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View Full Version : The Government Is Forcing Me To Get Direct Deposit



jeffg-body
04-24-2012, 01:19 AM
By the end of the year our government is hoping to get everyone who receives service connected disability payments on direct deposit. Hoping is their word but they also discuss that people who don't sign up will get a pay card and it will charge for transactions. This truly sucks for me because I will usually hold back a little for any tool or other purchases now that all of my check will be going straight to the bank account and I will have to give up getting a few small purchases I do every month. I have always preferred the check myself for that reason. Now I will have to show the actual price of stuff and my wife will be seeing that. She does the same with her part-time work of delivering phone books. I had to do direct deposit with my new part-time job as well, and that is ok with me there. Being in the business that I am of buying, rebuilding and selling engines sometimes I might have to dip into my cash reserve to get better quality parts to make extra money and make the engine easier to sell. I always pay it back afterward. I can see the wife freaking out a little bit if I had to dip into our account a couple hundred bucks to make a profit of 500$ extra on an engine. Hopefully in the next few months I will get the approval for my VA grant and have an actual shop where I will have that cash reserve to not touch that personal cash. I guess I am just an old fart who prefers to see the check in my hand.

indygeezer
04-28-2012, 05:25 PM
set up the account and "designate" it as a business account or tell your wife that's what it is and then USE it that way. No guilt no lying. As soon as the check is deposited write a check to the wifes account and deposit the requisite amount keeping back what you need for business expense.

jeffg-body
04-29-2012, 12:53 AM
That does sound like a good plan, I need to establish a business account anyway, especially now that things are starting to take off.

Stryder
04-29-2012, 09:22 PM
Better to be honest and upfront with money than not...something I've learned over the years...

jeffg-body
04-29-2012, 11:25 PM
I like your ideas, it also may lessen the sticker shock for tools, parts and supplies if it were a totally different account. She is not familiar with the prices for good quality tools, parts and everything else it takes to operate a business. I have been working with her on advertising and she is ok with business cards and a few other things. I am still working on her with things like magnetic signs for the truck and operating a website. I think the VA grant will help with that stuff too.

indygeezer
04-30-2012, 07:54 AM
I like your ideas, it also may lessen the sticker shock for tools, parts and supplies if it were a totally different account. She is not familiar with the prices for good quality tools, parts and everything else it takes to operate a business. I have been working with her on advertising and she is ok with business cards and a few other things. I am still working on her with things like magnetic signs for the truck and operating a website. I think the VA grant will help with that stuff too.

It's a VA grant not an SBA one? I'm not familiar with those...but I got turned down for an SBA loan (I wasn't hiring enough people...like, none)

Major Cold
04-30-2012, 04:21 PM
You sound like you know about your buisness/hobby and you know your wife. I understand the shock of a high withdraw from your personal account.

I think that what Geezer suggested is perfect. It is upfront and it allows you to spare your wife from seeing those paper trails to the strip club.....I mean withdraws for engines. :)

gummy
04-30-2012, 04:23 PM
Please pardon me for saying so, but it sounds like this is more of a problem of communication about money between a couple than it is about the government trying to institute cost effective policies. You could definitely just setup a business account if you want to continue on with not explaining things - banks will be happy to assist you with that process.

My wife and I have multiple budgets worked out (personal and business) and we both understand them and work within them. I can't remember the last time either of us had to justify a particular purchase to the other or the last time we had a fight about money even though finances have been tight for the last couple of years. It took some doing to hammer it out in the beginning (we each have "regular" jobs and also self-employment, so that included explaining the parameters of our work to one another), but it has been soooo worth it.

I wish you good luck with your business, whatever you decide to do!

Sparhawk
04-30-2012, 04:29 PM
Not an issue for me. My wife knows what I make and vice versa. Helps us plan our our bills so we can budget for a home that we want to buy soon.

I love direct deposit. I hate going to the bank. Every time I want to go to the bank they are closed. ***** them!

gummy
04-30-2012, 04:31 PM
Not an issue for me. My wife knows what I make and vice versa. Helps us plan our our bills so we can budget for a home that we want to buy soon.

I love direct deposit. I hate going to the bank. Every time I want to go to the bank they are closed. ***** them!

:laugh: Me too. I've been carrying around a growing number of checks for weeks now and I never seem to get there in time. If everyone started paying me in bank transfers tomorrow I'd be a happy clam.

travmil
04-30-2012, 07:27 PM
:laugh: Me too. I've been carrying around a growing number of checks for weeks now and I never seem to get there in time. If everyone started paying me in bank transfers tomorrow I'd be a happy clam.

If you have Chase or PNC you can deposit checks with your smart phone, up to $5k per month. No trip to the bank at all. With PNC your account has to be one of their "Virtual Wallet" accounts.

SycamoreKen
04-30-2012, 10:10 PM
Our credit union does deposit by phone as well, so you may check your bank to see if they have an app for that.

indygeezer
04-30-2012, 10:30 PM
As does M-I Bank and my Credit Union.

Actually, my credit union allows you to scan it in to a computer and email it to them. That's shaky IMPO.

gummy
05-01-2012, 12:13 AM
If you have Chase or PNC you can deposit checks with your smart phone, up to $5k per month. No trip to the bank at all. With PNC your account has to be one of their "Virtual Wallet" accounts.

Interesting! I do have Chase - thanks!

jeffg-body
05-01-2012, 12:33 AM
It's a VA grant not an SBA one? I'm not familiar with those...but I got turned down for an SBA loan (I wasn't hiring enough people...like, none)

Yeah the VA has a program called Chapter 31 for vocational rehabilitation for Veterans who have service connected disabilities and some kind of barrier to work full-time. Most people end up going back to school or having the counselors help find another job that they can do. I was their first person to make it past having SCORE review my business plan and they really didn't know what to do. After some research they sent my business plan to a professor at Notre Dame and he was supposed to review it and contact me if there were any problems. It was supposed to be a three week thing but it has been five now and we have gotten no feedback yet. The local VA can offer up to 25,000 to help buy equipment, tools, supplies and parts inventory. The only things they can't help is with rent or lease, buying property or utilities. I started this journey in September when I was laid off from my job. It is a great program for any disabled vet to go into. The self employment option is used so rarely that they didn't know what to do, but they figured it out and finally the wheels are going. If disabled vets could just go through the VA website they have a lot of good opportunities for people to improve their lives. I am also doing a weight loss program there called MOVE. I meet monthly with the nutritionist and we set a goal of how many pounds to lose. They also have a gym that people can go to 3 times a week but they need to see their doctor there and they have to get a prescription to be able to use the gym. The VA has a lot of stuff people don't know about that is good.