Rumors have surfaced online about a potential $697 monthly Direct Deposit Check program supposedly started by the U.S. Social Security Administration (SSA) in October 2024. These claims have caused some confusion, prompting clarification on what is true and what is simply speculation, as well as an overview of existing Social Security benefits.
While it’s being circulated that all Americans would receive $697 monthly, the truth is more nuanced. The SSA administers payments such as Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI), aimed at supporting citizens with financial needs, particularly seniors, disabled individuals, and low-income families.
The idea of these payments is to assist people who have been impacted by financial hardships, notably those caused by the COVID-19 pandemic and ongoing inflation, by providing essential financial support.
Eligibility criteria
The requirements to qualify for these payments are specific. U.S. residency and permanent citizenship are mandatory, and asset limits apply: individuals must have under $2,000, and couples under $3,000 in assets. Typically, recipients are over the age of 65, though exceptions exist for those under 65 with disabilities or permanent blindness. These criteria ensure the assistance reaches those who are most in need.
Payments for October 2024 are scheduled based on birthdates. For those born between the 1st and 10th of the month, payments will be distributed on October 9. Those born from the 11th to 20th can expect payments on October 16, and those born between the 21st and 31st will receive them on October 23.
SSI and VA benefits are generally paid on the first of each month, with October’s payments set for October 31. Recipients are advised to keep their information up to date with the SSA by September 25 to avoid any delays.
The amount each recipient receives varies according to income and circumstances. The maximum SSDI payment can be up to $3,822 in 2024, with an average around $1,537 monthly. For SSI, the cap is $943 for individuals and $1,415 for couples. While rumors suggest a $697 payment for all, there has been no official announcement for such a distribution from the SSA.
