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How to collect pension payments easier

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Taz

US social security does not allow atm cards attached to Phillipine dollar accounts where you receive your SS benefits because if you die the spouse can bury you in the backyard and still collect benifits.That why withdrawal must be in person. 

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Davaoeno
1 hour ago, Taz said:

US social security does not allow atm cards attached to Phillipine dollar accounts where you receive your SS benefits because if you die the spouse can bury you in the backyard and still collect benifits.That why withdrawal must be in person. 

How could they possibly know that you now got an ATM  card?????

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Headshot
4 hours ago, Taz said:

Last I was told you are not allowed to have a atm card with your dollar account where you receive your SS pension funds you must withdraw in person. 

That is wrong. I have an ATM/Visa card attached to the US credit union account where my SSA benefits are deposited. There is no problem with that. I then have the money wired to my dollar account at BPI, and then I pull Philippine pesos out of my dollar account using my BPI ATM card whenever I need money. In my experience at BPI, I get a better exchange rate just using my dollar account tied ATM card than I do if I transfer money into my BPI peso account (which I also have).

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Taz

Headshot, I was refering to bank accounts in The Philippines NOT the US. Read second post.

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Jawny

The BSP establishes rules and conditions on various types of bank accounts here.  
 

I’m pretty certain the social security administration has limited interest in where funds are deposited...it’s actually the US treasury I believe which is making the payments.  As long as the account to receive the deposit is not in North Korea or some other undesirable place, the funds will get deposited using the typical direct deposit process.  That is, the bank to receive the money has to have US based routing numbers.  This is my understanding. . 

As to the BSP, they are protecting the banks by placing restrictions such as on annuity accounts with limited features (no online or ATM access). The banks don’t want to be left holding the  bag if an annuitant dies or is otherwise required to cease receiving payments. 

With regard to the OP, I think some plan B may be needed.  If the guy who has a hard time to get to the bank, then I’d suggest bring a pillow for the travels. Choices were made to set up the account where it was.  
 

perhaps the bank would accept a POA for a trusted friend. 

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to_dave007
4 hours ago, Jawny said:

perhaps the bank would accept a POA for a trusted friend. 

we will all get there one day..  the day when we can't remember our account number.. then the day when we can't remember where the bank is.

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Headshot
8 hours ago, to_dave007 said:

we will all get there one day..  the day when we can't remember our account number.. then the day when we can't remember where the bank is.

Which is why it is so important that we make good choices while we still can. If you make choices early on that you will find inconvenient later, then they aren't good choices.

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RogerDuMond
17 hours ago, Taz said:

US social security does not allow atm cards attached to Phillipine dollar accounts where you receive your SS benefits because if you die the spouse can bury you in the backyard and still collect benifits.That why withdrawal must be in person. 

So why not do what I said, and open a peso checking account with an attached ATM card at the same bank, and then go online to transfer funds from the dollar account to the peso account like I said before? That is the way I do it.

Yes, I would have to go to the bank if I wanted to get dollars from the dollar account, but there has only been one time in eight years that I needed USD.

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smokey
13 minutes ago, RogerDuMond said:

So why not do what I said, and open a peso checking account with an attached ATM card at the same bank, and then go online to transfer funds from the dollar account to the peso account like I said before? That is the way I do it.

Yes, I would have to go to the bank if I wanted to get dollars from the dollar account, but there has only been one time in eight years that I needed USD.

And if you keep enough the exchange rate not bad BDO

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