Social Security payment is $1 less than amount on Benefit Verification Letter - why the discrepancy?

Same thing happened to me!! My letter said $1,834 but my deposit was only $1,833. I called SSA and waited FOREVER and the person I talked to had no idea why there was a difference. So frustrating!!! Why cant they just make the numbers match???

This is actually a common occurrence with Social Security benefits. The Benefit Verification Letter often shows your gross benefit amount rounded to the nearest dollar, while the actual payment is calculated more precisely with cents that are dropped in the final deposit (not rounded). For example, your actual benefit might be $2,586.49, which gets rounded to $2,587 on the verification letter but truncated to $2,586 for payment purposes. The COLA notice typically shows the exact payment amount, which is why it matches your deposit. You shouldn't have any issues using the verification letter for your foreign bank. If they ask about the $1 difference, simply explain it's due to Social Security Administration's rounding vs. truncation methods for documentation versus payment.

i had this exact same issue with my SS check. the amount on my statement was different by like 87 cents from what went into my bank. been that way for years and never caused any problems for me. dont sweat the small stuff lol

The letter rounds UP and the payment rounds DOWN. That's how SSA has always done it. It's in their manual somewhere but good luck finding the exact reference. I've dealt with SSA for 15 years and this is just one of those quirks in their system that causes confusion. For your foreign bank, just attach a small note explaining the dollar difference is due to SSA's official rounding policy for documentation purposes. I've had clients do this with no issues.

This is a standard practice with Social Security Administration. Your actual benefit amount likely has cents (for example, $2,586.80) that appear differently in different contexts: 1. The Benefit Verification Letter rounds UP to the nearest dollar ($2,587) 2. The actual payment truncates the cents (drops them entirely) resulting in $2,586 3. The COLA notice typically shows the actual payment amount after truncation This small discrepancy is normal and won't cause any issues with your foreign bank. If questioned, you can simply explain it's due to the SSA's method of calculating and displaying benefits across different documents. I deal with this regularly with clients who need income verification for various purposes, and it's never been a problem once explained.

I work at a mortgage company and see this ALL THE TIME with Social Security documents. The verification letter rounds differently than the actual payments. We're trained to accept either amount for income verification since the difference is always minimal. Your foreign bank should do the same - it's a well-known quirk with SSA documentation.

I tried calling SSA about a similar issue last month and couldn't get through after trying for DAYS. Busy signals, disconnects, or hold times over an hour. So frustrating!

If you need absolute clarity for your foreign bank, you can request a more detailed Benefits and Earnings Statement from SSA that shows the exact calculation including cents. This might take a few weeks to receive but will have your precise benefit amount with all calculations shown. Though based on everything said here, this seems like a standard rounding vs truncation issue that most financial institutions are already familiar with.

Thanks everyone for the helpful explanations! I feel much better knowing this is a common thing with how SSA handles reporting versus payment amounts. I'll go ahead with my foreign bank application using the verification letter, and if they ask about the $1 difference, I'll explain about the rounding versus truncation policy. Really appreciate all your insights!