Thoughts on going direct deposit

[timelessgizmo]

Hi, I posted here before and got a lot of good replies. I'm a Licensed appraiser working in San Antonio. I'm working with my supervisor until I become certified and she retires. In doing that, she gave me a lot of advice on going out on my own. She is a very good appraiser but is kind of old-school. Part of the reason she has decided to retire is because she doesn't want to try to keep up with the new technologies and the lack of personal interaction anymore. But she has told me I should try to go direct deposit because she has relied on mailed checks for most of her career but recently she has warned me that the checks are either coming in very slowly or she keeps getting asked if she was paid or not and then has to send in an email asking for a new check. So, does anyone have thoughts on going direct deposit instead of mail-in check?

 

[Fernando]

Hi, I posted here before and got a lot of good replies. I'm a Licensed appraiser working in San Antonio. I'm working with my supervisor until I become certified and she retires. In doing that, she gave me a lot of advice on going out on my own. She is a very good appraiser but is kind of old-school. Part of the reason she has decided to retire is because she doesn't want to try to keep up with the new technologies and the lack of personal interaction anymore. But she has told me I should try to go direct deposit because she has relied on mailed checks for most of her career but recently she has warned me that the checks are either coming in very slowly or she keeps getting asked if she was paid or not and then has to send in an email asking for a new check. So, does anyone have thoughts on going direct deposit instead of mail-in check?

I like direct deposit. No problem.

 

[Fernando]

Like your old supervisor, I can't keep up with the new technologies and I missed the personal interactions.
Before I use to work with mortgage brokers. With Fernando charm, I was able to get lot of work.
Now, assignments are based on lowest fees.
Need new way of making money as an appraiser and I'm not as aggressive as when I was younger.

 

[Vermonter]

So, does anyone have thoughts on going direct deposit instead of mail-in check?

Most local clients do ACH straight into the account. My biggest client (credit union) still mails paper and it's annoying.

I still require paper checks from private assignments, mainly because there are no real good options for electronic P2P without risk of chargeback.

 

[Joe Flacco]

You want to be paperless and payments are just a part of that.

 

[Elliott]

There's a scene in a movie from the 50's where a young lawyer is trying to buy an old farmer's land because there are oil fields all around him. The farmer is content with his life and his children and their children are living with him and his wife. The lawyer says, "I can write you a check tomorrow for $100,000. The farmer opens up a drawer next to his chair and it is filled with checks and he says, "Why would I need another check, I've already got plenty of checks."

Before on-line banking, I use to throw my checks in the drawer and deposit them about once a month, and when I quoted a fee and the other side countered I'd think of that movie scene and think, 'why do I need another check, I've got a drawer full of them."

Until we all get hacked and ransomed, on-line banking is great.

 

[TC]

Like your old supervisor, I can't keep up with the new technologies and I missed the personal interactions.
Before I use to work with mortgage brokers. With Fernando charm, I was able to get lot of work.
Now, assignments are based on lowest fees.
Need new way of making money as an appraiser and I'm not as aggressive as when I was younger.

I get worried when I agree with you.

 

[Raven59]

It's much better than hearing "it's in the mail." ACH is great.

 

[Fernando]

The problem with checks in the past is that sometimes I forget to deposit them.
I was clearing my drawer one time and found an undeposited check dated ten years ago. Ugh.

 

[Tom D]

my direct lenders don't charge for direct deposit, it does make like easier. some portals/AMC charge extra for depositing your money, that is irritating cost, me no use them.
now with my phone depositing check, that is a small business pleasure.