Direct Deposit and Bank Error : LUSENET : TimeBomb 2000 (Y2000) : One Thread

I have 2 questions for anyone who can answer: 1)I'd like to get direct deposit, but was wondering if anyone else has qualms about having their paychecks go directly to their account. Would it be better to just cash my check and keep the cash on hand? 2)Recently, my checking account was charged a $20 "service fee" - flabbergasted, I called my bank (a major bank) to find out where this $20 deduction had come from. The customer service rep could not explain where this came from and so she credited my account back the $20 it was missing. This is the first time this has happened to my account (as far as I know of) in the 3 years I've been with this bank - could this be the result of some Y2K difficulties with my bank? They said that they are compliant.

-- Tina Jay (, July 19, 1999


I work for a community college in Md that said they were Y2K ready also. Today is July 19th and our fiscal year turned over on July 1. We still cannot process Purchase Orders nor can we enter our class numbers such as 00S034. They must be put in as 99S034a. We have direct deposit and I am going to stop mine in Sept due to the state and fed. fiscal year on Oct. 1. I would start DD for awhile yet. The $20.00 was probably a charge to see if they could get away with it. Good thing you were watching.

-- Greg (, July 19, 1999.

For those of you who haven't heard of any July glitches ...see above.

-- citizen (, July 19, 1999.

I meant July 1st

-- citizen (, July 19, 1999.

O my God, July glitches........

We're all most certainly going to diiiiiiiieeeeeeeeeeeeeee..........

-- Craig (, July 19, 1999.

We stopped direct deposit over a year ago. It is better that you be in control of your finances than the bank. Keep a minimal balance so you can cash your payroll check and keep the rest in cash and in small bills. Pay your bills by money order, by doing this there's no check book to reconcile, no ATM transactions to keep track of, no trips to the bank to get money, and you are in charge of your finances. Take control of your life, your money is safer with you than with the bank...I've been there! Bardou

-- bardou (, July 19, 1999.

Only the Pollliiiieeeeeessssss!

-- cittizen (, July 19, 1999.

There are two good reasons why you DO NOT want to have direct deposit: 1) It is just one more electronic "gotcha" that is waiting to happen with Y2K. 2) If you want to start storing cash, the best way is to CASH THE CHECK at the bank on which it is drawn. That way there is no worry about running into WITHDRAWAL reporting, possibly leaving yourself open to being accused of "structuring" if you are not careful, etc., etc.

-- King of Spain (, July 20, 1999.

Last pay period I had work all this over time. I knew that my direct deposit should had been a little healther then what the bank had reported. I have been with this bank for more years then I want to count. I could not understand why my pay was so short. I called payroll and they had no answers. So I made the trip to bank to see what was going on with my money. With the electronic deposit, some of my pay went into checking and the rest into savings. Well that was strange because my whole paycheck is to go into checking. The ladys at the bank could not figure out what happened and why. They reassured me that this was the first time they had experienced this. I see bugs and they ain't lady bugs either.

-- Missy2k (, July 20, 1999.

"structuring" as King of Spain mentioned in the above post, is simply one of many reasons to cease your relationship with banks in all but a minimal capacity. This legislation catches far too many innocent people by surprise. It's your money, and it's your *right* to access it, not a *privilege* you are being brainwashed into believing it is. They make huge amounts of money off of your blood, sweat and tears. Keep it in a safe place. Today's banks act as handy little tools for further Government control through ever increasing draconian legislation. Remember *know your customer?*. You are wrong if you think that legislation has died. It is simply growing covert tentacles.

A bank is no longer a safe place.

-- OR (, July 20, 1999.

I mentioned this in a similar thread some time ago --


Most, hard as it may be to believe, allow your employer (or whoever) unlimited access to YOUR account in case of dispute. (Unlimited means not just the amount of your last or a recent check -- but your whole account.)

If you are so close to the line that you need "instantaneous" deposit rather than waiting for a deposit to clear by mail, or until you can stick it in the night deposit slot, you are way too close to the edge.

Get your pay by check. It's too late to demand cash, directly, because all the sheep (are your or are you not one) long ago accepted checks instead of a pay envelope.

I can just hear the "boo-hoos" now -- What about the risk of carrying around all that cash? Well if your Big Brother government had not disarmed you, problems would be minor. There would be a lot fewer gangbanger hoodlums, muggers, and burglars around.

Just say "no" to direct deposit.

-- A (, July 20, 1999.

Re, some going into checking and some into savings -- "inadverently"(?).
They can delay giving you cash from a savings account -- in emergecny could be 30, 60 days(?). You go to get cash for Y2K in November, they say come back in January. Or, you go in September, and they say come bak in November, but a bank holiday is declared in October. You think it was really inadvertent?

The keyword is "sweep".

-- A (, July 20, 1999.

For some of us, direct deposit is not optional.

-- Flint (, July 20, 1999.

Congress in its infinite farreaching benevolent wisdom passed legislation in 1996 which required that specified Federal payments be by direct deposit by 1999 on a scheduled starting date by category. I had zero choice. My Federal salary check was mandated to be by direct deposit. Federal pensions and Social Security will follow. Brilliant timing. Did they know back in 1996 what would happen on 12-31-99? I doubt it. The spin was that direct deposit was less expensive than mailing individual checks. It will be less expensive if they do not have to pay because the money can not be put into the account where it was supposed to go.

-- Moe (Moe@notstupid.gom), July 21, 1999.

Moderation questions? read the FAQ