3 ms·

> I've just never heard of a scenario where someone needed $50k instantly sent anywhere for anything. maybe not $50k, but "deposit paycheck on same day rent is

> I've just never heard of a scenario where someone needed $50k instantly sent anywhere for anything. maybe not $50k, but "deposit paycheck on same day rent is due" is a fairly common problem that people have. the person has the money to pay rent, but it might not clear before their rent check bounces. there still exist landlords that only accept payment via check. I agree in general. wires are fast enough for most truly large transfers of money, if only because the recipient is usually willing to be more flexible with such a large amount on the line.

Alupis 6y ago
It's been quite some time, but every landlord I had which required a check only required having the physical check in-hand by the 1st (or more commonly by the 5th if it was being mailed). If you're bouncing rent checks because it took too long to clear, you have other issues and immediate withdrawal isn't going to save you anyway. Besides, if you're cutting checks of the same amount every month, you can setup BillPay (free at most/all? banks) and let your bank handle writing/mailing the check on time.
- leetcrew 6y ago
  > If you're bouncing rent checks because it took too long to clear, you have other issues and immediate withdrawal isn't going to save you anyway. I'm talking about people who barely make enough money to cover their monthly expenses, so yeah that financial situation is hardly ideal. someone in this situation definitely does not want to set up autopay against their checking account. it's a sort of death by a thousand cuts for people in this situation. you generally have to pay rent in advance (ie, you pay that month's rent on the first of the month). you get "paid" at the end of a two week period, but then it takes about a week for your employer to process payroll. if your employer doesn't do direct deposit, you now have a check in hand that takes about two days to clear. that two days isn't the bulk of the problem, but it can definitely be the straw that breaks the camel's back.
notyourday 6y ago
> but "deposit paycheck on same day rent is due" is a fairly common problem that people have. the person has the money to pay rent, but it might not clear before their rent check bounces. there still exist landlords that only accept payment via check. Two things: 1. For paper checks, this has been addressed via Check21 which took effect at the end of 2004. It enforces funds availability for even for non-local checks and/or bank drafts. 2. Writing a check against an account that does not have available funds has all the characteristics of check kiting. Check kiting is illegal. For non-checks ACH credits settle before ACH debits or any other debit transactions.

Alupis 6y ago

It's been quite some time, but every landlord I had which required a check only required having the physical check in-hand by the 1st (or more commonly by the 5th if it was being mailed). If you're bouncing rent checks because it took too long to clear, you have other issues and immediate withdrawal isn't going to save you anyway. Besides, if you're cutting checks of the same amount every month, you can setup BillPay (free at most/all? banks) and let your bank handle writing/mailing the check on time.

leetcrew 6y ago
> If you're bouncing rent checks because it took too long to clear, you have other issues and immediate withdrawal isn't going to save you anyway. I'm talking about people who barely make enough money to cover their monthly expenses, so yeah that financial situation is hardly ideal. someone in this situation definitely does not want to set up autopay against their checking account. it's a sort of death by a thousand cuts for people in this situation. you generally have to pay rent in advance (ie, you pay that month's rent on the first of the month). you get "paid" at the end of a two week period, but then it takes about a week for your employer to process payroll. if your employer doesn't do direct deposit, you now have a check in hand that takes about two days to clear. that two days isn't the bulk of the problem, but it can definitely be the straw that breaks the camel's back.

notyourday 6y ago

> but "deposit paycheck on same day rent is due" is a fairly common problem that people have. the person has the money to pay rent, but it might not clear before their rent check bounces. there still exist landlords that only accept payment via check. Two things: 1. For paper checks, this has been addressed via Check21 which took effect at the end of 2004. It enforces funds availability for even for non-local checks and/or bank drafts. 2. Writing a check against an account that does not have available funds has all the characteristics of check kiting. Check kiting is illegal. For non-checks ACH credits settle before ACH debits or any other debit transactions.