What Does A Bank Receive ...

[ConstitutionCowboy]

Anyone know what a bank receives from the government for handling social security deposits? I doubt they do it for nothing.

Woody

 

[OK Corgi Rancher]

Pretty sure it's like any other direct deposit. I doubt it costs the treasury anything.

I did find that Social Security says it costs about 45 cents to process and mail a check but only 4 cents for direct deposit. But it didn't specify what that cost was for. I assumed administrative fees.

When I owned a business and used DD to pay employees there was a small fee to set it up but it was a one-time thing. There was no transaction fee.

 

[Gunbuffer]

Anyone know what a bank receives from the government for handling social security deposits? I doubt they do it for nothing.

Woody

They receive the opportunity to sell
You old farts checks and checkbooks. And to ding your butt with an overdraft fee when you forget to enter a check

 

[TerryMiller]

They receive the opportunity to sell
You old farts checks and checkbooks. And to ding your butt with an overdraft fee when you forget to enter a check

Hey...

...not all old farts use checks and checkbooks. Wife's been doing online banking and bill pay for quite some time.

 

[Gunbuffer]

Hey...

...not all old farts use checks and checkbooks. Wife's been doing online banking and bill pay for quite some time.

Well no kidding, I qualify as an old fart too.
Or at least a pretty musty one