Like magic, Med supplement debits account AFTER SSA credits

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montanagirl
Posts: 1805
Joined: Thu Nov 19, 2009 3:55 pm
Location: Montana

Like magic, Med supplement debits account AFTER SSA credits

Post by montanagirl »

I chose second Wednesday to debit my account for Plan G. Oops, that's the same day SS arrives. My account could conceivable come up short since I shove so much over to savings.

At first I carefully held out the $123 amount ahead of time so it would always be there, but I notice that no matter what, Social Security always seems to arrive first.

Can I just take this for granted? Does SS show up like right after midnight or something? Or do banks do some sort of workaround with transactions that are close in time like that?
prd1982
Posts: 1786
Joined: Sun Jan 08, 2017 3:43 pm

Re: Like magic, Med supplement debits account AFTER SSA credits

Post by prd1982 »

SSA sends their deposits to the banks several days in advance of the due date, and marks the deposits as available on your Wednesday. So the check is probably there before any withdrawals. Also, my credit union seems to process deposits before withdrawals that were in the queue at the start of the night’s run.

That said, I would never count of having a withdrawal scheduled on the same day as the deposit of the needed money. Delays do happen.
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retiredjg
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Joined: Thu Jan 10, 2008 11:56 am

Re: Like magic, Med supplement debits account AFTER SSA credits

Post by retiredjg »

I don't know if you can count on it, but I have also observed that my credit union will credit any deposit before withdrawing debits on the same day.
pizzy
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Joined: Tue Jun 02, 2020 6:59 pm

Re: Like magic, Med supplement debits account AFTER SSA credits

Post by pizzy »

montanagirl wrote: Mon Oct 18, 2021 12:08 pm I chose second Wednesday to debit my account for Plan G. Oops, that's the same day SS arrives. My account could conceivable come up short since I shove so much over to savings.

At first I carefully held out the $123 amount ahead of time so it would always be there, but I notice that no matter what, Social Security always seems to arrive first.

Can I just take this for granted? Does SS show up like right after midnight or something? Or do banks do some sort of workaround with transactions that are close in time like that?
I’m sure a checking account floor of $500 wouldn’t make any difference at all.
Vanguard/Fidelity | 76% US Stock | 16% Int'l Stock | 8% Cash
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