Are people so tight on money...

Dunbar

Platinum Member
Feb 19, 2001
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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...
 

MetalMat

Diamond Member
Jun 14, 2004
9,687
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91
If you live paycheck to paycheck..... dont forget that 300+ million people live in the US
 

SirStev0

Lifer
Nov 13, 2003
10,449
6
81
Some people have bills that they have to pay on certain days... if it was you and you needed that paycheck ... you would complain too...
 

SmoochyTX

Lifer
Apr 19, 2003
13,615
0
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Originally posted by: SirStev0
Some people have bills that they have to pay on certain days... if it was you and you needed that paycheck ... you would complain too...

 

Cattlegod

Diamond Member
May 22, 2001
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i have never been in that situation and it feels nice. my mom is a different story though.
 

Heisenberg

Lifer
Dec 21, 2001
10,621
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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
May 28, 2003
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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.
 

PAB

Banned
Dec 4, 2002
1,719
1
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I had a redneck construction crew paint the house.

Gave them $1000 to start the job, the spent it all on materials. Midway through they needed money to pay the guys, who were literally broke.

There are some people who just dont have that $50.
 

Dunbar

Platinum Member
Feb 19, 2001
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Originally posted by: SirStev0
Some people have bills that they have to pay on certain days... if it was you and you needed that paycheck ... you would complain too...

You obviously didn't get my point than, I keep enough money in the bank so that an extra day wouldn't bust my bank account. With the excpetion of rent (which is virtually always due on the 1st) I can't think of any bill that would cause people financial hardship.
 

Kalvin00

Lifer
Jan 11, 2003
12,705
4
81
It's sleezy that your bank would not deposit the payroll on the last business day before the 15th. Mine does...
 

mugs

Lifer
Apr 29, 2003
48,920
46
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Originally posted by: Adam8281
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.

Black Friday?


And yeah, if getting your check a day late is going to cause hardship, you really do need to change your lifestyle.
 

Kalvin00

Lifer
Jan 11, 2003
12,705
4
81
Originally posted by: Adam8281
It's something like we can't be closed 2 days in a row (unless one of them is a Sunday),

72 hours is the maximum time IIRC. Which is an outdated law and should be revised IMO. With ATMs and such these days, being closed longer than that is NOT keeping people from their money...
 

DAGTA

Diamond Member
Oct 9, 1999
8,172
1
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Originally posted by: Dunbar
Originally posted by: SirStev0
Some people have bills that they have to pay on certain days... if it was you and you needed that paycheck ... you would complain too...

You obviously didn't get my point than, I keep enough money in the bank so that an extra day wouldn't bust my bank account. With the excpetion of rent (which is virtually always due on the 1st) I can't think of any bill that would cause people financial hardship.

Some people don't have the luxury of money in the bank. They are stretching their pay simply to cover their bills each check.
 

AnonymouseUser

Diamond Member
May 14, 2003
9,943
107
106
Yes, many people are such poor planners (and savers) that one day will make a difference. Sad really.
 

TheSlamma

Diamond Member
Sep 6, 2005
7,625
5
81
yes, many people live check to check and are in enough debt to keep them working well past collecting SS.

While I know some people can't help it, I think 98% of people can.
 

ponyo

Lifer
Feb 14, 2002
19,688
2,810
126
Originally posted by: Dunbar
Originally posted by: SirStev0
Some people have bills that they have to pay on certain days... if it was you and you needed that paycheck ... you would complain too...

You obviously didn't get my point than, I keep enough money in the bank so that an extra day wouldn't bust my bank account. With the excpetion of rent (which is virtually always due on the 1st) I can't think of any bill that would cause people financial hardship.

Aren't you special. Not everyone has that luxury. Some people live paycheck to paycheck cause of lifestyle. Some people out of need.

One day you might be in the same situation.
 

erub

Diamond Member
Jun 21, 2000
5,481
0
0
Originally posted by: Kalvin00
Originally posted by: Adam8281
It's something like we can't be closed 2 days in a row (unless one of them is a Sunday),

72 hours is the maximum time IIRC. Which is an outdated law and should be revised IMO. With ATMs and such these days, being closed longer than that is NOT keeping people from their money...

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..
 

OVerLoRDI

Diamond Member
Jan 22, 2006
5,490
4
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I hope to never be like that. Definitely going to try to keep enough money on hand to pay my bills for atleast 2 months in case something bad happens.
 

Dunbar

Platinum Member
Feb 19, 2001
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Originally posted by: Naustica
Aren't you special. Not everyone has that luxury. Some people live paycheck to paycheck cause of lifestyle. Some people out of need.

One day you might be in the same situation.

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.

 

spidey07

No Lifer
Aug 4, 2000
65,469
5
76
Originally posted by: Dunbar
Originally posted by: Naustica
Aren't you special. Not everyone has that luxury. Some people live paycheck to paycheck cause of lifestyle. Some people out of need.

One day you might be in the same situation.

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.

Dunbar, I think you have reached that point where you realize most people are stupid.

2 months checking
6 months savings

Live it, learn it, love it.
 

RichardE

Banned
Dec 31, 2005
10,246
2
0
Originally posted by: Dunbar
Originally posted by: Naustica
Aren't you special. Not everyone has that luxury. Some people live paycheck to paycheck cause of lifestyle. Some people out of need.

One day you might be in the same situation.

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.
 

Dunbar

Platinum Member
Feb 19, 2001
2,041
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Originally posted by: erub
Which is strange because they have 24/7 customer service, and the computers only need the day off because they are programmed to..

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.)
 

BigJ

Lifer
Nov 18, 2001
21,330
1
81
Originally posted by: Kalvin00
Originally posted by: Adam8281
It's something like we can't be closed 2 days in a row (unless one of them is a Sunday),

72 hours is the maximum time IIRC. Which is an outdated law and should be revised IMO. With ATMs and such these days, being closed longer than that is NOT keeping people from their money...

And what about businesses?