1) Bank,

(2) Savings bank,

(3) Credit card issuer,

(4) Industrial loan company,

(5) Trust company,

(6) Savings association,

(7) Building and loan,

(8) Homestead association,

(9) Credit union,

(10) Consumer finance institution, or

(11) Any other financial institution as defined in section 1101(1) of the Right to Financial Privacy Act.

(c) Financial record means an original of, a copy of, or information known to have been derived from any record held by the financial institution pertaining to your relationship with the financial institution.

(d) We may ask any financial institution for information on any financial account concerning you. We may also ask for information on any financial accounts for anyone whose income and resources we consider as being available to you (see §§ 416.1160, 416.1202, 416.1203, and 416.1204).

(e) We ask financial institutions for this information when we think that it is necessary to determine your SSI eligibility or payment amount.

(f) Your permission to contact financial institutions, and the permission of anyone whose income and resources we consider as being available to you, i.e., a deemor (see §§ 416.1160, 416.1202, 416.1203, and 416.1204), remains in effect until a terminating event occurs. The following terminating events only apply prospectively and do not invalidate the permission for past periods.

(1) You cancel your permission in writing and provide the writing to us.

(2) The deemor cancels their permission in writing and provides the writing to us.

(3) The basis on which we consider a deemor's income and resources available to you ends, e.g. when spouses separate or divorce or a child attains age 18.

(4) Your application for SSI is denied, and the denial is final. A denial is final when made, unless you appeal the denial timely as described in §§ 416.1400 through 416.1499.

(5) You are no longer eligible for SSI as described in §§ 416.1331 through 416.1335.

(g) If you don't give us permission to contact any financial institution and request any financial records about you when we think it is necessary to determine your SSI eligibility or payment amount, or if you cancel the permission, you cannot be eligible for SSI payments. Also, except as noted in paragraph (h), if anyone whose income and resources we consider as being available to you (see §§ 416.1160, 416.1202, 416.1203, and 416.1204) doesn't give us permission to contact any financial institution and request any financial records about that person when we think it is necessary to determine your eligibility or payment amount, or if that person cancels the permission, you cannot be eligible for SSI payments. This means that if you are applying for SSI payments, you cannot receive them. If you are receiving SSI payments, we will stop your payments.

(h) You may be eligible for SSI payments if there is good cause for your being unable to obtain permission for us to contact any financial institution and request any financial records about someone whose income and resources we consider as being available to you (see §§ 416.1160, 416.1202, 416.1203, and 416.1204).

(1) Good cause exists if permission cannot be obtained from the individual and there is evidence that the individual is harassing you, abusing you, or endangering your life.

(2) Good cause may exist if an individual other than one listed in paragraph (h)(3) of this section refuses to provide permission and: you acted in good faith to obtain permission from the individual but were unable to do so through no fault of your own, or you cooperated with us in our efforts to obtain permission.

(3) Good cause does not apply if the individual is your representative payee and your legal guardian, if you are a minor child and the individual is your representative payee and your custodial parent, or if you are an alien and the individual is your sponsor or the sponsor's living-with spouse.

[68 FR 53508, Sept. 11, 2003]


Double or triple read the following excerpt.
Quote:
(g) If you don't give us permission to contact any financial institution and request any financial records about you when we think it is necessary to determine your SSI eligibility or payment amount, or if you cancel the permission, you cannot be eligible for SSI payments. Also, except as noted in paragraph (h), if anyone whose income and resources we consider as being available to you (see §§ 416.1160, 416.1202, 416.1203, and 416.1204) doesn't give us permission to contact any financial institution and request any financial records about that person when we think it is necessary to determine your eligibility or payment amount, or if that person cancels the permission, you cannot be eligible for SSI payments. This means that if you are applying for SSI payments, you cannot receive them. If you are receiving SSI payments, we will stop your payments.

JGoldman10
 
  1  
Reply Thu 28 Jan, 2021 03:42 pm
@tsarstepan,
Not that that is any of your business, some people get S.S. benefits. You know, things like SSI and SSD.
PUNKEY
 
  1  
Reply Sat 30 Jan, 2021 06:09 pm
@JGoldman10,
If you apply for government aid ( like Medicaid food or stamps) then what you have in your savings account matters. If your income or savings is above those levels then stop seeking that kind of aid and pay medical and food costs yourself.
0 Replies
 
tsarstepan
 
  4  
Reply Sat 30 Jan, 2021 07:18 pm
@JGoldman10,
JGoldman10 wrote:

Not that that is any of your business, some people get S.S. benefits. You know, things like SSI and SSD.

You literally asked people on a2k. You made it our business. And if you plan on breaking the law? Laying your plan out in an obviously public forum? Not very smart.

You have to do what you think you have to do. Just be known that you were warned.

Remember that you also wrote this?
JGoldman10 wrote:

I'll ask - why is no one else responding to this thread?
0 Replies
 
 

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