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> Hwo Do You Take Care Of The Comcheks?
Bog Truck
post Jul 7 2009, 07:50 AM
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Hi all,

I need an advise for a way to cash/store the comcheks. I am not getting too many of them, let say 4/5 a month but still. Can you recommend me a Comchek card or some kind of service that makes them easier to use.

Thanks
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Don Jones
post Jul 7 2009, 02:18 PM
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You need to provide more information before any of us can give you good answers. Like how big are they, what are they for, what other means of getting money made available do you have.

First observation is that ComCheks have universal service fee that either the people issuing the check or the person receiving it will pay to Comcheck and most businesses have limits on the amount of cash they will give you and many charge for cashing them.

Second observation is that most if not all banks have NO idea how to deposit a Comcheck. Most banks will NOT cash a Comcheck.

Based on the presumption that you are referring to significantly large settlement checks AND that you have a workable way of depositing regular checks and then accessing your money, my best suggestion is to teach whoever currently handles depositing your regular checks how to fill in the express code, payee and so on,THEN how to get the authorization code from Comcheck and where to put it on the check. WITH the handwritten Comcheck PROPERLY AND COMPLETELY filled out,INCLUDING THE AUTHORIZATION CODE FROM COMCHECK, most banks will accept them for deposit just like a regular check and process them the same too. On the otherhand, WITHOUT the authorization code and the rest of the information properly filled out I can almost guarantee that the bank will accept it for deposit but NOT know how to get an authorization code -- or just forget to do it -- and Comcheck will refuse to cash it and the bank will process it just like a bad check that you might deposit.

My best advice is to avoid ComCheks as much as possible. I have found that if direct deposit into your bank account is an option, even at a reasonable fee, it is far better than using ComCheks -- unless you need immediate access to money on the road. That is why many larger companies and most governmental agencies strongly encourage you to use direct deposit and most banks prefer it too.

Good luck.

Don Jones

I'm fairly sure that someone will have different and maybe better advice but that is what I learned over the years
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John Ewing
post Jul 7 2009, 09:57 PM
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I can't add much to what Don said. What are you using the comchecks for?

My advise to everyone out there - start putting a little away each week until you get to the point where you can operate for a week without taking any advances. I regularly see drivers who are taking 3 or 4 advances a week @$1.25 or more each. That's 4*!.25=$5.00 a week or $260/year. If you like throwing money away keep getting advances, but I think you'd be happier with that $250 in your pocket instead of Comdata's.

When my wife and I ran we put everything including fuel on a credit card that gave us points or cash back. Each week when we'd get out settlement we'd set aside whatever we' spent that week so we'd have the money to pay off the card when the bill came - so at the end of the month we'd not only have our $5.00 from not taking cash advances we'd also have our 1% cash back. If you spend $10,000 a month for fuel, food, etc. that's another $100 in your pocket every month. BUT be sure you can put the money aside each week - if you miss paying the card off at the end of the month you'll be serious trouble as the interest will kill you. Once behind it's VERY HARD to get caught up, so be sure you never get behind.


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Bog Truck
post Jul 7 2009, 11:17 PM
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Sorry I had to be more specific. And thank you for your answers.

I have a truck hauler and sometimes the dispatch companies send me instead of regular checks, Comchek code. I would love to be able to bypass any load that is paid with Comchek but I cannot. Most of the companies usually send a Comchek a day or two at most after I made the delivery while for regular checks takes from 20/30 days to 3th call that I made to them.

What I am doing by now is I go to a truck stop where I fill up my tank and sometimes I am able to get the rest in cash. But some truck stops do not like to give cash. So now I am looking for some type of card that I can put all those comcheks and use them when possible.

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John Ewing
post Jul 7 2009, 11:35 PM
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Two possible solutions -
1. go to your bank and talk with them and see if they'll process the comchecks for you if you give them the authorization number they need. I don't believe they need an actual check in hand to do that, just the numbers and they should be able to process the check and get it deposited into your account.

The other option is to get a comdata account and get a fuel card from comdata. You could then just have the checks deposited into your comdata account and you could use the account to purchase your fuel and then transfer any left over money out of the comdata account to your regular bank account. I believe comdata and other card providers have a way to transfer money back and forth between your account with them and other bank accounts.


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Don Jones
post Jul 8 2009, 02:31 PM
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How often are you home? If you are home frequently enough to wait until then, contact Comdata and explain things to them. Ask them to send you some actual blank ComCheks, then fill them out when you get home, call Comcheck and get an authorization code for EACH individual check, and fill it in. Then just deposit them to your bank. If not, then find someone you trust and train them to do it for you.

Where do you run? If possible fuel at the TA and Petro chains because they all will give cash back gladly. If you don't fuel, they may charge you and they will only give either $200 or $300 in cash.

Try to talk to the person paying the freight about either using direct deposit IF you haul consistently for the same customers, or about getting a regular check cut right away. I'll bet you will find that the ones who pay promptly by Comcheck will pay promptly by regular check too. The ones that make you wait are just using your money or operating with too little cash reserve so they delay paying you as long as possible, regardless of how they pay you.

John,

Where have you been --$1.25 for an advance? Try $6.00 per Comcheck up to $999 each and most brokers/carriers have a fee of around $25.00 for an advance regardless of how much it is. Also, some of them charge an additional percentage fee over and above their flat fee.

Man you have been off of the road for tooo long. You lucky dog! I'm looking for something I can do besides drive and still make a living too. I envy you.

Don Jones
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John Ewing
post Jul 9 2009, 12:05 PM
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Don, I get my info mostly from company databases I see - I don't see many drivers databases so it may be more for drivers I know Comdata, like most credit card companies, is burning the candle at both ends. The company fees I see, and these are usually passed on to the driver, run $1.25 to about $3.00 for every transaction. If a driver is getting charged $6.00 to get $50 in cash then he needs to find a better way to manage his cash blink.gif

As I've said over and over - STOP TAKING ADVANCES - this borrowing against tomorrow to pay for today is what got us into the fix we're in now. I remember a line from Sixteen Tons (now that should date me ph34r.gif ) -

You load 16 tons and what do you get
Another day older and deeper in debt
Saint Peter don't you call me 'cause I can't go
I owe my soul to the company store.

Basically that's what this system of getting paid in advance is doing to everyone. You take out your money daily and then when you get your check there's nothing left over to get you through the next week and you're right back where you started.


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Don Jones
post Jul 10 2009, 02:12 AM
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AMEN on owing your soul to the company store.

Don
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