Home > Paycheck missed the direct deposit

Paycheck missed the direct deposit

April 1st, 2006 at 06:42 am

Friday was equally nuts, but I got about 1/2 of the 31M dollar nightmare project done and booked, 2/3 of it if you count it as money.

The big news was that our paychecks didn't make it into direct deposit today, payday. Not our fault, its the data outsourcer, our pay should be in our accounts by Monday. Its rare - I've been working for this non-profit for over six years and this is the first time I've experienced it here.

We got an email from CEO of the outsourcer, and our VP of HR each telling us that if checks bounce because of this - our payroll people will reimburse us for the fees.

A quick transfer from checking to savings covered what I had out, but it got me thinking. The pay yourself first technique is not such a no brainer - you got to remember that commitment so you can either cancel it or cover it, something that you need a brain for.

I didn't have that much in straight savings that I could transfer in seconds. The interest rate on that savings account is worse than paltry at .025% APR. I had enough in there to cover my obligations, but I dipped under the 300$ minimum, so I'll probably get a little fee now for being under the minimum. So how much do you keep in a very fluid savings account at nearly no interest? My original plan was to keep only the minimum. I'm rethinking that minimum, to bump it up a bit higher.

But all these things are just a tweeking for me...a couple of my co workers are sweating bullets over this.

Vacation all next week. Ah.....!

Put $3 in the tip box.

4 Responses to “Paycheck missed the direct deposit”

  1. contrary1 Says:

    I'm still operating with my old mind set re; my checking account. It is a no fee, interest acct, (albiet low int) but I keep a couple thousand in it no matter what still. I had a horrible decade of no money while married to a big spender type, and remember having no money in the checking account & him still writing checks. I don't know if I will overcome this need to see a big cushion in my acct or this point, the cushion is better than knowing the money isn't working it's hardest for me. Knowing I can "handle" any bump in the road with my checking acct money is worth tons.

  2. Ima saver Says:

    I have a money market account that is local and I can write 3 checks a month, plus 3 withdrawals. It is paying a decent 3.88% and the minimum is $2500. I keep quite a bit more than that in there.

  3. baselle Says:

    Contrary1 - I'm learning its not a bad thing to have a cushion - the twist is that you have to decide on the size of the cushion, meet the cushion, then decide how to do put the extra bucks to work.

  4. retire@50 Says:

    I keep one months expenses in my checking account. It's just the level I feel comfortable with. I have a lot of automated payments and I like not having to worry about having enough in the account to cover me for at least a month.

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