Waiting to Cash In - Which Day is Your Payday?

[melissa ann]

I'm getting a little annoyed with dcm. She insists that her pay doesn't go into the bank until tonight at midnight and that I always have to wait until Sat morning to cash the check. That makes no sense to me. If the money is there Sat morning it's there Friday afternoon. Am I correct? Anything after a certain time (for ex. 3pm )goes into effect the next business day. Sat is not considered a business day. I got "paid" yesterday, the dcks last day for the week but the dcm left a check dated for Sat. I have to wait 2 days to get paid? I think she gets paid on fridays which means since she has direct deposit it's in her acct midnight Thur night. That's how my mom and husband's direct deposit works. The money is in the acct like 1am Friday morning.

[momma2girls]

WOw!! When is your payday for the week? Is it on Fri. of that week? I had to change mine to Mon. the 1st day of babysitting for the week. I know alot of my daycare friends have their payday, the Fri. before the week of daycare. I haven't changed mine to that as of yet, I am pretty satisfied with Mon. for the week.

[melissa ann]

My payday is Fri or the last day children are in my care.
Some times I can't get to the bank on sat mornings. Like, tomorrow. There is a holiday parade in the next town in the morning starting at 10. We leave about 8:30 to go find a parking space and to stake out our spot on the sidewalk. I'm not sure how long the parade lasts as it varies from year to year. During the week I can't make it to the bank because they close before I'm done with childcare. Fridays they are open later so that's doable for me.
My hubby thinks she is just "messing" with me. Like with their schedule. She does the scheduling at her job and they do it a month at a time, yet It's rare I get the next week's schedule by friday.

[momma2girls]

Have your payday be on Mon. of that week of daycare. That will solve it!!

[tymaboy]

Most of the time if it is a direct deposit & payday is on Friday the money goes into the account Thursday night. I would simply tell her that pay day is on Friday & you have exspences that you need to take care of. Besides even if you deposit her check it will not make a difference if you do it on Friday or Sat.

[mac60]

How would she like to get her check on Friday, and be told by her employer no monies till Monday. GRR, sorry about this. She is messing with you. Even if you cashed the check on Friday after work, it would be posted as Monday.

[laundryduchess@yahoo.com]

you should be able to take it to her bank and just cash it. =-) then deposit the cash. if it bounces then its her problem. Or,.... tell her since the whole deposit thing is an issue you require her to pay in cash from now on.

[momma2girls]

When is everyone out there pay days? Is it on Fri. or Mon. for the week?

[Kiddiecare]

After years of stressing about getting paid for the work I did and worrying that their check would bounce or being asked to hold it I changed my payment policy last year to CASH or CASHIERS check ONLY, Parents now pay EVERY Friday or their last day of care at DROP-OFF a week in advance of care, If payment isn’t made at their contracted drop off time for any reason (as in 'ooppps I forgot, can I just pay you at pick up?) the $20 late fee will be added. It states in my policy that the late fee will be added 5 minutes after their contracted time. At first I was worried that parents wouldn’t be able to do this or say that their pay days are blah blah blah BUT the electric company, cable and phone doesn’t let people pick when they pay, Parents know ahead when the payment is due and they can figure it in to their budget and pay me when I want paid. I went with drop off payment so that I would have time to get to the bank etc. I have not had any late payments yet, I have had a couple parents that obviously went to the atm and got $20's there for making the payment more than what was due and wanted me to make change or credit their account for the next week. I don’t do change and I don’t do credits, it states that in my policies too so I ended up getting a tip and the parents now take more time making sure they have their ducks in a row. Remember you provide a service to them, you run a business not a charity.

[melissa ann]

I dont do change and I dont do credits (Kiddiecare quote)

I like that. Often, if the grandfather pays, he sometimes doesn't have the exact amount and my be over anywhere from $5-$7 and just says to take it off next week's. I really hate doing that. I will have to change my policy. I am not a bank, I don't normally have money on me. I usually just use my bank card for my purchases. Since, the mom does say to wait to deposit her check, I should charge her a late fee, since technically I'm not getting paid on the due date.

[mac60]

I agree melissa ann, you deserve payment! I would tell them for now on you need your pay availble on Friday at paytime, and if you can't cash it, then a $20 fee. I do like the idea of paying on Monday for the upcoming week, unfortunately I don't do that.

[Chickenhauler]

The DC Mom could very well be correct-her employer could send out the ACH transaction trigger automatically on Friday after "business hours", so the money is not in her account at that time.

My financial institution posts ACH transactions, debit card transactions, deposits, withdrawals, etc on Saturday (credit union).

But, that's not your problem nor concern.

If your contract states that payment is due at a certain time or certain day, then payment is due, and the check should be good when written.

I'm a jerk when it comes to finances and business (been burned bad a few times), I'd just tell her she needs to learn to budget her expenses like the rest of us grownups.

If she knows that payment is due on Friday, she should not be counting on money that is deposited into her account on Saturday to cover that bill.

[Unregistered]

I go by the title 20 rules for everyone. I need all payment by Monday 12:00 noon for the week we are starting. If it is not paid by then I contact Title 20 if they have it. If they are late 2 weeks in a roll they are suspended till the copays for the 2 weeks are paid. They are still accessed the weekly copay while on suspension.
If the child does not attend Mondays I still have to notify them. After the 1 st notice I find the parents will pay the Fri, Sat or Sun before.
My contracts state if I have to take any parents to court for non payment then the parents must pay all my legal fees (lawyer is $250 hr plus court & fileing cost) with that fear they pay on time.
I do allow some parents to pay in traid but the work must be done before payment is due. Exp. I had a parent paint some rooms in my house, cut grass, give haircuts, and cater a party for my children.
It benifited both of us.

[melissa ann]

chickenhauler

We use the same bank, so I know that everything that gets deposited on Friday after 2pm gets an effective date as the following monday. The same applies for anything done on Saturdays, it gets marked as effective Monday.

[Chickenhauler]

We use the same bank, so I know that everything that gets deposited on Friday after 2pm gets an effective date as the following monday. The same applies for anything done on Saturdays, it gets marked as effective Monday.

That would mean that her ACH deposit posts to her account on Monday, and if you deposit her check after 2pm on Friday (or on Saturday like she asks), it also posts on Monday's business.

Sounds like she's just trying to have a little "cushion" so you don't deposit it too soon.

Either way, it sounds like she needs to re-assess her budget so she can pay her bills without worrying about what hits the bank when.


Similar thing-I once had an employer who did their payroll in MI, and being in MN, even though it was sent out on the "wire" on Tues, it never showed as "available" til Thursday, and the bank I was with at the time said this was because of the sending bank was out-of-state.

Which I found later to be a BS excuse by the bank to make a buck on my money for a day....I send wires regularly, and if I get them out in the AM, they are in the recipients account around lunchtime.