Paychecks

[BeNotAfraid]

I've seen this question asked several times on different threads, but never answered. I was also hoping for some feedback on this, so hopefully we'll get a few replies here.

If (when?) things get worse, how will we have access to our paychecks? Is it better for those who can to switch to paper checks? For example, if there is a run on say Wachovia, you could take your paper check somewhere else? Or at that point would banks everywhere be tightening the belt?

This is an especially important consideration for me because my husband is employed by the government, and his paycheck can only be deposited electronically. We have no choice. We can't stock up on food because we move all the time, and obviously we do not own a house outright for the same reason. He will almost definately still be employed no matter how bad things get, but if we can't get our money that does us no good!

Thoughts?

[RRuth]

Some employers will not hire unless you have a bank account for the purpose of electronic payment.

It would be wise to stash some cash (savings) outside of the bank. We are never guaranteed the banks will be opened tomorrow - due to power failures, terrorist attacks, or natural disasters. This is why some of us choose to invest some of our *savings* into provisions, as I'm sure the Katrina survivors will attest, bottled water and food was more precious than gold!

[jds6958]

I've seen this question asked several times on different threads, but never answered. I was also hoping for some feedback on this, so hopefully we'll get a few replies here.

If (when?) things get worse, how will we have access to our paychecks? Is it better for those who can to switch to paper checks? For example, if there is a run on say Wachovia, you could take your paper check somewhere else? Or at that point would banks everywhere be tightening the belt?

This is an especially important consideration for me because my husband is employed by the government, and his paycheck can only be deposited electronically. We have no choice. We can't stock up on food because we move all the time, and obviously we do not own a house outright for the same reason. He will almost definately still be employed no matter how bad things get, but if we can't get our money that does us no good!

Thoughts?

Employers have a vested interest in retaining employees to function. Employees will only stay if they have access to a paycheck. I would expect the employer to manage this well. In the meantime, withdrawl direct deposit funds each pay cycle from your account that are not being spent immediately or paying bills.

[BeNotAfraid]

Employers have a vested interest in retaining employees to function. Employees will only stay if they have access to a paycheck. I would expect the employer to manage this well.

True enough...BUT... my husband can be arrested if he doesn't show up for work (paycheck or not), so that puts us in a little bit of a different situation.

Good suggestion about keeping your paychecks in actual cash after bills are paid. However, it's gone pretty quickly so it isn't a long term solution. Oh well, I'll just watch and pray!