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
June 6th, 2007 at 03:06 pm
June 6th, 2007 at 03:08 pm 1181142483
June 6th, 2007 at 03:38 pm 1181144333
June 6th, 2007 at 04:23 pm 1181147007
June 6th, 2007 at 04:47 pm 1181148429
June 6th, 2007 at 04:47 pm 1181148473
June 6th, 2007 at 07:02 pm 1181156529
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
June 6th, 2007 at 08:02 pm 1181160150
June 6th, 2007 at 08:30 pm 1181161805
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.
June 6th, 2007 at 10:11 pm 1181167911
*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.
March 17th, 2008 at 04:11 pm 1205770304
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.
May 8th, 2008 at 09:11 pm 1210281079
Can an employer be fined for this?
July 2nd, 2008 at 03:03 pm 1215011006
August 27th, 2008 at 03:35 am 1219808150
March 1st, 2009 at 12:32 am 1235867578
May 31st, 2010 at 12:08 am 1275264494