Paycheck issue

[miko]

I am wondering if anyone has run in this problem as well:

The company I drive for pays me bi-weekly.
They write out a check, and put it in my personal mail box on monday.
Usually mondays are dead, so I come in tuesdays.
The city where my company is located has every bank on earth, but mine.
So I have to drive 45 miles out of town to the next location in order to cash the check or send it vial snail mail so the wife can cash it at home. My company refuses to direct deposit checks for owner operators.
I've had endless discussion over the last year with them to no effect.
I would switch to another bank, but then I can't bank in my hometown due to the lack of those locations
Unfortunately, I can't gather that much money to cover my bills for month in advance, so I am always forced to get to the company on payday or one later, drop the check and not be available for at least 2 hours if traffic doesn't slow me down. My credit card does not work for all bills to pay, and my limit is not that great either. Tried to get a business credit card instead at no luck. Any suggestions on this hot issue?

 

[plumcrazy8]

Not being born with a silver spoon is a problem. Would it be too much trouble to change to the company bank, deposit the check on monday there and then have the wife write a check at home out of that account and deposit it into your home bank? I know these means keeping track of two accounts but should be pretty simple, all your wife needs is both checkbooks and all you need is a few deposit slips. Without direct deposit of some kind this is about the only way out I would think.

 

[miko]

I guess I could get to the company bank alot faster, but stiil, if I had the wife write a check out of that account at home, I won't be able to use the funds the same day, since it takes several business days to clear. At my current bank, I can use the funds the minute I deposit them. It beats me, why it is such a hassle for my company to direct diposit my darn check every other week. I'd even pay the fee if need be.

How is the rest of us handling this issue?
Isn't there any other way of banking in the states???

 

[terryandrene]

How 'bout the wife cashing the check at the bank on which it is drawn and then depositing the cash in your bank. A cash deposit should be available next biz day at the latest. You could then use an ATM to get your cash. Theres gotta be a way to get your road money without hassle.

 

[davekc]

Terry has the right approach. It is the fastest way to your money verses other options that tack on days. If possible, save as much as you can to eliminate the problem in the future.
Good luck
Davekc

 

[miko]

I think there is a misunderstanding. It is not a problem for me to get cash on the road, it is more that we need the funds in the bank right away, more importantly to pay amounts due such as the mortgage and business loan, since these amounts are due by the 1st always, and I can't get the due dates changed in order to buy me some time.
If it takes a few days to clear, I am out of luck. Also, unfortunately, the company's bank has no location near my hometown. This must sound quite stupid, but I am hassling with this since a year now and I am fed up. The wife spent numerous hours on the internet in search of another bank doing business with, which is convenient for all of us.
We have been thinking of a credit card also which would pay the bills automaticly and could also be used to pay the gas on the road,but I was unable to get approved for the amount it would require.
BTW, fellow drivers from same company, same problem, if not worse, because they live in the south and have even other banks to deal with...

 

[LDB]

It sounds like there are two issues present. The first issus is the company uses bank A that has locations in the same town as the company but not in the town of residence. The driver uses bank B which is in the town of residence but not the town the company is in. The second issue is being in such a money crunch there isn't time for anything except to make the extra drives it takes to get the money in the bank.

Issue number one has on resolution unless the company makes a policy change which doesn't sound likely or unless bank C, D, E, F or G has a branch in both towns or builds a new branch in whichever town they are not currently in. The nearest potential solution would be if a 3rd bank was located midway between the company town and residence town and could be used for banking so the drive is split half way whether coming from the company or home.

Issue number two is the more challenging and would require changes to allow building enough cushion to not matter if there were a few days between check being drawn and then being deposited at a more convenient time. If either husband and/or wife smoke then stop tomorrow. That will save enough money over a few months to equal an entire paycheck along with helping to not smell bad and lowering health risks. Look at other expenditures as well and adjust those that are discretionary until you get a cushion of at least one paycheck built up.

I realize the comments on issue two will be unpopular, especially the comments on smoking, but that's just how it is. I'm at that point in life that I no longer care about treading lightly, I tell it like it is. I hope you find one of the banks breaking ground next week in the opposite town but even if that happens if you guys smoke you still need to quit. A pack a day must be around $1000 a year now. That's a lot to burn up and I bet there's not a person anywhere who wouldn't call someone burning a stack of $20 bills a fool but they'll burn the same $1000 by smoking.

Anyway, good luck solving your dilemma.

Leo
truck 4958

Support the entire Constitution, not just the parts you like.

 

[vernon946]

Miko, I don't know where the smoking comes in, but the banking answer is easy.

Go to Flying J and get an application for their TAB account, which will get you a debit card for the road and a checkbook for home, all on the same account. $25 opens the account and have not seen any delay on using my money.

Plusses:
Account pays interest, they furnish you prepaid mailers, the debit card acts like a regular mastercard (except the money has to be there), friendly folks to work with and a toll free number.

Minusses:
Got to go by Flying J occasionally to use the ATM for road money(usually free ATM charges)

Vernon in C2197

 

[miko]

Thanks for the info on TAB account at Flying J, will check that out as well. Right now I will also look into a bank that has locations both in the town of company and town of residence.

Money crunch is only because of winter experience and slow runs, savings went towards bills. Now it is time to make some more money...LOL
My first year otherwise went pretty good, except that I started in May and had no bad winter last year to compare...

 

[TEXAS HOKIE]

Another solution for your problem might be to look for a more tech friendly company to work for. One of these days you may not be available to pick up your check due to an unavoidable circumstance. There is probably a company nearby that offers some sort of electronic deposits.

TEXAS HOKIE

 

[raceman]

I got lost on the smoking thing as well but it may because I was trying to light up a fresh three dolar bill, as I call them. Love my smokes. In any case I have always had this issue with my drivers. The Flying J card will work. Another option is to have your company simply use thier bill pay to put money in your account. I do that for a driver. I pay them via on line bill pay. It is not direct deposit but same type of thing. I have also done prepaid Visa or Mastercard. The driver can then use it to pay the bills and to have on road cash. The best thing is to simply work with the same bank. Who do you work for that can not possibly help you with this? Another option may be Com Checks. I have done that as well. That actually works out very well. Good luck. I have to get moving. I have a run plus I gotta stop for $32 worth of burning sticks. Love my smokes. Damn near dies a few years due to some other goofy problems so my smokes are my only vice and I am betting my trucks will do me in before they do. See ya all

Raceman
Owner Two Straight Truck.
Part time driver of one of my trucks and local TT.
15mon.OTR Expediting
1 yr local Expediting
Line Haul TT 2mon.
OTR Straight Truck Plt to Plt off and on 5 years.
Based in Cincy Ohio
Currently at Express-1

 

[ATeam]

Miko,

You are describing a situation in which (1) you have the inability to be approved for a credit card at a meaningful level, (2) you are living paycheck to paycheck, and (3) you have no cash reserves. You also indicated this is not a new situation. It's been going on for at least a year and follows a time when your income was better than it is now. It is also worth mentioning that this happened in in a year that was a banner year for the expediting industry.

While driving a distance to quckly cash your checks and pay your bills is the problem you raise, solving just that problem alone will do nothing to solve the other three.

There is no sadder sight in expediting than that of a driver or owner/operator that has worked hard for many years and has little or nothing to show for it late in life. Those that fail outright in expediting are better off. They are left at least with the chance to learn from their mistakes and move on to a new and hopefully more successful endeavor.

If you do not rise to a new level of decision making and personal financial management, you have a gloomy future ahead of you. Numerous expediters are out there right now producing not just a paycheck week to week, but also a nest egg that will serve them well in the future. Two years from now, will you be one of those, or will you be in the same circumstances you are in today?

Personal financial planning books are available free at your local library. You might be wise to hear the message your current circumstances are broadcasting and open yourself to the coaching that can be found in those books and other sources. Many people do not know how to use a library. If you are one of those, simply go to the counter and say so. The librarians there will jump at the chance to introduce you to the library resources they love to share.

It may also be wise to take an objective look at your business practices, including your work methods and choice of carriers.

I'm sorry to take such a harsh tone. But as a former financial planner of 11 years, I've seen it again and again. People in all walks of life work hard but mismanage their money. They appeal for help, get good advice, and then fail to make the changes that must be made if they want to change things for the better.

Changing your circumstances often requires you to moves out of your comfort zone to make the changes happen. If the pain of change is less than the pain of your present circumstances, the move is easy to make. If the pain of change exceeds the pain of your present circumstances, it may require a strong measure of courage and determination to bring the changes about.

I'll leave you with a question. Two years from now, what kind of expediter do you want to be, one that has the results you have right now, or one that is running a successful business and building a nest egg for the future?

 

[raceman]

A-Team that is very honest and direct. I give you a lot of credit for saying what many of us had to read in that note. I have a driver as I mentioned in my post that has these issues. He has never once listened to me but has always expected me to jump through hoops to get his pay to him. Now he is a great runner/driver but money management skills are not there. I hope that the one asking this question thinks about what you have written. This is some of the best advice I have seen giving so honestly. Thanks for being so open. I admit I bit my tongue.

Raceman
Owner Two Straight Truck.
Part time driver of one of my trucks and local TT.
15mon.OTR Expediting
1 yr local Expediting
Line Haul TT 2mon.
OTR Straight Truck Plt to Plt off and on 5 years.
Based in Cincy Ohio
Currently at Express-1

 

[miko]

ATeam:
I don't need to defend myself, but I will, because I don't appreciate you ripping me apart...like I was some stupid schoolkid...

In my original post I had asked if anyone had that same issue that company is not doing direct diposit.
Now that I read some posts we have decidet it would be best to switch the bank, to one that is closer to company and has more locations troughout the states, that will work alot better for us.

Further, since the last year was my first year in business, I did not do too bad. I am proud to say that I was able to provide for my family, get my bills paid, did not get in debt, and most important, I was able to put some money aside.

We knew times would be slow this year Jan and Feb, so we could rely on the reserve. As a matter of fact, we are not living paycheck to paycheck. But even reserves run out one day or another...

I am also proud to say, that no matter what jobs we did in the past, we always managed our finances pretty well, we never once had to rely on a financial wizzard to tell us what to do. I don't think that we have to rethink our spending habbit, we are not near bunkruptcy.

Just because we don't hold down tons of credit cards with large limits, or average $100.000/yr. means that I am a bad business owner, who makes bad decisions.

You don't need to worry about my finances and retirement set up either, my wife and I have something set up, and we don't need to pull money from the business in order to reach our goals.

We are not pretending to get rich in this business, but we will do it as long as we enjoy it, and as long we are comfortable with it.
Maybe we got in the wrong business in the first place, we should have been choosing the financial field, maybe that's where we want to be in five years from now...

Now that you seem to have advise for everything in life and beyond, I am wondering why the 2 of you are still on the road, not putting the feet up on the porch already, is the nest egg not big enough yet???

 

[RichM]

Can't help but wonder why you had to go through all of that just to have a simple question answered.

 

[Dave Johnson]

I can't help but wonder why a moderator can't understand?

Obviously posters were trying to help, thinking there was another issue at hand instead of just when he got his check deposited.

First post sounded like he was living check to check.. last post says he's not... people were trying to give advice to get finances in better order and the deposit date wouldn't be such a big deal.

But, this will probably get turned into another "who's trying to start a fight" post, instead of realizing someone was trying to help, and gave a straight shooting answer.


Chill....



Dave

 

[LDB]

>Unfortunately, I can't gather that much money to cover my
>bills for month in advance, so I am always forced to get to
>the company on payday or one later, drop the check and not
>be available for at least 2 hours if traffic doesn't slow me
>down.

It's possible I didn't understand however this sounded to me like somone who is living paycheck to paycheck and because of that is forced to take measures that are less than ideal.

For those questioning where the smoking came from it came from observing that drivers seem to far exceed the general population percentage of smokers. Overall it is about 1 in 4 Americans whereas with drivers it seems to be about 3 out of 4. Anyone in this sort of a financial bind that burns up money has an instant pay raise available to them and within a few months will have a month's worth of pay available just by putting the money away instead of burning it away.

To put it bluntly, considering the enormity of proof of how injurious it is, it's stupid for any man to not truly be a man and drop them like a lead weight. The same is true of women as well of course. I'm sure that steps on toes and will generate flames but I have a bad habit of telling it like it is.

Leo
truck 4958

Support the entire Constitution, not just the parts you like.

 

[RichM]

Dave and others, My response was based on Miko's original post.He was looking for advice on how to get his pay check quicker. He was not looking for nor did he deserve a lecture on his lifestyle and present financial situation.