Bouncing a check can be very expensive and can even cost you in fees more than the amount of the check you wrote. Considering that, you should be proactive in recouping any fees that you incur for bouncing a check and there are many ways that you can do this.
Banks reserve the right to assess customers fees if they write a check for which they do not have the funds to cover. Over the past few decades, these fees have steadily increased, with some banks charging as much as $40 for each insufficient funds transaction. So if you write a check for say a $25 shirt, that shirt could end up costing you $65. On top of that, the merchant you wrote the check to can also assess you a fee if the check is returned by the bank. There are instances when the bank will pay the check for you so that it is not returned. However, that “favor” will lead to your account having a negative balance and the possibility of future checks that post to your account also bouncing.
Talk To Your Bank
It is very important to have a good rapport with your bank. If bank representatives are familiar with you and your banking habits, they may be more willing to work with you if you bounce a check. Because so much in banking that deals with individual transactions is computerized, a bank representative will be less likely to catch a check that bounces before the bounced check fee hits your account. In these cases, you may be able to go into your bank and speak to someone personally. If you are not a habitual bad check writer, they may reverse the bounced check fees.
Now read about what to do if your employer withholds your final paycheck!
You’ve reported to work on time. You’ve always performed at your highest. The time comes when you must leave your job, for whatever reason, and you expect to receive your last paycheck on the regular pay day. You may be in store for a rude awakening. Federal law states that employers don’t have to give you that last check immediately.
According to the U.S. Department of Labor, “employers are not required by federal law to give former employees their final paycheck immediately.” The only time an employee could have some recourse is if the employer still has not paid them by the time the last pay period for which they should have been paid has passed.
While the federal law is in place, states have the discretion of requiring that employees be given their final paycheck immediately.
Laws vary based by state
As with many labor issues, states have the power to make the final decision when it comes to how soon an employee should receive their final paycheck, and those laws vary greatly. Most states require employers to give departing employees their final paychecks in fairly short order – sometimes on their last day of work. In some states, these time limits vary depending on whether the employee quit or was fired.
For the most part, the rules governing how soon an employee must be given their last paycheck apply to all workers, regardless of whether they quit or if they were fired. For example, inMissouriall unpaid wages must be paid to workers as soon as the work relationship ends.
What Final Check Includes
Your final check should include any vacation time that you have accrued. In some cases, the sick time you have accrued is included. However, these inclusions vary by state and should be reviewed with your state’s labor department.
There are certain nuances that are applicable in determining which employees can receive their paychecks immediately. For example, some states won’t require an employer to pay immediately to workers whose wages are primarily commission based. Also, for example, inMissouri, if your job responsibilities include account collections, overseeing stock or merchandise the employer may hold the final paycheck until the final reconciliation of the books can be done.
Your employer does not have the right to woefully withhold your paycheck.
If an employee believes that their employer is deliberately withholding their last paycheck, the individual has the right to contact the U.S. Department of Labor’s Wage and Hour Division or their state labor department.
By Mia DeSue
It’s easy to amass an overwhelming amount of debt. A shopping spree, vacation or medical emergency can cause your debt to soar in a matter of days. However, it could take years to pay it off. Creating and living by a five-year plan to reduce your debt can help you get out of this financial nightmare.
- Set Goals
- Before you set the specific terms of your debt-reduction plan, set clear financial goals that you want to achieve. Financial goals are crucial in helping you achieve the things you want. Reaching the goals requires planning, patience and the willingness to work hard to save as much as you can.
Compile List of Debts
- Compiling a list of your debts can help you reach your financial goal of being debt-free in five years. It is crucial that you get a handle on your debts when you create your debt-reduction plan. You must have a clear understanding about how much money you owe. This includes everything from your mortgage and car payments to medical bills and student loans. Gather your bills, invoices and statements and tally them up. This total will be your starting point in figuring exactly how much money you will need to bring your outstanding balances to zero within five years.
Create a Budget
- Budgets are crucial in helping you spend within your means. The amount of money you are spending to reduce your debt over the course of the five-year plan should be included in your budget. For example, if your five-year reduction plan requires you to dedicate 5 percent of your income to your outstanding debts, that amount should be included in your budget.
- Structure your budget so your rent or mortgage is paid first. Next, pay the loans or credit cards with the highest interest rates. Place a high priority on paying debts that have been sent to collection agencies. You may be able to negotiate a payoff settlement that reduces your bill. A creditor may be willing to lower the amount you owe, your monthly payments or your interest rate.
- Your five-year plan should include extra payments that you make on your outstanding debts. Get in the habit of paying more than the minimum amount due. Although you may not be able to double the payment on your debts all of the time, the times you do will contribute greatly to your goal of reducing your debt. Consider getting a second job to help pay down your debt.
No New Debt
- Over the course of your five-year debt reduction plan, you should not take on any new debt. That would defeat the purpose of trying to get out of debt. You may be tempted to open new credit accounts, especially if they come with no or low interest rates. However, you must be disciplined and keep your goal of getting out of debt in mind.