printemps
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And a bag of chips.
Posts: 1,545 
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Post by printemps on Feb 27, 2010 19:00:28 GMT -5
I'm switching...because my boss insists.
Can they take out as well as deposit funds?
Does giving your employer your bank account info have any risks?
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Post by naturedude11 on Feb 27, 2010 19:16:37 GMT -5
Nope, they cannot take out funds. I've had Direct Deposit for years. The first time or two, it's weird, not getting that check.
But I never was a big fan of standing or waiting in line at a bank anyway, and with Direct, I do that a lot less.
I give it two thumbs up. Online banking is great too, and online bill paying. I probably spend 75% less on stamps than I ever have, and again, a lot less time in banks.
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joedog
Senior Forumite
Posts: 2,830
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Post by joedog on Feb 27, 2010 19:25:10 GMT -5
It is my preferred method of banking......
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Post by Justin Thyme on Feb 28, 2010 7:26:43 GMT -5
If they have your routing number and account number they can give and they can take away. If you trust your employer, though, it's the best thing going.
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Post by rstewart on Feb 28, 2010 9:06:45 GMT -5
I've had direct deposit for over 20 years and have never had an issue.
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duke
Senior Forumite
Mr. Tepid
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Post by duke on Feb 28, 2010 13:24:18 GMT -5
Deposits, no problem.
But I refuse to give telephone authorization for a withdrawal or automatic withdrawal of any kind.
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RuneDeer
Senior Forumite
I look pretty young, but I'm just back-dated.
Posts: 2,937
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Post by RuneDeer on Feb 28, 2010 16:50:45 GMT -5
Only two odd moments in years of using direct deposit. Once, the whole system collapsed, and no one's deposits went through. "Live" checks were given out with apologies, which were no good to the many people who depended on that credit to make payments on time without becoming overdrawn. But that was just once.
Another time, the company managed to double-deposit. I knew there was no way they'd ever get generous enough to give me 2 paychecks at the same time, so I ignored the second one and it went away about 24 hours later.
I like the system overall because access to payroll history is available anytime; I can find out the amount of my check Thursday morning and it's in my account and available as of midnight Friday morning.
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Post by exccinsider on Mar 1, 2010 8:41:14 GMT -5
Used direct deposit for years and it's worked great. Current employer requires that we use it.
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BlackFox
Senior Forumite
Stay thirsty my friends
Posts: 4,496
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Post by BlackFox on Mar 1, 2010 9:24:11 GMT -5
Direct deposit and all bills paid online for many years with no problems. I also use Paypal to make online purchases and have never had a problem. I can't imagine not doing it this way because it is very convenient. I would be like having cable without a DVR.
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Post by staffsgtsbunny on Mar 1, 2010 21:07:51 GMT -5
They're not supposed to take out, but they have been known to. I've not had the problem, but a girl I used to work with was fired because they thought she was stealing funds. They took the funds back from her checking account and then realized they were wrong. I no longer do direct deposit. Dave is forced to do direct deposit (since it's the government he's not really up to fighting this - and he doesn't have a choice), but a few months back his checks stopped coming. He checked into it and found out that someone somewhere had hit the wrong button and his pay checks were going into someone else's account. About five grand worth, actually.
Nope. I refuse to do direct deposit. I don't trust many people.
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Post by LimitedRecourse on Mar 2, 2010 11:48:48 GMT -5
Direct deposit into a bank account that employer has access to. Immediately transfer funds into a different bank account employer does NOT have access to, leaving a few dollars to keep the account open.
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Post by gridbug on Mar 2, 2010 12:47:24 GMT -5
I love direct deposit, won't do automatic bill pay yet. The latter is just old habit because only my first and current jobs pay predictably. I've worked too many places it was not uncommon for pay to come months late. Direct deposit into a bank account that employer has access to. Immediately transfer funds into a different bank account employer does NOT have access to, leaving a few dollars to keep the account open.  Hey Duke! Proof that cops don't trust the PD! |
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Post by coffeeshooter on Mar 2, 2010 12:52:05 GMT -5
Direct deposit into a bank account that employer has access to. Immediately transfer funds into a different bank account employer does NOT have access to, leaving a few dollars to keep the account open. Not a bad idea, especially if you can get a deal on free checking. I've never had any problems with direct deposit or paying bills online but I've heard some horror stories from other people. I've even bought CDs and stock online but overall I still prefer to sit down with my banker & brokers. |
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Post by el Gusano on Mar 2, 2010 14:43:57 GMT -5
I like the company that pays in gold coins. Beats the tax man.
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duke
Senior Forumite
Mr. Tepid
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Post by duke on Mar 2, 2010 16:12:44 GMT -5
Hey Duke! Proof that cops don't trust the PD! No wonder some LE employees don’t trust the PD, there are too many who think of themselves as lawyers. At least they have the shyster part down pat. We keep hoping that the rest of the honorable part will be found.  |
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Post by gridbug on Mar 2, 2010 16:14:50 GMT -5
I like the company that pays in gold coins. Beats the tax man. Careful there - not paying taxes is felonious, hardly a good thing to admit in public, and gold is not legal tender! |
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Deleted
Deleted Member
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Post by Deleted on Mar 2, 2010 17:00:52 GMT -5
Relax, gridbug. Gusano's talking about the kind with chocolate inside.
I love my vitamin C.
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Post by el Gusano on Mar 2, 2010 17:05:04 GMT -5
They've already won their case. The coins have a face value of $1, and the pay is something like $500 annually and all due taxes ($0) are collected.
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Post by LimitedRecourse on Mar 2, 2010 17:28:54 GMT -5
"Proof that cops don't trust the PD!"
No. The PD doesn't issue the checks...the CITY does.
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Post by Warkitty on Mar 2, 2010 17:31:41 GMT -5
and the city is run by politicians, and who really trusts a politician?
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joedog
Senior Forumite
Posts: 2,830
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Post by joedog on Mar 2, 2010 19:01:42 GMT -5
"Proof that cops don't trust the PD!" No. The PD doesn't issue the checks...the CITY does. (comment removed by) |
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Post by cadillacdude1975 on Mar 2, 2010 20:40:54 GMT -5
Nope, they cannot take out funds. I've had Direct Deposit for years. The first time or two, it's weird, not getting that check. But I never was a big fan of standing or waiting in line at a bank anyway, and with Direct, I do that a lot less. I give it two thumbs up. Online banking is great too, and online bill paying. I probably spend 75% less on stamps than I ever have, and again, a lot less time in banks. amen to that very thing. no more driving across town, wasting time to pay a bill. the post office is feeling the brunt from this, but the postal workers have been way overpaid for years in my opinion. they make as much as the auto union workers. i love DD. no lines. no driving. no traffic. click click done. all receipts are emailed to me where i can print them and i am done. what used to take half a day to pay a light bill, phone bill, water bill and cable can be done in 10 minutes max. aren't the internets great? |
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duke
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Mr. Tepid
Posts: 3,706
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Post by duke on Mar 2, 2010 21:07:28 GMT -5
"Proof that cops don't trust the PD!" No. The PD doesn't issue the checks...the CITY does. The city only issues checks based on the data approved and forwarded by the PD. All controlled by the PD so long as the total follows guidelines. |
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Bob
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Post by Bob on Mar 3, 2010 1:34:05 GMT -5
I use online bill pay through my bank. They transfer the money or send a check to whoever I pay. The people I pay never have access to my account.
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RuneDeer
Senior Forumite
I look pretty young, but I'm just back-dated.
Posts: 2,937
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Post by RuneDeer on Mar 6, 2010 21:31:16 GMT -5
What Bob said.
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