3 ms·
Pretty common in the US back then. Direct deposit is (still) only required to be provided at the company's bank, though I doubt anyone implements that minimum
by gumby 3y ago
Pretty common in the US back then. Direct deposit is (still) only required to be provided at the company's bank, though I doubt anyone implements that minimum any more.
Back in the 90s when I worked for Atari (Back in the terrible Warner period) you could only get DD at the company's bank, which was a small bank with one branch, in Sunnyvale (surely the company had another bank or two as well?). I was told they did this so they could invest the float over the week end and early in the week.
- datascienced 3y agoIt must be bad if you are using your employees as a short term LOC. An inverse payday loan.
- skywhopper 3y agoNot really. More like, “we could make an extra hundred bucks a week by doing X”. So they do X. If it’s annoying to the employees, that cost is not considered.
- datascienced 3y agoYeah it isn’t profitable when you then spend 30% of your staffing costs on hiring new people as the old ones leave To me late payment means they are possibly insolvent so I am looking for another job.
- dspillett 3y agoUsing money you owe for something else for as long as you get away with is hardly alien in business in general. It is why most companies (almost every company?) delay payment of invoices for as long as legally possible, no point losing that fraction of whatever in interest (or interest saved on debt). Heck, with regard to cheques it is why banks held on to 3+ clearing periods on those and other payments for as long as they did. Doing the same with outgoings to employees isn't a stretch that would surprise me in the slightest.
- hakdbha 3y ago[dead]