Banking and Holidays

[KyCardinalFan]

My husband gets paid on the 1st and 15th of every month. He gets paid electronically which means we don't get the money until, usually, the 5th and 20th - which is my first complaint. If he got paid with a check, I could deposit it today and see the funds available tomorrow - Thursday, at the latest. But now, with the holiday, he'll get paid today and we most likely we won't see the funds until Monday. Meanwhile, I have a couple of bills which get drafted from our account on the 5th - which will likely be drawn on Friday.

Why do banks have the right to take from my account on a day early on weekends, but don't have to pay me until a day after the weekend?

[Freed Roger]

Preach http://gatewayredbirds.com/forum/viewto ... float+bank

It's a screw job. If you have a credit card statement that you pay thru your bank epay - bank account gets reduced immediately, credit card balance does not get reduced for about a week.

[lukethedrifter]

our end of pay cycle is Sat, receive checks on Thurs but doesn't show in acct til Fri, unless you use the Credit Union then you get it Thurs afternoon. Actual check is no longer option.

The good thing is that the city is kind enough to move up payday on holidays so that we still get it at same time.

[JL21]

Interesting. I'd never heard of this. I get paid once a month- the last business day- and it hits my account (and is available) by 7 am that day, like clockwork. Sometimes, it's even earlier.

I'd be livid with my bank if I couldn't access those funds.

I mean, I know there's a float sometimes but that's usually more for personal checks, not business checks.

[cardsfansince82]

You're getting screwed even worse if you only get paid once a month. By your employer, not the bank.

[JL21]

How so?

I've come to love it, actually. I get paid, pay all of my bills on the 1st day of the month, and then the rest of the money I have leftover in the month is gravy. You don't have to worry about trying to pay bills out of specific paychecks. It took me an adjustment period, though.

[lukethedrifter]

I suppose in the same way you get screwed if the IRS owes you money on your taxes.

[cardsfantx]

his employer is screwing with your money.

i own a business, and pay out on the 10th and 25th of each month. i have our bookkeeper submit everything 3 days early, to make sure it's there by the time my employees check their accts in the morning of payday. and if payday falls on a sunday, i pay them on the friday before. the only reason i can see his employer doing what he's doing is if money is tight, he's struggling to make payroll, so he waits till the last possible minute.

if my employees did not have their check deposited in their accounts on the morning of the 10 and 25? my god, i wouldn't even come in with all the calls i would get.

even when i worked in the corporate world, i received my paycheck every 2 weeks on fri like clockwork (actually would show up at midnight).

i've never heard of it taking that long to direct deposit.....again, unless his employer is waiting until the 1st or 15th to put the checks in, then of course it'd take a few days....but he's screwing you if he's doing that.

[Molly]

My husband gets paid on the 1st and 15th of every month. He gets paid electronically which means we don't get the money until, usually, the 5th and 20th - which is my first complaint. If he got paid with a check, I could deposit it today and see the funds available tomorrow - Thursday, at the latest. But now, with the holiday, he'll get paid today and we most likely we won't see the funds until Monday. Meanwhile, I have a couple of bills which get drafted from our account on the 5th - which will likely be drawn on Friday.

Why do banks have the right to take from my account on a day early on weekends, but don't have to pay me until a day after the weekend?

Sounds like your argument is with your husband's employer not your bank. If payday is the 1st and 15th, the money should be in your account on the 1st and 15th. I agree with cardsfantx. Don't know your situation but it might be time for your husband to start looking elsewhere.

[Radbird]

If the 1st or the 15th falls on a weekend or holiday, my direct deposit is made on the day prior.

Finally, something positive about working.