Why Can't I Get My Paycheck Until 2:00?

Factual Questions
1

Anyone else work for a place that doesn’t hand out paychecks until after 2:00? I do, and so does Mrs. Rastahomie. And so, I reckon, do 90% of this country’s work force. WTF???

I asked Mamarasta about this, and she opined that the practice dates back to the days when the work force was mostly men who worked in factories. She said that if Joe Factory Worker got his check at 8:00, he might just come down with a terrible illness before break time and thus have to miss a day of work (and go blow his check at the track, bar, etc.). If Joe doesn’t get the check until 2:00; well, he’s already been at work for six hours, so he might as well stay 'till 4:00.

Hogwash, I say. Most banks have this “Transactions made after 2:00 PM will be credited the next business day” policy. If I deposit my check at, say, 4:35 on Friday, it doesn’t get posted to my account until Saturday, and thus my company’s bank gets to collect one extra day’s interest on the Payroll Account. Since I work for a company of about 25 people, that one day’s interest on the Payroll Account may amount to a few cents. But when you’re a bean counter every penny counts, one supposes :rolleyes:.

So what gives? Whose theory is correct, mine or Mamarasta’s? Or are we both off-base?

2

I’ve never encountered what you describe, Rasta, but it sounds like it might be driven by banking policies of old. Nowadays many banks cut the business day off at 4:00 or 6:00, so if that was a driving consideration, it may be a policy that survives by historical inertia.

I recently went to work for a company that does direct deposit. It’s neat! The bucks are available at 8:00 AM on payday. You might inquire if this is an option with your employer.

Your wife’s idea sounds vaguely plausible, but about 50 to 100 years out of date. I could be wrong - do you live in a part of the country that relies on industries that gained their foothold 100 or so years ago (manufacturing or some such)?

3

Well, 'round these here parts, we get them at 11, because that’s when they’re done double checking that they’re all there.

4

Actual, the idea was my mother’s (Mamarasta is my mother, not my wife), not my wife’s. I think she probably got it from Grandpaparasta’s wroking days.

And no, my employer doesn’t offer Direct Deposit.

5

Is your home office out of town? Check arrival may have more to do with the UPS schedule than any local policy.

6

Mine is direct deposited on noon, Friday.

7

I usually get my check between 9:30 and 11 on payday. Whenever the boss happens to wander around with them.

However, the idea behind the bank keeping the money for an extra day’s use has merit. When I worked for a bank here in Virginia they had many large customers, Phillip Morris among them. The bank and those customers had things set up so they both benefited from the money being there an extra day.

And yeah, if your place of employment offers direct deposit and you have a bank account, use it. It rocks.

8

What difference does it make, really? So you’re getting paid on Saturday instead of Friday, effectively. People who get paid on Fridays don’t complain that it’s not on Thursday. The important part is just that they come at two week intervals (or one week, or four weeks)-- The exact day or time shouldn’t matter.

9

And companies like EPEnergy have an office dedicated to determine when to pay bills. Hey, the three ladies in that office earn their annual salaries before January is gone.