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Getting paid salary by cheque

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Just discovered my new employer pays all staff by cheque.

I've worked in many places over the past 25 years and never once been paid by cheque, always EFT.

Means I now have to find time to get to the bank every week to lodge a cheque and then wait for it to clear.

How in this day and age is this a thing? Worried that this is just the tip of the iceberg now. Surely it's more expensive and hassle to use cheques for such regular payments?

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IITYWYBMAD

OMM 0000 wrote: »

I pay my staff by cheque.

Our company's online banking is crap, and they charge EUR 20 for each transaction.

So cheque it is...

We're a software company.

Are the cheques from a Japanese bank?

dotsman

Del2005 wrote: »

Very few people switch accounts, or utilities provider, it's why banks give loads of free stuff to students. If people don't switch to save themselves money why would you assume that people running businesses switch?

Which is down to laziness. It only takes a few clicks of a mouse to change utilities.

And changing banks for a person is extremely simple these days as well. For a business, it's slightly harder, but the rewards are more profound.

OMM 0000 wrote: »

It's the same bank our owner uses. He has a relationship with them.

OMM 0000 wrote: »

Japanese bank.

EUR 20 each.

Well, you can certainly impress the owner by doing a little research and showing them how much money they will save by dealing with a (relatively) modern Irish bank. It simply doesn't make sense to use a Japanese bank for an Irish company/subsidiary. It's not just the saving on fees, it's the saving on all the hassle and administration.

You could always look at a hybrid option, whereby the Irish bank is used for day-to-day banking (including payroll) and a single transfer to/from the Japanese bank on a monthly/quarterly/annual basis.

daheff

OMM 0000 wrote: »

Small Japanese bank. Not an option.

are they paying you from a EUR account or a JPY account? If all your EUR expenditure is going through a JPY account then the company is losing more in FX costs than FX'ing larger amounts to EUR.

If its coming out of an EUR account I'd be stunned if SEPA payments are not available.

dotsman

emeldc wrote: »

ctrl +alt + 4 = €

OMM 0000 wrote: »

Mac!

Option + 2 = €

Not sure why I type EUR. Habit I suppose...

Windows!

AltGr + 4 = €

Seve OB

L1011 wrote: »

Most banks have lodgement ATMs that can scan cheques, doesn't increase the processing speed however. Being paid weekly is also quite archaic.

I'd be concerned they aren't going to be providing up to date data to Revenue under the PAYE Modernisation requirements if every other bit of payroll is this antique.

no it is not. all depends on the company, role, position, industry. there is nothing archaic about being paid weekly

Seve OB

Mini850 wrote: »

Isn't there a rule that if you get paid by check, your employer should give you an hour or half hour during work time to lodge it?

Could be talking out of my bum, but I did work in one job about 12 years ago that paid us by check and we took an extra half hour for our lunch each month to go lodge the check.

That could have been company policy, but I remember being told that it was law.

eh no. it is not law

OMM 0000

emeldc wrote: »

ctrl +alt + 4 = €

Mac!

Option + 2 = €

Not sure why I type EUR. Habit I suppose...

emeldc

OMM 0000 wrote: »

Japanese bank.

EUR 20 each.

ctrl +alt + 4 = €

tvjunki

meeeeh wrote: »

It's probably family owned business and they just do payments as they always did. There is also possibility the person processing wages isn't actually authorized to access bank or to do bank payments.

Anyway I always found chqs stupid, risky and annoying but it wouldn't be unusual for our customers to still pay us by chq.

Agreed about accessing accounts separating duties from processing payments and accessing accounts.
If a cheque is crossed then it is not risky as it is only lodged into the employees account. More risk paying the wrong account and not able to get the funds back. Person does not have to return money if lodged into the wrong account.

tvjunki

Some companies do not like paying by electronic transfer. Fear or lodging in the wrong bank account. Handing a cheque means you cannot say you did not get the payment.
Most banks have atms outside the branch where you can cash your cheque during your break or on your way home. You don't need an hour to lodge a cheque anymore. Payment is instant if you have the same bank as your company if there are cleared funds in the account. Many construction companies still pay by cheque.
Don't see the issue. Used to work for a company that paid by cheque monthly and it was an international finance company.

meeeeh

It's probably family owned business and they just do payments as they always did. There is also possibility the person processing wages isn't actually authorized to access bank or to do bank payments.

Anyway I always found chqs stupid, risky and annoying but it wouldn't be unusual for our customers to still pay us by chq.

Assetbacked

KBC can take 8 working days to clear a cheque. I'd be very concerned getting paid by cheque from my employer, to the point where I would wonder whether I should even work for them.

AlmightyCushion

DesperateDan wrote: »

I thought there was like a €5 charge now for the banks to even catch the smell a cheque?

Seems totally ridiculous, we live an age where there are literally hundreds of alternatives that would be cheaper and almost instant. Are they paying some old one to do these who's been with the company since day 1 or something?!

KBC charge a fee but it's small enough (I think it's 20c). PTSB used to be free if you used the ATM machines in branch to deposit it. That might be different now. Not sure if they charge for depositing at a counter though. N26 don't even support cheques.

I would seriously avoid any company that pays using cheque. It's a big inconvenience and I would worry that if they are old school about something like this, then what else are they doing that I might not like.

OMM 0000

DesperateDan wrote: »

I thought there was like a €5 charge now for the banks to even catch the smell a cheque?

Seems totally ridiculous, we live an age where there are literally hundreds of alternatives that would be cheaper and almost instant. Are they paying some old one to do these who's been with the company since day 1 or something?!

We pay by cheque and bitcoin only.

Madness...

DesperateDan

I thought there was like a €5 charge now for the banks to even catch the smell a cheque?

Seems totally ridiculous, we live an age where there are literally hundreds of alternatives that would be cheaper and almost instant. Are they paying some old one to do these who's been with the company since day 1 or something?!

OMM 0000

daheff wrote: »

you need a new bank.

also i'd suggest you get somebody in who knows what they are doing bankwise as it looks like your person doing it is trying to make payments as a wire rather than a SEPA transfer (assuming its EUR -otherwise ACH).

Small Japanese bank. Not an option.

Salary Negotiator

silver2020 wrote: »

checks in the US take 5 days too, but most banks allow the funds become "available" within a couple of days.

Same here, you can ask your bank to make cheque funds "available" upon lodgement.

Similar in the UK (when I was working there pre-2014), cheques cleared in 6 days but interest was paid after 2 and funds were available after 4.

silver2020

daheff wrote: »

maybe, but they are more automated in the processing of checks that Europeans are.

Checks in US can clear in a day or two. takes about 5 days here. Also you can get check scanners/lockboxes in the US with automate a lot of the processing of the checks. US banks can issue, print and post checks online (or via a file).

still bloody backwards, but a more automated way of being backwards.

checks in the US take 5 days too, but most banks allow the funds become "available" within a couple of days.

Same here, you can ask your bank to make cheque funds "available" upon lodgement.

daheff

NSAman wrote: »

Cheque/Check its all money.

If you don’t want it send it my way.

I know I am in another country, but most staff here are paid by check. American Banks are archaic...

maybe, but they are more automated in the processing of checks that Europeans are.

Checks in US can clear in a day or two. takes about 5 days here. Also you can get check scanners/lockboxes in the US with automate a lot of the processing of the checks. US banks can issue, print and post checks online (or via a file).

still bloody backwards, but a more automated way of being backwards.

daheff

OMM 0000 wrote: »

I pay my staff by cheque.

Our company's online banking is crap, and they charge EUR 20 for each transaction.

So cheque it is...

We're a software company.

you need a new bank.

also i'd suggest you get somebody in who knows what they are doing bankwise as it looks like your person doing it is trying to make payments as a wire rather than a SEPA transfer (assuming its EUR -otherwise ACH).

OMM 0000

Hoboo wrote: »

€20 transaction charge per person seems strange, who's that with?

Or is it €20 for the total payroll?

Japanese bank.

EUR 20 each.

OMM 0000

pjdarcy wrote: »

Could the billionaire not cover the cost of the 20 euro per transaction?

May seem hard to believe, but these rich dudes are the toughest when it comes to small expenses like this.

pinkypinky

If your salary is a fixed amount per month, you could ask for a standing order instead. I did this when I went to work for a small company some years ago and they agreed.

Also the bank should clear the cheque quicker if you indicate it's a salary cheque - you may need to get the company to provide a letter on headed paper or something.

OMM 0000

dotsman wrote: »

And, yet, you continue to bank with them?

It's the same bank our owner uses. He has a relationship with them.

NSAman

Cheque/Check its all money.

If you don’t want it send it my way.

I know I am in another country, but most staff here are paid by check. American Banks are archaic...

nuckeythompson

Had something similar in a company I used to manage, the real reason for this was CASH FLOW !!
All employees were given time to go to the bank to lodge/arrangements etc.

We did have months where the cheque was a day late, or delivered not in time to go to the bank on the same day.

Hoboo

OMM 0000 wrote: »

Our staff can work from home as much as they want, we have no set hours, and we have unlimited holidays.

We are a cutting edge software company (machine learning) owned by a billionaire...

Seems strange, I guess...

€20 transaction charge per person seems strange, who's that with?

Or is it €20 for the total payroll?

pjdarcy

OMM 0000 wrote: »

Our staff can work from home as much as they want, we have no set hours, and we have unlimited holidays.

We are a cutting edge software company (machine learning) owned by a billionaire...

Seems strange, I guess...

Could the billionaire not cover the cost of the 20 euro per transaction?

Del2005

dotsman wrote: »

And, yet, you continue to bank with them?

Very few people switch accounts, or utilities provider, it's why banks give loads of free stuff to students. If people don't switch to save themselves money why would you assume that people running businesses switch?

dotsman

OMM 0000 wrote: »

I pay my staff by cheque.

Our company's online banking is crap, and they charge EUR 20 for each transaction.

So cheque it is...

We're a software company.

And, yet, you continue to bank with them?