Direct Deposit

[OnMyWay]

On 9/28/2019 at 7:50 AM, BC57 said:

Hi, does anyone know how fast will the social security direct deposits land in a Philippine bank? I know the pay days in the US are early Wednesday mornings, but I don't know when our payments will arrive in the PH. Hopefully they don't delay them. Thanks in advance. 

I have mine direct deposited to my U.S. Chase bank, and my 2 kids have theirs deposited to BPI dollar accounts.

First of all, the Wednesday pay date does not apply when you are living overseas.  I recall finding on the SSA website a schedule of payments based on your last digit of SS number or something like that, but when I started getting it, the date did not correspond with that schedule.  Perhaps it was discontinued.

Our documents, both me and the kids, said we would get our first payments on November 3rd last year, and that was accurate.  However, for future payments, it seemed to be slightly sooner.  Weekends and holidays can impact both the domestic deposit and the int'l deposit.  Overall, the deposits, both mine and the kids, have been very reliable!

Here are the recent actual dates that they have been available.  In my U.S. bank account, it often says "pending" on the 1st, then available on the 2nd or 3rd.

Mine          Kids

9/3             9/4

8/2             8/5

7/3             7/4

6/3             6/4

5/3              5/6 

4/3              4/4

[Mike J]

33 minutes ago, OnMyWay said:

I read it the same as you but I find it hard to believe.  Do you have a link I can look at?  My two kids get DD to BPI and DD to a PH bank, when the kids live here, is a requirement.  There must be thousands of kids getting SS here.  Even the 36,000 total sounds low.

I agree, the 62 just feels like too small a number.  Here is the link to the page. 

https://www.ssa.gov/deposit/foreign.htm

I found this link that says 148,000 foreign nationals did annual reports so the 36,000 number might be accurate?

https://news.abs-cbn.com/news/03/24/19/148000-foreign-nationals-residing-in-ph-report-to-immigration-bureau

Edited September 30, 2019 by Mike J
Added second URL re: annual report stats

[Mike J]

On 9/28/2019 at 7:50 AM, BC57 said:

Hi, does anyone know how fast will the social security direct deposits land in a Philippine bank? I know the pay days in the US are early Wednesday mornings, but I don't know when our payments will arrive in the PH. Hopefully they don't delay them. Thanks in advance. 

Ha, took me awhile, but I think I found at least part of the answer. 

https://blog.ssa.gov/what-day-of-the-month-do-i-get-my-social-security-payment/

According to the SSA you would receive your direct deposit on the 3rd day of the month.  This is consistent with how my deposit have been made while living here.  My go into a USA bank, but I have not been able to find any information that says the schedule would be different if deposit is made to a Philippine bank.

<snip>

What Day of the Month Do I Get my Social Security Payment?
Posted on June 6, 2019 by Darlynda Bogle, Assistant Deputy Commissioner
" "Timing is everything, and the arrival time of your monthly payment from Social Security can be key to keeping your financial house in order.

As you budget to pay your bills and save for future needs, keep in mind that your monthly retirement or disability benefit will be paid at the same time each month. To see your next payment date, create or log on to your my Social Security online account and go to the “Benefits & Payments” section.

In general, here’s how we assign payment dates:

If you were born on the 1st through the 10th of the month, you’ll be paid on the second Wednesday of the month;
If you were born on the 11th through the 20th of the month, you’ll be paid on the third Wednesday of the month; and
If you were born after the 20th of the month, you’ll be paid on the fourth Wednesday of the month.
There are exceptions. For example, children and spouses who receive benefits based on someone else’s work record will be paid on the same day as the primary beneficiary.

For others, we may issue your payments on the 3rd of each month. Among other reasons, we do this if:

You filed for benefits before May 1, 1997;
You also receive a Supplemental Security Income (SSI) payment;
Your Medicare premiums are paid for by the state where you live; or
You live in a foreign country.
Individuals who receive SSI payments due to disability, age, or blindness receive those payments on the 1st of each month.

If your payment date falls on a federal holiday or weekend, you can expect to receive that month’s payment on the weekday immediately prior.

You can see a current schedule for Social Security and SSI benefit payments in an easy-to-read calendar.

Social Security is with you through life’s journey, helping you to secure today and tomorrow through important financial benefits, information, and planning tools. To learn more, please visit our website.

<end snip>

[OnMyWay]

30 minutes ago, Mike J said:

I agree, the 62 just feels like too small a number.  Here is the link to the page. 

https://www.ssa.gov/deposit/foreign.htm

I found this link that says 148,000 foreign nationals did annual reports so the 36,000 number might be accurate?

https://news.abs-cbn.com/news/03/24/19/148000-foreign-nationals-residing-in-ph-report-to-immigration-bureau

No, that article says only 10,000 + Americans reported, which is strange.  They may not be counting tourists, even though tourists do have an annual report fee when then extend in the beginning of the years.

[Mike J]

2 minutes ago, OnMyWay said:

No, that article says only 10,000 + Americans reported, which is strange.  They may not be counting tourists, even though tourists do have an annual report fee when then extend in the beginning of the years.

The numbers certainly are confusing to say the least.   

If you believe Wikipedia there were at least 220,000 and could be as high as 600,000 Americans living here in 2015.  https://en.wikipedia.org/wiki/Americans_in_the_Philippines <snip> The total number of US citizens living in the Philippines is more than 220,000,[1] with estimates reaching as high as 600,000.[20] <end snip

So the real number must be somewhere between 10,000 and 600,000, and a WHOLE BUNCH of Americans failed to report?    I guess it is close enough for government work.    

My dad always told me that an "estimate" was someone making a best guess,  a "statistic" was the government trying to cover their @ss with bogus numbers.   

 

[Ram1957]

Wikipedia has never been a reliable source. Universities and colleges have made that point perfectly clear, use that website as a reference on a term paper and receive a zero grade. Too bad some people believe what they read on the internet. 

https://en.wikipedia.org/wiki/Wikipedia:Wikipedia_is_not_a_reliable_source

[Dave Hounddriver]

56 minutes ago, Ram1957 said:

Wikipedia has never been a reliable source

I remember having a good laugh when the Philippine government used to say there were 7107 isands in the Philippines and quote Wikipedia and Wikipedia said there were 7107 islands citing the government source.  Well of course there are 7107 islands, just ask anybody (said tongue in cheek) For a more accurate count, try this site https://www.worldatlas.com/articles/how-many-islands-are-there-in-the-philippines.html

[OnMyWay]

1 hour ago, Dave Hounddriver said:

I remember having a good laugh when the Philippine government used to say there were 7107 isands in the Philippines and quote Wikipedia and Wikipedia said there were 7107 islands citing the government source.  Well of course there are 7107 islands, just ask anybody (said tongue in cheek) For a more accurate count, try this site https://www.worldatlas.com/articles/how-many-islands-are-there-in-the-philippines.html

Apparently they are counting all the new landfill islands built by the Chinese! 

[Tukaram (Tim)]

20 hours ago, Mike J said:

and say the magic words; "Sir, your rank & name, reporting for pay."   

Never heard of it... when was this? 

 

I would not use a PI bank. I tried and gave up with the franchise-like foolishness.  But a friend gets his SS on the 3rd of every month (BPI).

[Mike J]

3 hours ago, Tukaram (Tim) said:

Never heard of it... when was this? 

 

I would not use a PI bank. I tried and gave up with the franchise-like foolishness.  But a friend gets his SS on the 3rd of every month (BPI).

Army early 70s, but I expect other service branches were similar.