Taliesihne
Title: Wind on the Deep Waters
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Those with banking knowledge - question about direct deposit
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At what point does it become difficult for an employer to reverse a direct deposit?
Say Money is credited on a Friday - by Monday afternoon is it difficult to reverse the deposit?
I'm aware that employers can do this, I'm just wondering what the window of opportunity is for them?
If you notify the bank this may be happening, can they help?
Any info you OP experts have would be helpful. Thanks.
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Crackdoc
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Those with banking knowledge - question about direct deposit
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http://www.nationalpayrollweek.com/edu_direct_deposit.cfm
edit -> other opinion location specific http://www.fms.iu.edu/payroll/direct_deposit_info.asp
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Cawlin
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Those with banking knowledge - question about direct deposit
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Pretty sure they can reverse the transaction for quite a while...
http://www.expertlaw.com/forums/showthread.php?t=25617
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Taliesihne
Title: Wind on the Deep Waters
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Those with banking knowledge - question about direct deposit
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That gives me what I need to know.
Thanks!
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ZigmundZag
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Those with banking knowledge - question about direct deposit
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Yeah, I don't see a few days being a problem. I've seen them reverse transactions up to about two weeks out I think, just because it took my wife and I awhile before we realized the issue.
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Taliesihne
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Those with banking knowledge - question about direct deposit
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Looks like they need justification to do it and it's an all or nothing kind of deal.
They would need to eventually prove I was overpaid - they couldn't just take it back out of spite.
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Crackdoc
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Those with banking knowledge - question about direct deposit
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Banks are the Debil!
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Cawlin
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Those with banking knowledge - question about direct deposit
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Taliesihne posted:
Looks like they need justification to do it and it's an all or nothing kind of deal.
They would need to eventually prove I was overpaid - they couldn't just take it back out of spite.
Be advised though that banks will nearly universally side with the bigger, more official party in a transaction even to the point of bending/breaking the rules. They never get held accountable/responsible/have to pay remunerations, so they do this sort of thing. This isn't a 99%/1% statement, it's just a statement of experience, and as it turns out, borne out in that thread I linked too...
Hope it works out for you man.
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ZigmundZag
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Subject:
Those with banking knowledge - question about direct deposit
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What Cawlin said. If your employer's bank requests a return on your direct deposit within a reasonable timeframe, your bank will almost certainly accept the request. If they think you're overpaid, they'll remove the entire deposit and reissue a smaller one. If you disagree with it, your bank will tell you it's between you and your employer.
What's more, if the sudden reversal of your entire direct deposit leaves you with a negative account balance, you could still be on the hook for overdraft fees, so be careful.
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Taliesihne
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Those with banking knowledge - question about direct deposit
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I understand.
The answer I was really looking for was whether or not a few days mattered. It doesn't.
Worst case scenario - I get screwed and have to fight in court, where I would eventually win.
If you are curious, I'm going to have to quit my job on no notice - wondering if waiting for the monday following my bonus payout is worth it, or just getting an early start to my vacation.
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Sansfear
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Those with banking knowledge - question about direct deposit
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If you think they seriously will do this, wait until Monday and withdraw all funds via cashier's check and close the account. You can always start a new account.
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gatzby
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Those with banking knowledge - question about direct deposit
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I worked for a bank, and I can guarantee closing the account will not stop the bank from withrawing the funds at the company's request. And that also puts you on the hook for overdrafting your account.
Your direct deposit agreement with your company has a clause that states they can go into your account at any time and remove funds they believe were given to you inappropriately.
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Taliesihne
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Subject:
Those with banking knowledge - question about direct deposit
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My company stresses all the time that they are 'at will' and that we live in a 'right to work' state.
That is a two way street.
The end of next week\the beginning of the week after is going to be interesting to say the least.
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DemonicXH
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Those with banking knowledge - question about direct deposit
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I would request a hard check from the payroll people if you are wanting to leave your job. If they ask why just tell them you want it to go directly into an IRA or something rather then where it goes normally.
Or the other route is to close the account once it's deposited and reopen at another bank.
I closed an account to some regional bank 4 years ago and then somehow the account went negative. I still haven't paid it, wasn't my fault lol.
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DemonicXH
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Those with banking knowledge - question about direct deposit
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If you don't mind telling, why are you quitting?
With out crappy economy I don't see many people quitting their jobs unless something else better comes along.
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AzureTyger
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Those with banking knowledge - question about direct deposit
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My former employer was well know for screwing with people's direct deposits who left without notice or who gave notice and were told to go ahead and leave. When I left I waited until my yearly bonus had cleared, transferred all of it out into another account and then gave notice. It just happened that three of the upper managemt people were vacationing in Hilton Head at the time, so no one pulled any crap.
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Taliesihne
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Those with banking knowledge - question about direct deposit
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DemonicXH posted:
If you don't mind telling, why are you quitting?
With out crappy economy I don't see many people quitting their jobs unless something else better comes along.
Gonna answer both your comments here cause I'm a lazy SOB.
Paper check is out. That means notifying them I'm leaving, which in turns means I don't get something that I earned. They will unquestionably screw me.
As to why I'm leaving, it's a long story. The short version is they have treated me like crap and have pigeonholed me in a role I do not want to perform and is not conducive to my long term goals. So I took another job.
I start 2 weeks from Monday. When I accepted the offer, I based my leave date on getting my bonus, then turning in my two week notice and taking a week of vacation before the start of the job.
The date is set in stone at this point and they are two weeks late on bonus payouts. So as soon as I get it, I'm done. The only question is whether I quit the day they are handed out or wait until the following Monday.
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vn_nnanji
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Those with banking knowledge - question about direct deposit
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Get your legal ducks in a row before the check comes in. Then when it does empty the account and change banks. A check like that is available the moment it hits your account. They might be able to recall it from an active account at the bank they sent it to but if you take the money and run to the bank across the street there is nothing they can do.
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Taliesihne
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Those with banking knowledge - question about direct deposit
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Legally I should be fine.
Right to work\at will is pretty clear - I can leave any time for any reason. I'm not going to work for a competitor or even in the same industry, so I can't get nailed by non-compete. And NDA isn't an issue - I've been working under one so long 'not revealing trade secrets' is second nature - and again, I'll be in a different industry.
They don't even have an official company policy about bonuses, so trying to argue that I didn't adhere to 'the rules' won't work.
Tbh, I am being paranoid. Just want to know what my options are.
Temporarily opening another bank account is probably my best bet.
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Elkad
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Those with banking knowledge - question about direct deposit
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Go tell payroll your bank account is FUBARed and they need to stop making direct deposits and cut you a paper check. Tell them you lost a checkbook and might need to close the account or something.
Of course a paper check might delay your payout a couple more days.. Or have a hold to clear.
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vn_nnanji
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Those with banking knowledge - question about direct deposit
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Taliesihne posted:
Legally I should be fine.
Right to work\at will is pretty clear - I can leave any time for any reason. I'm not going to work for a competitor or even in the same industry, so I can't get nailed by non-compete. And NDA isn't an issue - I've been working under one so long 'not revealing trade secrets' is second nature - and again, I'll be in a different industry.
They don't even have an official company policy about bonuses, so trying to argue that I didn't adhere to 'the rules' won't work.
Tbh, I am being paranoid. Just want to know what my options are.
Temporarily opening another bank account is probably my best bet.
I would think you would need to close the account. If it's active and they have the right to recall the check it's feasible you could overdraft or go negative. They can't recall funds from a closed account.
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