Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Lots and lots of small to medium (2 to 49 employees) still don't use direct deposit. I've audited the books of several places locally. Think liquor stores. Independent restaurants. Small landscaping businesses. Mom 'n Pop small town grocery stores. Even chicken farms
Good lord, it's been around for, what, 40 years? They would save so much money if they *would* switch!
I can't find a percentage of how many companies use it, only how many employees use it - - 75% of working Americans who have Direct Deposit available for their paycheck use it.
Thanks for the interesting information. I have to wonder about the 25% who could use direct deposit but have chosen not to. Perhaps it's just inertia - they've always gotten paper checks and they would have to fill out a (rather simple) form to sign up for direct deposit, but they just don't? Once you've had it, of course, you wouldn't want to go back in the other direction. By the way the day is coming when Social Security is going to stop writing paper checks.
Just curious how small your company is, because it seems a bit odd to me that they wouldn't offer direct deposit. The security and convenience of direct deposit are really terrific; the only people I've known who didn't like it were very old people who didn't like any sort of changes - my mother was one.
There are 75, maybe, employees in my building plus many more employees at sites throughout the state.
I've been on both sides of the direct deposit dilemma. I worked at one large company where they specifically stated on the employment application that if hired, one of the conditions of employment was agreeing to have your paycheck direct-deposited. After I got laid off from that company I worked for a small (less than 20 full-time employees) company that didn't offer direct deposit. When I asked the bookkeeper/payroll person why the company didn't offer direct deposit, she said that it would cost the owners. Whatever that amount was, the owners felt it was too expensive.
The question you have to ask yourself is, do you need a physical branch? If not, I highly recommend Alliant Credit Union. You don't need direct deposit, you can scan checks at home and have the money available instantly. They have 80,000 free to use ATMs nationwide.
You can also try Welcome to CU National Finder to see if there are credit unions near you that you don't know about.
I still have a Wells Fargo account and have not received this notice yet. I only keep it because it was my original checking account and there is some emotional attachment.
Alliant Credit Union was featured in this CNNMoney.com article as being one of the "eight least evil banks." Even though they're located in Chicago, anyone can join, no matter where you live.
Alliant Credit Union was featured in this CNNMoney.com article as being one of the "eight least evil banks." Even though they're located in Chicago, anyone can join, no matter where you live.
It makes absolutely NO SENSE for *anyone* to not join their local credit union and DUMP all the bank business they have. The credit unions don't have ANY "minimum balance" fees or anything of the sort, and hell, they're even easier for businesses to get loans from now than the the banks are!!
Plus, you are keeping your $ *local*--it isn't getting outsourced overseas like ALL of the banks do, and you have a say in who runs your credit union. A bank doesn't give a rats rear what you think of their fat-cat CEO's!
It makes absolutely NO SENSE for *anyone* to not join their local credit union and DUMP all the bank business they have. The credit unions don't have ANY "minimum balance" fees or anything of the sort
My bank has no fees for minimum balance either, and it more convenient with far more ATMs and branches around the country, and a great rewards credit card with no annual fee, so yeah it MAKES SENSE for *someone* to use a big bank.
Don't get me wrong for many people a credit union makes sense, it just depends on what your priorities are and what services interest you.
Quote:
Plus, you are keeping your $ *local*--it isn't getting outsourced overseas like ALL of the banks do
I couldn't care less, there is no reason some guy in India is any less deserving of a good life than someone up the street from me.
Oh yes, many many people have strongly suggested/encouraged it and upper management has even told of how it would save money by not having the payroll company, etc. But the owners won't do it. I know why, I'd just rather not say.
Quote:
Originally Posted by WannaliveinGreenville
I have had DD most of my life....what is your sketchy reason in reference to ?...... Quite a generalization, dont you think ?
I was referring to the bolded part. I have no clue what it means.
The Banks Need Money. There gonna get it one way or another.
You will be fighting these issues over and over as each one of us eventually Caves in.
They want to get rid of Checking accts. .. Period.
In the longer term, Get Ready For A Cashless Society. That's the Plan....the Banks and the Fed.
Heaven Help Us Then....
Bartering will Return Big Time....But won't help the average person much.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
