Supplemental Security Income (SSI) is a program run by Social Security and it provides monthly benefits and medical coverage to disabled or elderly individuals who have little or no income and few if any assets. The maximum monthly benefit payable in New Jersey in 2025 is $988.25. The monthly payment amount can be less depending on your living arrangements and any other income that you may have. And to be eligible for any payment you cannot own things the total value of which is more than $2,000. Some things that you own are not counted toward that $2,000 amount, but one thing that is counted is money that you have in a bank, including savings accounts, checking accounts, and certificates of deposits. There are other things that are counted toward that $2,000 amount but this discussion is limited to a discussion of your bank account.
If you have a bank account and it is in your name alone all of the money in that account will be counted toward your $2,000 limit and there is nothing that you can do to change that; it makes no difference that you may be just holding the money for someone else. The only exception would be if you are holding this money for someone else in what is called a “trust account” and the account shows that it is that kind of account. In that case you cannot legally withdraw and use the money for your own expenses; therefore, it is not counted as yours.
If you have a joint account with another person who is also receiving SSI, Social Security will assume that each of you own half of the funds in the account. If you are the only person on the joint account who is receiving SSI, Social Security will assume that all of the funds belong to you. In both of these situations you can attempt to show that you own less than the amount Social Security claims, but that can be difficult. To attempt to prove that you own less than what Social
Security is claiming, you must do the following:
- Provide your sworn statement as to how much is yours;
- The other account holder must provide a sworn statement as to what is his/hers;
- You must explain why there is a joint account;
- You must show who made the deposits and withdrawals;
- You must show how withdrawals were spent;
- You must provide bank statements showing deposits and withdrawals.
You will then have to close the joint account and open an account in your name alone that contains only your funds.
Rules to be followed if you are receiving SSI:
- Do not have a joint bank account with anyone;
- Do not deposit in your bank account money belonging to anyone else but yourself.
And keep in mind that even if your bank account contains less than $2,000 that money will be combined with any other asset that you own that is countable and that combination could move you over the $2,000 limit.
