
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, July 1, 1994                   TAG: 9407010062
SECTION: BUSINESS                    PAGE: A13   EDITION: METRO 
SOURCE: MAG POFF STAFF WRITER
DATELINE:                                 LENGTH: Short

SUPER PAYDAY MAY STUFF BANKS

If you have to go to your bank today, you can expect to stand in a long line. Today could well be one of the biggest paydays in history.

July 1 is what is known in the banking industry as a "lost Friday," when the first day of the month falls on the last day of the week.

When that occurs, people who get paid weekly, every other week, monthly or twice a month all receive their paychecks on the same day.

Banks report that such a day increases check volume by 20 percent to 50 percent.

This time, 40 million Social Security payments will be made today as well, because the usual payment date falls during the Independence Day weekend. Of that number, 44 percent are issued by checks that must be deposited in a bank.

Friday falls on the first day of a month a few times a year, but all these factors combined make this particular Friday the largest payday since Dec. 31, 1992.

The multiple payday situation usually translates into gridlock for those who have to make a special trip to a financial institution to deposit their payroll or benefit checks.

The news about ``lost Friday'' comes from the Virginias Automated Clearing House Association, an industry group devoted to encouraging people to use direct deposit instead of making a trip to the bank.

by CNB