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$697 Direct Deposits Are Rolling Out—Are You Getting One?

$697 Direct Deposits Are Rolling Out—Are You Getting One?

If you’re hearing about a $697 direct deposit and wondering if you’re getting it—or how much you’ll receive—you’re not alone. Many people who rely on Social Security or Supplemental Security Income (SSI) are trying to understand what this amount represents and how it fits into their monthly benefits. Let’s clear up the confusion and make sure you know what’s going on.

What’s Behind the $697 Payment?

The $697 figure is often tied to monthly SSI benefits. SSI is a federal program that provides financial assistance to people who are 65 or older, blind, or disabled, and have limited income and resources. It’s meant to help cover basic needs like food, housing, and medical expenses.

The amount you receive from SSI can vary based on your personal situation, but $697 represents what some beneficiaries are receiving on average. Keep in mind, though, that this isn’t a fixed amount for everyone—your actual payment could be higher or lower depending on factors like your income, living situation, and whether your state adds extra payments on top of the federal amount.

Who Qualifies for SSI Payments Like the $697?

To qualify for SSI, you’ll need to meet certain eligibility requirements:

  1. Age or Disability:
    • You must be 65 or older, or
    • You must be blind or disabled.
  2. Limited Income:
    • The program is designed for people with limited income, so the SSA will look at things like wages, Social Security benefits, pensions, or other forms of income.
  3. Limited Resources:
    • Your assets must be below certain limits:
      • $2,000 or less for individuals.
      • $3,000 or less for couples.

    This includes cash, bank accounts, and property (though things like your primary home and car may not count).

  4. Citizenship:
    • You must be a U.S. citizen or meet certain conditions as a lawful permanent resident.

How Much Will You Actually Get?

While $697 is an average number for many, the actual amount of your SSI benefits depends on several things:

  • Your income: If you have other income sources, the SSA will reduce your SSI payment accordingly.
  • Where you live: Some states provide extra payments on top of federal SSI benefits, so you could receive more if you live in one of these states.
  • Living situation: If you live with someone who helps you with rent or other expenses, your payment could be reduced.

For 2025, the maximum federal SSI payment is $914 per month for individuals and $1,371 per month for couples. However, most people don’t receive the full amount due to income adjustments and other factors.

When Can You Expect Your SSI Payment?

The good news is that SSI payments follow a predictable schedule. They’re typically issued on the first of every month. However, if the first falls on a weekend or holiday, the payment is made on the last business day of the previous month.

For example, if the first of the month is a Sunday, you’ll receive your payment on the Friday before. If you also receive Social Security benefits, keep in mind that those follow a different schedule based on your birthdate.

How to Apply for SSI

If you think you might be eligible for SSI and haven’t applied yet, here’s what you need to do:

  1. Online: Start your application at ssa.gov. You can fill out basic information online and then complete the process by phone or in person.
  2. By Phone: Call the SSA at 1-800-772-1213 to schedule an appointment or ask questions.
  3. In Person: Visit your local Social Security office and bring the necessary documentation (see below).

What Documents Will You Need?

To apply for SSI, you’ll need to provide some important documents, such as:

  • Your Social Security card or proof of your number.
  • Your birth certificate or proof of age.
  • Proof of income, like pay stubs or pension statements.
  • Proof of assets, such as bank statements or information on any property you own.
  • Information about any government benefits you’re already receiving.

Having these documents ready can make the process smoother and faster.

Stay Safe—Watch Out for Scams

Unfortunately, scammers often target people receiving government benefits. If you get a phone call, text, or email asking for your personal information or banking details to “process your payment,” it’s probably a scam. The SSA will never contact you out of the blue and ask for this information.

If you receive a suspicious message, report it to the SSA or the Federal Trade Commission (FTC) right away.

What Does This $697 Direct Deposit Mean for You?

If you’re currently receiving SSI, the $697 could be close to the amount you’re getting each month, or it could serve as a benchmark to help you understand your own payment. The important thing is to know where you stand and make sure you’re receiving everything you’re entitled to.

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