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My Paycheck Bounced

June 6th, 2007 at 08:06 am

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....

15 Responses to “My Paycheck Bounced”

  1. moi aussi Says:

    time to look for a new job? I would think bounced paycheck would mean bad news. Or perhaps the ppl that you work for are just very unprofessional?

  2. Fern Says:

    I would definitely want to learn more about why the check bounced in the first place. Do you work for a small company that has cash flow problems?

  3. Aleta Says:

    That also happened to my husband and he found out that the company had to pay out alot in bounced fee costs and also that the company was audited and the owner didn't have the mandatory workman's compensation letters or the exemption from his subs. I, like you didn't like it and you know when something is giving you a gut feeling. I'd do as you said above and only put in enough money from your savings and husband's check to cover any bills due. Maybe it is time for a change. Good luck!

  4. fairy74 Says:

    Tina, I worked for a firm that this started happening at a lot, boy was it a hassle....find out why it happened as others have said, when I dug deeper I found out two of the partners were planning to jump ship and the other partner had basically given up on the business. The quicker you find out the quicker you can make alternate plans, sorry you are having to deal with this, it sucks!!

  5. pjmama Says:

    I suppose my restaurant isn't the only business that has NSF. My boss is telling all of us to wait to cash our paychecks. The restaurant just doesn't have enough money to pay everyone. That's no big deal for me, as my checks average $15, but for the chefs and buspeople, that really stinks. I hope things improve on your end... perhaps it is time for a change. I love a good change whenever I can handle it! Good luck!

  6. pretty cheap jewelry Says:

    so unprofessional

    reminds me why I sweated blood and tears getting an engineering degree in college

    not to mention the negligible amount of cattiness between co-workers (at least we all are SUPPOSED to be educated and reasonable people)

    let us know the future news

  7. Broken Arrow Says:

    I'm with Fern. I'd be very interested as to exactly what happened and why.

  8. katwoman Says:

    I worked for a company in the office doing all kinds of things including payroll. If the check bounced you don't even need to know why - trust me, find another job ASAP. Once a payroll check has bounced you can bet the company has a slew of other financial problems.

    Do you have access (or do you have a friend with access) to Dunn and Bradstreet? You'll be able to see what's up with the company's financials but like I said, at this point I'd be looking elsewhere.

  9. scfr Says:

    Unless there are some very understandable and unusual circumstances* I would also seriously think about finding another job.

    *What would qualify as "understandable and unusual"? For example, if your company is a subsidiary company. The parent company keeps the cash and wires money as needed. The parent company's office was just hit by a major earthquake and they can't wire the money for a couple days. Some type of natural disaster might be understandable. Otherwise, I'd be very concerned.

  10. Rachel Says:

    This has happened to me 3 times now.
    Worst of all: I use a credit union, I get charged all the fees AND its taking 3-4 WEEKS for my check to bounce. My bi-weekly checks are slightly over $900.
    I work for a well recognized and respected accounting firm.
    I understand money was tight during the off season, but tax season has been running since February. I also now control the money in and out of the company. (I dont deposit the money but I know whats coming in and going out.)
    I know theres money, why the crap is my check bouncing?
    So frustrating.
    They put a hold on my recently deposited check so I have $2100 floating around some where. (Including the bounced check.) Now my car payment and 2 credit card payments are due and I`m negative in my account.

  11. Bad_Day Says:

    What is the law regarding repeated bounced paychecks?
    Can an employer be fined for this?

  12. chris sullivan Says:

    im having a similar problem with my company, I started work on my 19th since then my last check bounced and im five days still weighting for this one, I knew coming to work for the company was a risk since it was a start up company but i figured the pay off for me would be good in the long run. I know what happened for my check to bounce, we had a contractor who bought a building from us whose check for 48000 bounced on the company account and now the company is working to cover it! should I weight this out and hope it all get fixed or should I move on, im sooooo streesssed over this as bills are due I have no back up, I just dont know!

  13. Tiger Says:

    The company I was just recently laid off from has bounced my paychecks at least once every couple of months. Even though I incurred fees because of this I foolishly let it go. I just noticed that my last paycheck seemed awful light for the hours worked. I noticed that money had been deducted from it. I checked my last 6 paystubs and noticed that money had been deducted from four of them. I hadn't noticed till now because my hours greatly vary per check. I asked my ex-employer what the deductions were and he explained to me. They had compensated me a few months before for bounced payroll checks, but apparently one had actually gone through. So with out my knowledge they began to "balance" it out by deducting my income (just in time for a lay off too.) I am now completely broke, won't pay my rent, can't get gas, and can't get food. The money that was recently deducted would have covered most of what I needed. Lesson learned. Once bounced paycheck and I'm out.

  14. Dazee Says:

    I just resigned from a company that bounced my payroll check. I billed for that company and yes there was alot of problems. I should have left long ago but I hung in there besides who can afraid to be looking for a job in these times. Well I guess I will be looking. I rather make a fresh start than having my account turned upside down with fees depleting my savings. I never know when this is going to happen again. I don't think it is worth it. My opinion JUMP SHIP!

  15. Becky Says:

    I too, am ticked! Last pay period, I was told that my "check might be bouncing". Luckily, my CU covered it until there was money to cover the check from the small biz I work for. Last week, I had 12 hrs of overtime (florist and it was Mother's Day week: we worked our butts off!!!!) I found out today, of course on a 3 day weekend, my check BOUNCED! Oh man. I'm so ticked, I can't believe it! My boss talks about how he cant afford this and that, yet his "wife" buys bottled water for the GD dogs, and my check bounces! I'm screwed, as my house payment, second mortgage, water, gas, electric, car insurance, etc... are ALL due from the 25-9th of the months. This Friday is payday again. Oh, I didn't mention that this guy also owes me about $2000 in back pay for comission work! I'm ready to get a lawyer... HELP!

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