Comment by vel0city
3 years ago
I've been receiving my payments digitally from employers in the US for almost 20 years now.
I've never in my life received a wage in cash, as in, hard dollars.
3 years ago
I've been receiving my payments digitally from employers in the US for almost 20 years now.
I've never in my life received a wage in cash, as in, hard dollars.
...but with days of delay, where someone else is keeping the interest. And maybe charging a transaction fee.
> ...but with days of delay
Maybe a long time ago, but I get my pay which is supposed to be on the 1st and 15th on like the 13th and 29th or something. Getting paid "two days early" is a pretty common feature with Direct Deposit these days. It is always credited to my account before my actual paycheck technically gets posed.
> maybe charging a transaction fee
I imagine someone would be paying for the transaction of physically handling all the cash, no? Its not like having all the logistics of handling cash to potentially thousands of employees is a zero dollar cost. I imagine its massively cheaper for everyone to pay whatever marginal cost my employer is paying for ACH/DirectDeposit through their payroll app than paying a ton of people to handle and keep track of the cash.
Getting paid early is essentially an automatic "Payday loan" provided by whoever you bank with (whatever institution receives your payhecks) as a perk of banking with them. I personally decline this service, because I don't like adding a paycheck-sized liability to my accounting books for two days.
My bank seems to trust my paycheck deposits, though, and they "clear" (update my balance and become spendable) under 24hrs after they show up as "pending."
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Nobody has kept any interest in the last 13 years because interest rates have been 0%.
Do you have any actual reason to believe what you just posted?
I received W-2 wages in cash in the military. I suppose I'm old.
These days they have you setup an account in basic, and setup direct deposit.