PILOT SPIN
Spin Zone => Spin Zone => Topic started by: EppyGA - White Christian Domestic Terrorist on November 08, 2023, 10:57:07 AM
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Our SS payments are on the second Wednesday of the month. When I logged in to our bank today I notice that the deposits were actually credited yesterday. It doesn't show a time stamp as to when during the day.
For those much smarter than me, does that mean the government gave up a days interest on these payments?
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Don't know for sure, but it might have to do with Veterans Day on Friday. They need x days before the weekend or holiday to do post processing?
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Not the first time I've seen it.
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About 6 months ago I noticed my SS payments were arriving a day, sometimes 2 days, early. It has been that way since then. I receive it on the 3rd Wed of the month. I didn't know if it's just my financial institution or widespread.
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I’m not sure anybody knows whether the government loses a day’s interest. I guess it does. But they can just replace it by printing more money, right?
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Our SS payments are on the second Wednesday of the month. When I logged in to our bank today I notice that the deposits were actually credited yesterday. It doesn't show a time stamp as to when during the day.
For those much smarter than me, does that mean the government gave up a days interest on these payments?
I found this:
"In most cases, however, payments from the SSA are posted at midnight the day before the payment is due. This ensures that the funds are in place for Social Security recipients on a regular and reliable schedule."
From: https://www.helpadvisor.com/social-security/what-time-does-social-security-deposit (https://www.helpadvisor.com/social-security/what-time-does-social-security-deposit)
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Jim loves to do research
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Jim loves to do research
Only if it interests me. My wife will start taking SS in 16 months and I will in 26 months, so small bit of motivation in knowing scheduling details.
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One other note: I read an article this summer about the Feds starting their own real-time payment system to replace ACH transfers. It would shorten the transfer time from a day or two to basically instantaneous. Had to search for it again because I couldn't recall its name: FedNow.
They've been rolling it out since this summer with banks and other financial institutes. If your bank recently signed on then that would explain why the recent deposit cleared so much sooner than normal.
FedNow info:
https://www.stlouisfed.org/open-vault/2023/october/five-things-about-fednow (https://www.stlouisfed.org/open-vault/2023/october/five-things-about-fednow)
https://www.nerdwallet.com/article/banking/fednow (https://www.nerdwallet.com/article/banking/fednow)
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Thanks Jim, good info to have.
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Only if it interests me. My wife will start taking SS in 16 months and I will in 26 months, so small bit of motivation in knowing scheduling details.
Mark is 13 months away from turning 70 when he will turn his on. I still have a couple years but I have to figure out if I will still get more by waiting til I’m 70 or if my amount is half his and freezes when he turns his on. It’s so confusing. I’ve read two whole books explaining your benefits and I still don’t know.
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Before Led Zepplin, they were the Yardbirds, a band Eric Clapton, Jeff Beck and Jimmy Page were all in at one time and briefly all together!
(https://th.bing.com/th/id/OIP.rNeBEi4Rm29hXEucMTakxQHaHa?pid=ImgDet&rs=1)
https://www.youtube.com/watch?v=uHWQtRjGHgo&t=3s (https://www.youtube.com/watch?v=uHWQtRjGHgo&t=3s)
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One other note: I read an article this summer about the Feds starting their own real-time payment system to replace ACH transfers. It would shorten the transfer time from a day or two to basically instantaneous. Had to search for it again because I couldn't recall its name: FedNow.
They've been rolling it out since this summer with banks and other financial institutes. If your bank recently signed on then that would explain why the recent deposit cleared so much sooner than normal.
FedNow info:
https://www.stlouisfed.org/open-vault/2023/october/five-things-about-fednow (https://www.stlouisfed.org/open-vault/2023/october/five-things-about-fednow)
https://www.nerdwallet.com/article/banking/fednow (https://www.nerdwallet.com/article/banking/fednow)
Hopefully more secure than ACH
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Mark is 13 months away from turning 70 when he will turn his on. I still have a couple years but I have to figure out if I will still get more by waiting til I’m 70 or if my amount is half his and freezes when he turns his on. It’s so confusing. I’ve read two whole books explaining your benefits and I still don’t know.
Most books I have seen are outdated. Even the ones that are just a couple of years old.
But as a point of reference, I took my SS a few years before my wife did.
I get my full benefit, and when she filed she got her full benefit (which was larger than mine).
I had the same question previously.