At work today we got an e-mail saying that since the 15th is a bank holiday (is there any holiday banks don't get off?) that our paychecks won't be deposited until the 16th. Than a few hours later we get an e-mail basically saying because some people complained of "financial hardship" it would cause they were going to move it up to the 12th. That got me thinking, are people living so tight that an extra day causes hardship? This is a small company but except for part-timers everyone makes at least 30k a year. I realize some people mentally move up payday if the 15th falls on the weekend but it still shouldn't break the bank...
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Are people so tight on money...
- Thread starter Dunbar
- Start date
Heisenberg
Lifer
A lot of people do live paycheck to paycheck for various reasons and a day really does make a difference. It's pretty sad, but that's the way it is.
Adam8281
Platinum Member
As a bank employee, I can tell you that it is mandatory that banks be closed on federal holidays. The flip side of getting these days off is that there are also mandatory days that we must be open. It's something like we can't be closed 2 days in a row (unless one of them is a Sunday), so that means that there is only ever 1 day off for Christmas, etc. Kind of sucks working Christmas eve and the day after, but it is nice getting labor day and all the other little holidays off. And speaking as a banker again, I can say that sadly, yes, many people live paycheck to paycheck, and know precisely what day their paycheck will be coming in and precisely what day a debt will go out, and any slight variation can totally mess them up. But still, I'm one your side. People shouldn't live that way, and if you're not prepared to get your check a day late, you really should be changing your lifestyle and/or job.
AnonymouseUser
Diamond Member
Yes, many people are such poor planners (and savers) that one day will make a difference. Sad really.
They must be open., and here's why: Chase won't push thru an ING Direct ACH deposit, nor a Citi credit card ACH withdrawl, on a day that they are closed. Yes, both of these are done online, and technically nobody has to be working on those days for it to work, but that is their policies. Which is strange because they have 24/7 customer service, and the computers only need the day off because they are programmed to..
These are working professionals making a decent wage. I think having enough money in your bank so that you aren't constantly fearing running out is called being a responsible adult. Has absolutely nothing to do with how much money you make. Any financial advisor would tell you the same thing.
It depends. Say they had written a check for the sons Tuition payment for payday. That would affect there credit. Same if they had say 7 bills coming out at once on that one day automatically, they would get 7 dings or however many bounced at once. I don't live paycheck to paycheck but my expenses are small. Some people don't have enough money saved up for all the bills + 1 or 2 other things they might have set that money aside for.
This really annoys me, I can't make an electronic payment on a day when the bank is closed??? I think the main reason is money, they get paid as many as several days early because of the policy. I never realized how many stupid bank holidays there were until I started using online bill-pay (and you thought Europe was bad.)
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