Even though not just woke companies/investors will get screwed? There are conservative companies that just happened to use that bank too for their banking needs.I really hope the do not bail out this woke wreck.
This is excellent advice. If you can do it, you should. There is a good book called becoming your own banker by Nelson Nash. Its a cool concept.Look at when and how much the ceo and insiders sold their stocks.
They got theirs.
Be your own bank.
I do not care who used that bank. No bailout. Why should taxpayers pay because someone had more than 250k in one bank? Especially given that banks policies of DEI and CRT above share holders,depositors,and employee well being. It is not as if there where no warnings. People started pulling out deposits in quarter 4 (33 billion of them according to Q4 report).Even though not just woke companies/investors will get screwed? There are conservative companies that just happened to use that bank too for their banking needs.
I call BS. Its not always that cut and dried. I am paid by a company using a vendor that uses(d) that bank. Neither my wife nor I got a paycheck Friday because of it. I'm blessed its only for side gigs that goes straight into savings. We had no way of knowing who they bank with. Am I supposed to ask my employer to ask the payroll company who they use for a bank so it doesnt happen again from now on?I do not care who used that bank. No bailout. Why should taxpayers pay because someone had more than 250k in one bank? Especially given that banks policies of DEI and CRT above share holders,depositors,and employee well being. It is not as if there where no warnings. People started pulling out deposits in quarter 4 (33 billion of them according to Q4 report).
If you where using that bank you had to know this. A simple look at their page and DEI quarterly reports(yes in addition to normal
True. You likely would never know who the payroll company used unless it was listed on your deposits. Even if it was though you did not get to make the choice. I would wager you do understand the institution you deposited into though.I call BS. Its not always that cut and dried. I am paid by a company using a vendor that uses(d) that bank. Neither my wife nor I got a paycheck Friday because of it. I'm blessed its only for side gigs that goes straight into savings. We had no way of knowing who they bank with. Am I supposed to ask my employer to ask the payroll company who they use for a bank so it doesnt happen again from now on?
And if you think I need to ask every last vendor what bank they use, you are crazy.
I call BS. Its not always that cut and dried. I am paid by a company using a vendor that uses(d) that bank. Neither my wife nor I got a paycheck Friday because of it. I'm blessed its only for side gigs that goes straight into savings. We had no way of knowing who they bank with. Am I supposed to ask my employer to ask the payroll company who they use for a bank so it doesnt happen again from now on?
And if you think I need to ask every last vendor what bank they use, you are crazy.
Some of this is mathematical semantics; the news is stating that 80% number, making people think that someone with 250k in the bank won’t get their money back. Now granted, that could happen, but that’s a much bigger collapse that hasn’t happened *yet*.Saw on news people are covered up to $250,000 but also said 80% will never recover all their money. Also several years ago our Congress passed something to the degree the banks can do anything and Congress can’t do anything. So a bank folds they literally can take your house and car,,, anything you have a loan on. How could they do this. Because they actually own it until you have paid it off. So they can legally take it away from you and sell it to recupe losses. How can they do this. Because Congress passed it.
No. My wife is the financial secretary who handles that stuff. There was no indication. The drafts outbound showed our payroll company name, not the actual bank name.True. You likely would never know who the payroll company used unless it was listed on your deposits. Even if it was though you did not get to make the choice. I would wager you do understand the institution you deposited into though.
In your case it would be your employer who should have known.
Good point. But we are lucky. We are expected to have our money by COB Monday. And if not our org will cut checks to those who need them and sort it all out later when the dust settles.I'm curious how long people like yourself will work for a business that has these payroll problems before deciding to stay home?
Good point. But we are lucky. We are expected to have our money by COB Monday. And if not our org will cut checks to those who need them and sort it all out later when the dust settles.
Not long I bet. People got real used to staying home for covid, and they’ll have no good will to work for an employer that won’t pay.I'm curious how long people like yourself will work for a business that has these payroll problems before deciding to stay home?
I have a side gig that uses them as well. We are also hoping for Monday, but news over the weekend has not been cheery.Apparently Patriot Software uses them for banking. (its a small-ish accounting/payroll company)
I didnt get paid for my side gig yesterday because of this. Luckily for all but one of us this is a side gig, and the one has plenty of cushion to last until Monday when they expect to be able to direct deposit our checks into our bank accounts.
So the money they drafted in last week to pay our payroll is tied up in this mess. Because of the takeover, our funds were locked and unable to transfer out before the FDIC took over and halted everything.
If you are using a 3rd party for payroll you should know about the company you choose to use,and should certainly understand who that company chooses to route your payroll through.No. My wife is the financial secretary who handles that stuff. There was no indication. The drafts outbound showed our payroll company name, not the actual bank name.
So I guess we all need to check the routing numbers on all of our EBTs and look up the actual instututions, then google those banks, investigate their policies, Monitor fed policy and any alerts regarding them, etc?
Give me a flippin break. Some of y'all are blindly black and white with no grasp on how ridiculous this sounds. Direct interactions, sure. If I bank with PNC I should be aware of what they are doing. But to claim somebody should be playing six degrees of wokeness with their various vendors is absolute ridiculousness.
Considering banks typically dont go under very often, it wasnt even on our radar. We understood the company we used. We didnt realize we needed to scrutinize every last vendor our vendor used, what vendors our vendor's vendors use, etc. Once again, the six degrees.How could you not understand who the company you run payroll through is? Or rather why would you not?
I do not understand your point apparently. To me who I hired to handle paying our people if we were not running payroll anymore was an important decision, that we looked into for more than a month to find a choice that fit.
Maybe I am just to old school,but what part involves anything but your payroll company and who they bank with? It is you,your employees(contractors),and who payroll is run through(and what financial institution do they use)?Considering banks typically dont go under very often, it wasnt even on our radar. We understood the company we used. We didnt realize we needed to scrutinize every last vendor our vendor used, what vendors our vendor's vendors use, etc. Once again, the six degrees.