Value of a dollar

[donia]

the point of direct deposit is time and money saved in dealing with paper...the paper itself the checks are printed on, along with printing costs, along with someone to oversee the printing, equipment used, etc. msu is projected to save about $550k a year with direct deposit. if you still want a check, they'll give it to you, but you will incur a small fee per check.


*edited to correct the total cost info after re-reading the memo.

[DEERHUNT]

I do have a checking account I keep just enough in it not to get charged a penalty. I guess my biggest problem is that it is manditory, and State law says they do not have to give me an option. And saving money through not having to pay people to oversee printing and stuff means layoffs which means increased unemployment which mean it still hurts the economy.

[bigoak]

The sky is falling! The sky is falling! There is nothing wrong with direct deposit. Unless you would rather have your wages cut to help offset the cost to print checks then you should be in favor of your employer findind ways to cut expenses. There are no layoffs when a business starts direct deposit. You still need folks to input the data and create the payroll file. If you are worried about the funds in your checking account being garnished then you got bigger problems that need to be addressed.

[DEERHUNT]

If you are worried about the funds in your checking account being garnished then you got bigger problems that need to be addressed.

Not worried about that. Just simply don't like direct deposit or trust it. Don't like credit/debit cards, or any other electronic transfer of my money. All electronic tranfers have to be routed through a second party clearing house.

[farmerc83]

I do have a checking account I keep just enough in it not to get charged a penalty. I guess my biggest problem is that it is manditory, and State law says they do not have to give me an option. And saving money through not having to pay people to oversee printing and stuff means layoffs which means increased unemployment which mean it still hurts the economy.

Or they are hiring more employees in place of the ones overseeing the check printing, and probably still saving money not having to pay for the checks, printers, and cost of operating the printers.

Get the feeling you're a glass half empty kinda guy.

[fireplug]

If you are worried about the funds in your checking account being garnished then you got bigger problems that need to be addressed.

Not worried about that. Just simply don't like direct deposit or trust it. Don't like credit/debit cards, or any other electronic transfer of my money. All electronic tranfers have to be routed through a second party clearing house.

I refer back to my original post. Instead of making a trip to the bank to cash your check, you will instead make the trip to withdraw your
check from the bank. No different and no need to worry or stress about it.

I've been using direct deposit (forced to by company) for the past at least 10 years and I still get the same paper that I would if I
had gotten a check, so the argument of saving the printing and paper is false. They do it so they can balance books better. Transfer of funds
electronically (once set up and established) is much easier and efficient for companies than waiting on checks to come back from so many different banks.

[DEERHUNT]

Get the feeling you're a glass half empty kinda guy.

Nope never been accused of that accually quite the opposite.

[donia]

I've been using direct deposit (forced to by company) for the past at least 10 years and I still get the same paper that I would if I
had gotten a check, so the argument of saving the printing and paper is false. They do it so they can balance books better. Transfer of funds
electronically (once set up and established) is much easier and efficient for companies than waiting on checks to come back from so many different banks.

ok. we don't get the paper, unless we request it. just relaying what i was told by hrm when i asked where the savings was coming in by going paperless.

[MudHog]

There is some savings depending on how the company operates. I have direct deposit and signed up for it day one and will be 9 years in Feb over here.

Ther biggest advantage as mentioned is the transfer of funds is instant. With a check, you have to worry if the check will clear the bank or not. If you cash it, you have to make sure you have sufficient funds in your account to cover it if the check bounces. If you deposit it, you have to wait for it to clear the employers bank account.


You do realize that when you deposit a check, once it clears the other bank the funds are transferred electronically. They don't put X amount of dollars in an envelope and mail it to your bank to put it into your account.

[jacksbuddy]

There are other security issues that have not been addressed here yet. If you get a check and have to go to the bank to deposit it and make withdrawals for cash, you are at a greater risk of being robbed of your cash. Those people who just cash their checks and then go buy money orders to pay their bills? They get robbed by the banks, robbed by the people who sell the money orders, and are at a greater risk of being robbed by thugs as they exit the bank with their cash.

If you pay your bills with checks, you are still at risk. You have to buy the stamps, spend your gas to take them to the post office (just leaving them in your mailbox to be picked up by the postman? Bad idea. Crooks can steal your mail, wash your check, and rewrite it to themselves, thus emptying your account.) Oh, and if the mail doesn't get your check to the company you sent it to in time? You get charged a late fee, which adversely affects your credit score - thus causing you to get robbed in the future when you go to borrow money. (And here's a nasty trick that some credit card companies have started pulling - all perfectly legal too, I might add. They send your bill to you from one address in one state, but you have to send your money to another address in another state. Your 'grace period' starts when they send you the bill, but they have shortened this period to the point that you almost have to pay on-line in order to prevent a late fee. Disgusting, huh?)

Here are some real advantages of electronic banking -
* You KNOW that your money goes into your account, and exactly when it gets there.
* You do not have to rush during your lunch break to get your banking business done.
* By paying bills on-line, your bank provides you with legal recourse to ensure that your payments are made properly.
* You save real money.
* You save real time.
* Your money is safer than as cash.
* Debit Cards can be easily replaced - cash cannot.
* You can still get cash when and where you want/need it.
* You are less of a target on the 1st, 3rd, and 15th.

[kris Schaumburg]

actually the savings come at many levels depending on how the company would process payroll on direct deposit verus non-direct deposit. You don't necessarily get the "same paper" you would if you were on a check. You get a remittance advice or check stub, but the company is not forced to purchase the actual check stock. Check stock itself can be add quickly when you are talking about bi-weekly checks for several hundered or thousand employees over the course of a year. Most companies invest in tamper proof stock that can't be "check-washed". In general this costs more than the standard everyday check that you use in your personal checking account. If payroll is processed by a 3rd party, ie ADP/Paychex/etc., they generally charge less for the same reason as the above. Several other efficiencies are gained in the automated direct deposit process. It facilitates the use of a zero balance account, because all drafts are made on the same day at the same time. You don't have various checks hitting at different times. This is useful in preventing payroll fraud. Huge amounts of time can be saved if physical stubs are not printed and only electronic records are maintained. in instances where pay checks have historically been physically signed by a management official within the organization, a huge amount of high level time is saved each pay period by the checks not having to be signed.

[JaMak84]

Not worried about that. Just simply don't like direct deposit or trust it. Don't like credit/debit cards, or any other electronic transfer of my money. All electronic tranfers have to be routed through a second party clearing house.

You do realize that when you deposit your check at the bank, its all electronic from that point forward? Banks don't hold enough cash to cover all their holdings, it's all just numbers on a computer screen. If you have that much distrust in electronics, then withdraw your check when it's deposited and bury it in the back yard.

[MSDawg870]

We switched to direct deposit in Jan. I love it. My money goes in the account at around the same time every Wednesday. Its especially convenient when your on vacation on payday, no check to pick up just a stub that you can get when you return to work.

We had an anti direct deposit crowd at first but that was just made up people used to a bank routine or guys that had to sneak out cash before surrendering the rest over to their wives. That's a whole different topic.

EMBRACE TECHNOLOGY ITS HERE TO HEPP YOU!!!!

[judge jb]

you young computer bucks need to go to page one and listen to Seymore! trust me on this one.

judge jb

[GulfCoast]

you young computer bucks need to go to page one and listen to Seymore! trust me on this one.

judge jb

THE JUDGE IS BACK!!! Where you been, Judge JB????