Yes, you read that correctly.
I deposited my paycheck of $1300+ on Thursday 5/31. My bank automatically credits deposits, so the amount was immediately available in my account. I took out my $200 allowance and the weekly $100 for groceries.
On 6/3 my monthly automated savings went through, removing another $817 from checking. Today I was notified that my paycheck was returned for non-sufficient funds and the amount was debited from my account. While I didn't have that full amount in the primary checking, I did have more than enough to cover it between my slush fund savings and (gulp!) my secondary checking account that I use for my side business...
So, here's the good news:
1. Even after temporarily loosing a paycheck I'm not broke.
2. Since I bank with a credit union, I am not faced with a returned check fee.
3. Also, the credit union representative automatically shifted my money around to cover the withdrawal before she even called me, rather than leaving me to take care of it my self.
4. I have $500 worth of courtesey pay on all three of my credit union accounts, so I have access to a total of $1500 should I actually have need of it. This is equal to one month's bills without groceries.
5. DH's bi-weekly contribution to the household account will hit today or tomorrow, so we shouldn't have to miss a beat when it comes to the bills that are automatically drafted from checking.
And the bad news?
MY EFFIN' PAYCHECK BOUNCED IN THE FIRST PLACE!!!!
OK, sorry for the caps, but since I can't scream that out loud to the higher ups here I thought I'd at least try to get it out of my system.
Seriously, I bring home 60% of the income for our household. We live and pay debt off my money and save almost all that DH contributes for short, mid, and long term savings. It's a nice system, has worked for months now, and this is so putting a cramp in my fiscal style. GAH!!!
Not to mention the fact that, while a $1300 paycheck seems like an OK chunk of change, it really ought to be NOTHING for a corporation. INSUFFICIENT FUNDS? You've got to be kidding me!!! The word I'm getting right now is that they're expecting a wire transfer today and my bank can resend the check this afternoon. There are so many things wrong with this situation that I cannot even begin to list them...
And scariest of all? I'm supposed to get my next paycheck next Friday the 15th, when there's a distinct possibility I won't yet have the funds from this paycheck. What do you think are the odds that the next check will go through?
Oh, and 80% of my bills are due from the 15th through the end of the month. La la la...
So, here's my plan:
1. I just confirmed that no bills are set to be automatically drafted before DH's paycheck hits. This is good, our next 4 upcoming bills can be paid with no issue.
2. If I have to, I can pull 3k down from the NY savings account.
3. The money for the homeowner's insurance bill is still safe and sound in NY. I will leave it there until this mess is straightened out.
4. I'm making some calls and seriously considering jumping ship. I've already had someone ask if I was ready to come work for them, and I'm about to let them know the answer is 'YES'!
Another point of view: maybe this is a sign I should just focus my energies on my slightly super-secret side business.
Message to the Powers that Be: next I would appreciate a more subtle sign! Bah....
My Paycheck Bounced
Yes, you read that correctly.