The Social Security Administration may soon start providing a $697 Direct Deposit Checks 2024 to eligible beneficiaries as reported by several media platforms. This one-time payment is expected to arrive along with the retirement pension and disability benefits in 2024. Citizens can use the $697 payment amount to afford basic household requirements like groceries and dairy products. With this payment, the U.S. federal government aims to provide compensation for the inflation and high cost of living in the country. Social Security recipients can check mandatory guidelines before applying for the benefits. The payment schedule is already out and the citizens may claim their payment in October 2024.
$697 Direct Deposit Checks 2024
Due to inflation and high living expenses in the country, low-income citizens are the most affected financially by this cause. Though several financial assistance programs are available for needy citizen yet they cannot afford their daily living due to the rising cost of living. As a result, the U.S. federal government is planning to start disbursing $697 Direct Deposit Checks 2024 to underprivileged residents of the country. This payment will mainly assist the low-income, moderate-income, and old-age citizens of the country. For the same reasons, the SSA has released the eligibility requirements that a claimant may be required to qualify.
$3573 Direct Payment for Seniors
The payment is expected to arrive in October 2024 for the social security beneficiaries. The payment schedule for $697 Direct Deposit Checks 2024 is based on the date of birth of the recipients. According to the announced payment dates, citizens may receive their payment on the 9th of October, 16th of October, and 23rd of October 2024. These payments are ready to be delivered on the second, third, and fourth Wednesday of October 2024 respectively. The Social Security Administration disburses the payment via direct deposits to the respective bank accounts of the recipients. Furthermore, those who do not have bank accounts can claim their benefit via paper checks.
$697 Direct Deposit Checks 2024 Quick Details
| Title | $697 Direct Deposit Checks 2024 |
| Country | The USA |
| Name of the Authority | Social Security Administration (SSA) |
| Governed by | The U.S. federal government |
| Category | Financial aid |
| Applicable for | Eligible Social Security beneficiaries |
| Purpose | To give a monthly financial benefit |
| Payment amount | $697 |
| Year | 2024 |
| Official website | ssa.gov |
Current Social Security Payment Amount and Expected Increase
Apart from the $697 Direct Deposit Checks 2024, citizens can claim their usual monthly pension amount in October 2024. At present, the SSA provides a monthly retirement pension of $943 to an eligible resident who is receiving social security benefits as an individual. On the other hand, if a person is filing a joint claim along with his/her spouse, they can claim a monthly benefit of $1415 in 2024.
However, the SSA is all set to increase these monthly retirement benefits as per the COLA increase 2025. As of now, the COLA increase in 2025 is expected to be 2.5% which will result in a 2.5% increase in the social security benefits. The SSA will soon confirm the news on 10th October 2024. Till then, have a look at the expected social security benefits in the following table:
| Beneficiary | Current Monthly Pension | Expected Increase |
| Eligible individual | $943 | $966.5 (with +2.5%) |
| Married couple filing a joint claim | $1415 | $1450.4 (with +2.5%) |
| Essential person | $472 | $483.8 (with +2.5%) |
$697 Direct Deposit Checks Eligibility
To claim the significant benefit of the $697 Direct Deposit Checks 2024, every claimant needs to be aware of the guidelines that the SSA has provided itself. Those who qualify the following eligibility criteria can claim the benefit amount in October 2024:
- Citizenship: Those who hold citizenship of the United States of America are eligible.
- Permanent Residency: Apart from the citizenship, a permanent residency in any of the States, Territory, or District of Columbia is needed.
- Age Criteria: A recipient’s age should be no below 65 years.
- Assets: An eligible individual should have assets no higher than $2,000 and for a married couple, the asset limit is $3,000.
- SSN: A person needs to hold a Social Security Number (SSN) before applying for the payment.
- Social Security Taxes: Recipients must have paid social security taxes during their employment years. At least 10 years of social security taxes are required.
- Disability: Citizens with a temporary or life-long condition including blindness are eligible for a $697 Direct Deposit.
How to Apply for the $697 Direct Deposit Checks 2024?
Once qualifying the above-mentioned eligibility requirements, a citizen can apply for the $697 Direct Deposit Checks 2024. The step-by-step guide for the application procedure is mentioned in the following points:
- At first, a recipient needs to browse the official website of the Social Security Administration or ssa.gov.
- Upon accessing the homepage, the officials provide an application form after clicking on the $697 Direct Deposit Checks 2024 link.
- Provide essential information in the application form as asked such as name, date of birth, income, address, etc.
- If asked, attach mandatory documents such as birth certificate and citizenship proof to the application.
- After rechecking the form once, click on the submit button to submit the application form at the portal.
- The SSA officials may notify the applicants within 30 days regarding their eligibility for the payment.
Are $697 Direct Deposit Checks 2024 Coming? Fact Checks
The news regarding the $697 Direct Deposit Checks 2024 is unreliable and the Social Security Administration has yet to make an official announcement regarding the same. The payment amount came to headlines when several media platforms and web portals started reporting the $697 payment arriving in 2024. However, there is no official source that confirms the news as of now.
The payment information mentioned in this post is likewise based on several rumors and early speculations reported by various portals. Eligible beneficiaries must wait for reliable news and must adhere to the latest updates from the department. For more information, citizens can also visit the official web portal of the SSA.
FAQs
Who can claim the $697 Direct Deposit Checks 2024?
The U.S. citizens who are already claiming the Social Security monthly pension are eligible to claim the $697 Direct Deposit Checks in 2024.
When can I claim the $697 Direct Deposit Checks 2024?
The $697 direct payment amount arrives along with the monthly retirement pension and disability benefits. Eligible beneficiaries who receives social security benefits can claim this payment.
Is $697 Direct Deposit Checks 2024 confirmed by the SSA?
No. Currently, the $697 Direct Deposit Checks 2024 is yet to get a green light from the Social Security Administration.
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David has spent Several years reporting on the oil and gas industry, uncovering the latest trends and technological breakthroughs. His expertise in energy markets and passion for sustainable practices make his articles both insightful and forward-thinking. Davis’s in -depth analyses are a staple for professionals seeking to stay ahead in this dynamic field.