Wednesday, October 17, 2007

Direct Deposit Avoidance Syndrom

I’m amazed to still occasionally hear people say they don’t use direct deposit for their paychecks because they’re afraid of some snafu that would prevent them from immediately getting to their money. I’ve been getting my paychecks deposited directly since 1979 (with some breaks) and I have never, ever had a problem. Not once. In fact, I usually have had access to my money earlier (and never later) than if I were getting paper checks.

If I were to opt out of direct deposit at my current employer, I would be getting my checks through the mail a day later than the money goes into my account now (assuming the mail was on time). And I tell you what, I trust the direct deposit system a lot more than the Postal Service. Add to that occasions when you just can’t get to the bank (sick, vacation) and I just don’t understand the fear. Are there a sufficient number of direct deposit horror stories out there to justify this phobia?


Lainer said...

An acquaintance of mine says that during one of the state's budget crises/payless paydays years ago (in 91 or 92, I think), those who had paper checks got paid before those who had direct deposit (it was a difference of a couple of days or so) As a result, she has insisted on being paid by paper check ever since. Has anyone else heard of this?

Dave said...


Hmmm…I was a State employee then and I don’t remember that happening to me. Of course, different State agencies get paid at different times. Or maybe I just forgot, in which case I retract my “never been later” statement.

Gish said...

As a State Employee, I was regularly paid by about a day before my direct deposit co-workers received their checks. Maybe that is isolated to our pay dates but it happened fairly consistently. Of course now I am on direct deposit because of a snafu that occurred during a change of address.