Choosing the right bank account when you're on disability benefits can make a big difference. Here's what to look for and how to choose wisely.
In this article, we'll cover:
- What to look for
- Features that help
- What to avoid
- Why Purple works
1. What to Look For
Low or no fees:
- Monthly maintenance fees add up
- Overdraft fees can be devastating
- Hidden fees cause problems
- Look for transparent pricing
No minimum balance:
- Required minimums are hard on fixed income
- Penalties for going under hurt
- Flexibility is important
- Find accounts without minimums
Easy direct deposit:
- Essential for benefits
- Simple setup
- Clear account/routing numbers
- Reliable arrival
Good mobile access:
- Check balance anytime
- Deposit checks by phone
- Manage from home
- Accessibility features
Customer support:
- Available when needed
- Understands benefits issues
- Helpful and patient
- Multiple contact options
2. Features That Help
Early direct deposit:
- Get benefits early
- Up to 4 days for SSI/SSDI
- Helps with timing
- Reduces waiting
SSI resource tracking:
- Monitor balance for $2,000 limit
- Alerts before going over
- Peace of mind
- Compliance help
ABLE account integration:
- Connect savings account
- Transfer funds easily
- Manage both together
- Protect benefits
Spending insights:
- See where money goes
- Budget better
- Track expenses
- Plan ahead
Simple interface:
- Easy to understand
- Not overwhelming
- Clear information
- Accessible design
Important: For SSI recipients, resource tracking is crucial. Look for accounts that help you stay under the $2,000 limit.
3. What to Avoid
High fees:
- Monthly maintenance fees
- ATM fees
- Overdraft fees
- Transfer fees
Minimum balance requirements:
- Hard to maintain on fixed income
- Fees if you go under
- Stressful to manage
- Not benefit-friendly
Complicated accounts:
- Too many features
- Confusing terms
- Hard to navigate
- Unnecessary complexity
Poor customer service:
- Hard to reach
- Long wait times
- Unhelpful responses
- Lack of understanding
Predatory practices:
- Excessive overdraft fees
- Payday loan integration
- Fee harvesting
- Targeting vulnerable people
4. Why Purple Works
Built for benefits:
- Designed specifically for SSI/SSDI recipients
- Understands the unique challenges
- Features that actually help
- Support that gets it
Early access:
- Up to 4 days early for government benefits
- Standard feature
- No extra cost
- Reliable timing
Resource tracking:
- For SSI recipients
- Monitor your balance
- Alerts before the 1st
- Stay compliant
No hidden fees:
- Transparent pricing
- No surprises
- No minimum balance
- No overdraft fees
ABLE integration:
- Connect your ABLE account
- See both balances
- Easy transfers
- Coordinated management
Simple design:
- Easy to use
- Clear information
- Not overwhelming
- Accessible to all
Making the Switch
How to change banks:
- Open new account
- Get account/routing numbers
- Update direct deposit with SSA
- Verify first deposit arrives
- Close old account (if desired)
Tips for switching:
- Don't close old account immediately
- Wait for first deposit in new account
- Update automatic payments
- Keep records of the change
How Purple Helps
Purple is designed for disability benefits:
- Early access up to 4 days
- SSI resource limit tracking
- ABLE account integration
- No hidden fees
- Simple, supportive banking