Does Anybody Else Get Payroll Checks Direct Deposited?

[WeDidIt]

Don't Corporations outsource the direct deposit thingie to other corporations that has that as their skill set?

And don't these payroll corporations use credit because the deposits are made into bank accounts held by the paying corporation. Then that money transfers, but the transfer from Bank A to Bank B is a part of a bigger credit swap, right?

All I'm saying is, tomorrow is the end of the month and lots of payroll checks move about the banking system.

I wonder how many people are not going to have their paychecks in their accounts tomorrow? I've noticed for about two months, my paycheck has ended up in a "pending" status on payday (though it was usable by me) instead of being considered fully applied to my account as it was in the past. It stays in the "pending" status for a day, but it used to never go into that status.

[Doityourself]

1. My payroll is internal...I work for a quasi-state agency...

[Fleshdancer]

2. This is my biggest concern right now

It's one thing to think wall street in in trouble. It's a completely different thing to wake up and realize you don't have a paycheck.

[medicswife]

3. Yeah.....direct deposit into a bank that only services Active duty and retired

US Military...USAA.....I'm supposed to get paid tomorrow, I didn't ever think it would be a problem as our employer is the US Army.

[dgibby]

13. me too, NFCU

[medicswife]

21. USAA for me. Our auto loan is through them too... They have a

big spiel on their home page about how solvent they are, lol. I can't help but be worried for my family members though! I've got a sister that is 6 months pregnant and she and her husband both work for a small business that could possibly really be affected by this.

[dgibby]

25. my home and auto are with USAA

The only things that keep me sane are NFCU&USAA! (well, maybe 'sane' isn't the right description)!!!

[rucky]

4. That's secure, collateralized credit.

But i've also noticed deposits "pending" a little longer than they should - that includes credit card sales settlements and even straight-cash deposits.

I suspect it's one of those Office Space/Superman III style games with fractional interest?

[rucky]

7. Or some sort of reverse check-kiting scheme

with our deposits. They hold it enough to borrow against it, then release it and do it again to the next day's round of deposits.

[Cleita]

5. My Social Security is direct deposit and my bank is WaMu.

I'm just sitting around waiting for another shoe to drop.

[AlCzervik]

6. yup, directly to BOFA every other friday.

[woodsprite]

8. We have mandatory direct deposit

They run payroll tapes and transmit to the banks the day before payday. Because we're a state agency, I don't *think* anything comes between our pay and the bank that runs the tapes, but I could be way wrong. I'll have to ask hubby since he does the programming for the process.

Does this stuff supposedly happen on the other side of this - like on the bank's side? Or are you talking about those independent payroll processing businesses? I dealt with one of those when I worked for a car dealership. I did payroll, transmitted payroll to the pay processing company and they took care of the rest.

[WeDidIt]

12. I'm talking about an independent payroll processing company

It's pretty big, but my company doesn't do the payroll at all other than to transmit numbers to this compnay securely.

[donco6]

9. We do that now.

And one trust agency has already limited withdrawals. Fortunately, it's not the one I use.

[TornadoTN]

10. Our Payroll is internal and payroll is met by real funds, not credit

We're one of the few that follow this practice but I'm glad we do. It's a sensible business practice that too many companies get away from because they feel that expansion trumps stability.

[endthewar]

11. Unnecessary fears. It will take longer for it to affect payroll checks.

[WeDidIt]

16. I'm just concerned about the outside company

I know my company is solid and the cash is there.

I don't know about the third party payroll processing company, though.

And I know there are many in the industry, so there are going to be some that are completely financially solid, while there will be others that are not so solid.

[endthewar]

18. I do agree with your sentiment, but it will take longer to have an effect.

I receive direct deposit from my payroll as well. I would imagine that most Americans do, or at least a very large number of them. Businesses, especially small ones, could have trouble getting or keeping their line of credit. But that won't show up in tomorrow's pay (which for many is likely to happen late tonight anyway). The end of next month is an entirely different story however.

[WeDidIt]

19. The middle of next month may be a different story, too. n/t

[endthewar]

23. We'll cross that bridge when we get there.

:hug:

[ronnykmarshall]

14. Calm down.

Your employer may have changed to a different payroll system a few months ago. It's standard to see a "pending" payroll deposit. It what's called in banking as a "memo post".

There's no need to freak out.

[MaineDem]

15. Please don't contribute to the hype

Your other thread didn't fare too well.

Please don't jump to conclusions. It doesn't help.

[JackintheGreen]

17. I wasn't scared

I don't make enough money to be scared by this. But now? Now I have something to worry about. Thanks AnyDem!

:hi:

[WeDidIt]

20. Well, if the company you work for is solid, probably no problem

And, as pointed out above, even if the payroll companies aren't so solid, it's still too early for there to be a problem.

Give it a couple of weeks with no action, though...

[JackintheGreen]

22. Oh, I'm just funnin' ya

I work for UPS. Their stock may tank, but they aren't going anywhere. :party:

[gatorboy]

24. I'm the only individual in the office that refused direct deposit.

I'm a pain in the ass when I want to be. :P