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Do you use a Green Dot card and what for?


Been_Ponzied
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I'm thinking of putting my very, very meager savings on a green dot card, since I am on SSI benefits and cannot open a savings account. Besides, I need to use it - for possible veterinary expenses on my dog. Has anyone tried this method of savings? I guess nothing is reported to the credit bureaus, that you have a card in use? What do you think of this method and in what ways do you use it?

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I'm thinking of putting my very, very meager savings on a green dot card, since I am on SSI benefits and cannot open a savings account. Besides, I need to use it - for possible veterinary expenses on my dog. Has anyone tried this method of savings? I guess nothing is reported to the credit bureaus, that you have a card in use? What do you think of this method and in what ways do you use it?

I would not recommend this.

How does you being on SSI keep you from opening a savings account?

Edited by Hal Jordan
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Is there any risk of right of offset on these cards?

I know the Walmart Green Dot is run by GE Money Bank. What if you have a delinquent account with GEMB?

Could they take the money you put on the card?

That's a good question. I really doubt that GEMB would find your card and attach it.

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I would not recommend this.

How does you being on SSI keep you from opening a savings account?

SSI is a means-tested program in which you are not allowed to have more than $2000 in countable resourses, which mainly means cash and bank accounts. They don't count your house, one car, or personal belongings.

If the OP is trying to accumulate savings that can't be traced or found, I think plain old cash is a home safe would be a better option.

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SSI is a means-tested program in which you are not allowed to have more than $2000 in countable resourses, which mainly means cash and bank accounts. They don't count your house, one car, or personal belongings.

If the OP is trying to accumulate savings that can't be traced or found, I think plain old cash is a home safe would be a better option.

Yes, I am familar with the rules of SSI. It's referred to as a "Needs based program" though, not a "means" based program.

You are correct in that a Single individual has a $2,000 resource limit. However, A married individual has a $3,000 resource limit. SSI excludes the home that you live in and one automobile. Beyond that all other resources count.

I asked the OP why he can't open an account because I was curious if he was tryig to defraud the Federal Government by concealing cash/resources that would place him over the release limit and thus ineligible for SSI or if it was something innocent like his credit was so bad or he was in fear of being garnished that he couldn't get a savings account.

SSI is a welfare program for people who have not worked and paid into Social Security enough to have 40 quarters of coverage (one quarter is about $1000 so if you have $4500 in one years earnigs or even 100,000 in one years earnings = 4 quarters of coverage) so it's really more working 5 out off the last 10 yrs... SSI, has a max benefit pay out of $674 per month because it's a needs based program/welfare program. Disability essentually pays you now what you would draw at your full retirement age. Kind of like you get magicly aged to your full retirement age and SSA starts paying you that full retirement benefit now. SSI does not pay this way because it's a welfare program and does not require one be "insured" (5 out of the last 10 yrs and have 40 quarters of coverage) the most SSI can pay is $674 per month.

The OP appears to be trying to conceal resources from Social Security in an effort to make himself eligible for the SSI program. I will tell this to the OP.. If you get caught you will get referred for fraud to the Office of the Investigator general and if you're lucky the worst thing that will happen to you is that you will have to pay the money back at 100% recovery from your benefits per month along with a 6 month suspension in benefits. Worst case is you have criminal charges brought against you for defrauding the United States of America and serve some jail time along with still having to pay the money back.

People who conceal resources may get away with it for a couple years or so but eventually it will catch up. IRS interfaces with Social Security all of the information they receive from banks, employers, gambling institutions, insurance companies etc, any company that accounts for the money that passes through them and eventually SSA's systems will catch what was reported as paid out by a company for whatever purpose and when they do they will demand you account for that money.. And if you can't because you've been concealing it with a green dot card or even cash in your safe and you end up with an overpayment because of fraud.. you will be in some serious trouble... Like convicted felony trouble..

I would highly recommend you not try and conceal large sums of money to make yourself eligible for benefits.

Edited by Hal Jordan
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I asked the OP why he can't open an account because I was curious if he was tryig to defraud the Federal Government by concealing cash/resources that would place him over the release limit and thus ineligible for SSI or if it was something innocent like his credit was so bad or he was in fear of being garnished that he couldn't get a savings account.

NO, I was not trying to hide resources.....I am honestly poor and have nothing to hide. You are being a big jerk to infer that! And act like you are threatening me.

I thought of using the green dot card only to be able to save a little for my dog's future veterinary expenses. It would NEVER go over the $2,000 limit.

I am not on 100% SSI. I have mostly SSDI, which I paid into the Social Security program and worked for. I was a waitress and the pay was low, THAT is why I get a small amount of SSI to supplement my SSDI. I'm still subject to the SSI rules and would never try to hide anything. I'm poor and that's the way it is. I've accepted that. You don't need to threaten me; I have nothing.

Edited by Been_Ponzied
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I did not threaten you... I simply made everyone aware of what SSI was and that concealing income is against the rules while receiving SSI.

Nothing more. If you felt threatened that's because you're feeling guilty/defensive for some reason. Never at any point did I threaten you. How could I? I don't even know who you are, nor do I care to know who you are.

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