Direct Deposit - Better to have or not have during a bank holiday?

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#1 Tue, Oct 4, 2011 - 2:34pm
lilbromarky1
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Direct Deposit - Better to have or not have during a bank holiday?

Worst case scenario, bank holiday declared the same day you get paid. If you have a paycheck in hand issued from employer, can you still go and cash the check?

Is there any advantage during tough banking times to having direct deposit or not having it?

Edited by: lilbromarky1 on Nov 8, 2014 - 5:06am
Tue, Oct 4, 2011 - 4:55pm
SilverFocker
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Don't see that it matters

either way.....a bank holiday will do you no good with either. I keep enough in there to pay bills, the rest goes in my pocket to my safe and converted as needed.

Tue, Oct 4, 2011 - 7:55pm
Aeonios
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If there's a banking holiday

If there's a banking holiday and you've got direct deposit, your employer will not have a check to hand you (since DD is electronic), so you'll be automatically screwed. I think this is a no-brainer sort of question.

Tue, Oct 4, 2011 - 9:43pm (Reply to #3)
lilbromarky1
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Aeonios wrote: If there's a

Aeonios wrote:

If there's a banking holiday and you've got direct deposit, your employer will not have a check to hand you (since DD is electronic), so you'll be automatically screwed. I think this is a no-brainer sort of question.

Would any check cashing service cash a check during bank holiday? I dont think its a nobrainer.

Like my ideas? Check our blog at: https://backtobasicseconomics.blogspot.com/
Wed, Oct 5, 2011 - 10:13am
PastTense
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I also agree it doesn't make

I also agree it doesn't make a difference.

What does make a difference is that you have multiple payment methods:

1. At least two banks with checking accounts

2. Currency

3. Credit cards

4. For the long term gold/silver

as well as physical preps for short-term emergencies (food being the most important)

Mon, Oct 31, 2011 - 7:26pm
Swift Boat Vet
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Auto deposit?

Excellent thread idea !!

As all of us have to do in a relatively short time, direct deposit for social security WILL be direct deposit. To those of us receiving a SS check, the decision has been made already. My plans are as follows:

I will have my SS check deposited directly to bank number # 1. From that account, all of my utilities, insurances and maybe something else (maybe not) will be taken from that account. If my home were free and clear, I'd pay my property taxes also. Not much left there now.

The reason I would pay those items with my SS check is if SHTF and SS stops ...... utilities will, more than likely, be non existent. Besides, I want to keep all government pluses and minuses together to not loose the trees for the forest.

I would use that bank also to CASH the misc checks I may receive through the month. 

The cash is left with me, personally .... at home .... or in a favorite place I know ;)

Bank # 2 Gets wife's paycheck to pay for mortgage and credit cards with any (if any) taken off as cash and held by the old man (me). Don't get upset ladies ...... mama takes her cut FIRST!

Whenever (and if ever) the cash seems on the heavy side, PHYZZ is purchased and stacked/stashed. ( I sure hope I don't lose it all again in an unfortunate boating accident! )

OOPS !! Forgot to say that SHTF food/supplies/other metals (like brass and lead), etc are always being added to present stockpile.

Swifty

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