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YAWT: Waiting To Cash Paychecks

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View Poll Results: How long do you wait to cash your paycheck?
Same Day
8
34.78%
Next Day
0
0%
Third Day
1
4.35%
One Week +
3
13.04%
Twikoff
11
47.83%
Voters: 23. You may not vote on this poll

YAWT: Waiting To Cash Paychecks

Old 07-16-15, 10:14 PM
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YAWT: Waiting To Cash Paychecks

Incoming first world problems...

At my Job we get paid twice a month. One of the things I do is wait till i have two Paychecks and deposit once a month. I do this because I have enough funds in my account and like to save on Gas and time.

So a few months back I'm writing out a deposit slip and one of my nosey co-workers notices I have two checks.

"Why do you wait so long? You should cash them right away. You're gonna mess up the books. The check could bounce if there's not enough money in the companies account" I basically responded with this is my money and mind your own business!

What do you guys think? Was she right when she said it'll mess up their books? I doubt a check will bounce cause i would hope we have enough to at the least pay your fucking employees.
Old 07-16-15, 10:17 PM
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Re: YAWT: Waiting To Cash Paychecks

How unreliable is this company to not always enough money in their account and no direct deposit? I'm amazed you're still getting checks handed to you.
Old 07-16-15, 10:23 PM
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Re: YAWT: Waiting To Cash Paychecks

direct deposit
Old 07-16-15, 10:23 PM
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Re: YAWT: Waiting To Cash Paychecks

Originally Posted by Solid Snake View Post
How unreliable is this company to not always enough money in their account and no direct deposit? I'm amazed you're still getting checks handed to you.
We don't have a lot of employees so I think either the boss is too chep to get DD or is Old School and doesn't wanna change. Heck we still had those old punch cards and have switched to computer for timeclock four years ago

Even though the company is small we pull in good money so there should be no excuse to not have enough funds.
Old 07-16-15, 10:26 PM
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Re: YAWT: Waiting To Cash Paychecks

Also, get a bank account that accepts scanned check deposits if you still get physical checks. Save more gas/time if that's your reasoning.
Old 07-16-15, 10:26 PM
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Re: YAWT: Waiting To Cash Paychecks

Yeah, do direct deposit and avoid paying any gas for bank trips.
Old 07-16-15, 10:27 PM
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Re: YAWT: Waiting To Cash Paychecks

If it's a mid month and end of month check, who gives a shit if you deposit them both at the end of the month?
If you're carrying over checks to later months, then yeah, accountants/managers hate that.
Old 07-16-15, 10:34 PM
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Re: YAWT: Waiting To Cash Paychecks

I use direct deposit, don't really see a reason not to if it's an option for you.

As for holding on to checks, if you're at a small company that could potentially go under I can see the concern about depositing it right away.
Old 07-16-15, 10:58 PM
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Re: YAWT: Waiting To Cash Paychecks

Originally Posted by mhg83 View Post
"Why do you wait so long? You should cash them right away. You're gonna mess up the books. The check could bounce if there's not enough money in the companies account" I basically responded with this is my money and mind your own business!

What do you guys think? Was she right when she said it'll mess up their books? I doubt a check will bounce cause i would hope we have enough to at the least pay your fucking employees.
Some businesses are constantly shuffling money around, so it's not inconceivable that one week they could only have enough money in their account to cover the paychecks.
Old 07-16-15, 11:41 PM
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Re: YAWT: Waiting To Cash Paychecks

DD. Since you don't have that why don't you use your banking app and scan the check in to make the deposit? No reason to wait to cash it...the best case scenario is that it clears two weeks later.
Old 07-16-15, 11:45 PM
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Re: YAWT: Waiting To Cash Paychecks

I had 9 employees at one time. And my business was still week-to-week (everyone knew it). Really made me nervous when they wouldn't deposit their checks for a week or two.

If they're sincerely worried about it, they should go out of their way to issue cashier's checks. That would solve the problem. If I kept going the way I was, that's what I would have done.
Old 07-16-15, 11:49 PM
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Re: YAWT: Waiting To Cash Paychecks

Originally Posted by Dan View Post
If you're carrying over checks to later months, then yeah, accountants/managers hate that.
No, we don't. We don't give a shit if you cash it the same day or 3 months from now.

Does your company actually cut the check out of your company's checking account or is it outsourced to ADP or paychex or other payroll company? If your company's name is on your paychecks, then yes, please cash it ASAP. If your company do run into cash flow problem, your paycheck may bounce. But good news, at least you'll be the first in line to collect on liquidation of company's properties. Even all other creditors must wait in line behind employees. However, if your check is cut from outside payroll company, i.e. ADP, paychex or others, then your fund is guaranteed at least for 3 months, or whatever your check actually say is valid for. Outside payroll services will ACH funds out of your company's checking account before cutting paychecks to employees. It acts as an escrow, guarantee the funds. Even employer can not retract the funds from payroll services.

And no it does not mess up the books in any way shape or form. Employer actually loves you for delay cashing your check because that's basically interest free loan for the employer. It helps with their cashflows. When a check is cut, it's cut. Computer software keep track of all that. Nobody is going to look at each payable checks every day and piss and moan why one check is not clearing. Who gives a shit?
Old 07-16-15, 11:59 PM
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Re: YAWT: Waiting To Cash Paychecks

The company does it themselves. I just don't see how I could screw up the account cause I don't make much ($11 An Hour)

I will look into scanning checks the day of.
Old 07-17-15, 12:05 AM
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Re: YAWT: Waiting To Cash Paychecks

I've used direct deposit for several years. I can't remember the last time I was in a bank.
Old 07-17-15, 12:08 AM
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Re: YAWT: Waiting To Cash Paychecks

What do you do, mgh83?
Old 07-17-15, 12:52 AM
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Re: YAWT: Waiting To Cash Paychecks

I know nothing about who you work for. I know you're an $11 employee. But remember this, and maybe it will help you: you're working for a small company that hasn't entered the realm of having a billion dollars in credit and capital in their possession. Remember that, if you're ever Facebooking or wasting time on the clock. It's a tough world out there for small businesses with week-to-week finances to keep up. While you can't be in control of what decisions are made, you're working with people who are trying to make something of significance happen at their business.

I've experienced two types of employees. There's the rare employee, who wants to join in as-though they're management and make things work. And there's the common employee, who says "you agreed to pay me $ per hour, I'm going to stand here and wait it out", "it's your problem to motivate me". If you're the first type of employee, competent management will see that and good things will come. If you're the second type, get ready for a lifetime of JOBS (or "just over broke").
Old 07-17-15, 02:24 AM
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Re: YAWT: Waiting To Cash Paychecks

Originally Posted by Solid Snake View Post
What do you do, mgh83?
<iframe width="853" height="480" src="https://www.youtube.com/embed/tLXytukNlFM" frameborder="0" allowfullscreen></iframe>
Old 07-17-15, 02:27 AM
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Re: YAWT: Waiting To Cash Paychecks

I get paid by direct deposit, but if I got a check, I'd cash it the same day. Too much can go wrong, especially with a small company, and if they were to ever go bust, I'd want my check cashed first.
Old 07-17-15, 06:39 AM
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Re: YAWT: Waiting To Cash Paychecks

Even our reimbursements are DD now (through Concur), but back in "the day" when the company would issue checks for these, I got a stern lecture after sitting on one for six months. I'd tucked it away in the ashtray of my car, and forgotten all about it until they asked why I hadn't cashed it. (It was a mileage/meal reimbursement for maybe $70-$80.)
Old 07-17-15, 07:25 AM
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Re: YAWT: Waiting To Cash Paychecks

Have not cashed a pay check in over 30 years.

I would use a mobile banking app and do a deposit the minute I got it in my hands.

No reason to wait for anything
Old 07-17-15, 07:26 AM
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Re: YAWT: Waiting To Cash Paychecks

Originally Posted by Solid Snake View Post
What do you do, mgh83?
I work as a technicians assistant at an Animal Hospital.
Old 07-17-15, 07:40 AM
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Re: YAWT: Waiting To Cash Paychecks

Originally Posted by mhg83 View Post
I work as a technicians assistant at an Animal Hospital.
Is that an offshoot of being a gimp at Steamworks?
Old 07-17-15, 09:08 AM
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Re: YAWT: Waiting To Cash Paychecks

Originally Posted by SuperJim88 View Post
No, we don't. We don't give a shit if you cash it the same day or 3 months from now.
I stand corrected. I've heard otherwise from some accountants/employers, but
I figured it was along the same lines as vacation time. My employer used to let us carry over vacation time from year to year, but that stopped this year, because people accrued too much, which costs the company money (ie: vacation is earned at salary X, but used at a higher salary, among other things)
Old 07-17-15, 09:13 AM
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Re: YAWT: Waiting To Cash Paychecks

Deposit slips? I don't even know what's going on in this thread.
Old 07-17-15, 09:44 AM
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Re: YAWT: Waiting To Cash Paychecks

Originally Posted by Brian Shannon View Post
Have not cashed a pay check in over 30 years.
Why do you wait so long? You should cash them right away. You're gonna mess up the books.

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