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Old 9 September 2005, 20:58
PSYWAR 1-0 PSYWAR 1-0 is offline
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Direct Deposit Warning

Many of you Im sure have a "Direct Deposit is a Condtion of Employment" clause in your contracts. While 9 out of 10 times this is a very convienent way for your family to have access to your money while you are away at work, it can turn into a nightmare.

Recently a coworker gave his 2 week notice to the company. The Company determined that he owed the company money. Without any legal judgement or court ordered garnishment of his wages, against the employee, the company used his direct deposit authorization to "Raid" his bank account for the sum that someone in Payroll dertermined that he owed the company.

Today I contacted my bank to ask if this was in fact possible, the below is my banks response:
"Giving your employer access to your account to directly deposit your payroll check does authorize them to withdraw funds, if needed. This will usually occur if there was a mistake in the amount that was credited to the account."
Bottom line is that to protect yourself and avoid a string of bounced checks that could affect your security clearance, have an account that only serves as a transit point for your paycheck. Transfer the funds out at 00:01 hrs on payday.
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Old 9 September 2005, 21:01
SgtUSMC8541 SgtUSMC8541 is offline
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Outstanding post.
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(Insert your name), what you've just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points, and may God have mercy on your soul.

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Old 10 September 2005, 07:38
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Sniper111 Sniper111 is offline
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THANKS!!!

Contacted my bank and got a similar response. Just adjusted mine accordingly and left instructions for the wife to arrange a 00:01 transfer.

We all owe you a couple cold ones.
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Old 10 September 2005, 11:40
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I set up an ING Savings Account and linked it to my checking. Transferred money as stated above, online from a computer at K2 Airfield. Easy Cheezy.

P
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Old 10 September 2005, 11:46
PSYWAR 1-0 PSYWAR 1-0 is offline
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Quote:
Originally Posted by Polypro
I set up an ING Savings Account and linked it to my checking. Transferred money as stated above, online from a computer at K2 Airfield. Easy Cheezy. P
I thought about that, but in discussions with my bank, they stated that they would automaticly move money from one account to another if one became overdrawn. Currently with my work schedule one payday is while Im downrange and the other is while im on break. When Im home I will simply do a counter withdraw and run down the street to my other bank. Doing an Online transfer from one bank to the other will take 3 business days.
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Old 10 September 2005, 11:53
SgtUSMC8541 SgtUSMC8541 is offline
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[QUOTE=PSYWAR 1-0]I thought about that, but in discussions with my bank, they stated that they would automaticly move money from one account to another if one became overdrawn. [QUOTE]

Not all banks will do this. Most will ask you to sign some paperwork BEFORE they will let this happen (If they don't do it, then they get to charge you for being overdrawn) A way arround this is to have two checking accounts instead of a checking and a savings account. Savings can be "linked" to a checking account much easier than two checking accounts to each other.
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You do not greet Death. You punch him in the throat repeatedly as he drags you away.

(Insert your name), what you've just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points, and may God have mercy on your soul.

USMC. We put the FUN in Fundamental Extremist! :cool:
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Old 10 September 2005, 14:18
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Exclamation

[QUOTE=SgtUSMC8541]
Quote:
Originally Posted by PSYWAR 1-0 [QUOTE

A way arround this is to have two checking accounts instead of a checking and a savings account. Savings can be "linked" to a checking account much easier than two checking accounts to each other.
a bit confused; are we saying Chkg+Chkg is wiser than a Chkg+Svngs?

some banks will also charge for overdraft, transfer of funds, and falling below minimum bal. fees; that's three fees for one bounced check.
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Old 10 September 2005, 15:31
Sweetbriar Sweetbriar is offline
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A checking account linked as a dependant account to a savings account is very common in banking. Sometimes the linkage is you must maintain the savings to get free checking, sometimes it is to act as overdraft protection. Checking accounts are not commonly linked to each other as dependant accounts - if you bounce out of one, it is up to you to transfer out of the other. When you sign up for direct deposit, you specify the account, NOT all accounts in your name. Since checking accounts are not internally linked by the bank to each other, your direct depositor has access to only the account named.

If you don't know your institution's accounts policy - find out. It's up to you to learn how to manage your money. The bank officer sitting at the desk knows the answers to your questions (if they've been employed there over two years), so sit down sometime and ask them. (Sorry folks, but the new college grads hired in on their first job are a bit worthless - go for the old lady that's been there forever.)
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Old 10 September 2005, 16:59
doitforjonny doitforjonny is offline
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or just make sure said account is empty before doing anything drastic?

like mentioning career moves to the employer?

what i dont get is if a bunch of these companies are paying us as ICs, even though everyone knows damn well we are not by the letter of the law, how would a bank treat the same relationship stateside for compensation for services....ie when was the last time you heard someone skinching money from a construction job (general contractor as a fer instance...another form of IC) once paid for, direct deposit or not.

this is confusing and seems to be yet another example of fast and loose with the definitions of the way things are done stateside as opposed to overseas, and the corresponding lack of oversite.

(shrug)
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Old 10 September 2005, 22:39
ODA 564 ODA 564 is offline
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Quote:
what i dont get is if a bunch of these companies are paying us as ICs, even though everyone knows damn well we are not by the letter of the law, how would a bank treat the same relationship stateside for compensation for services....ie when was the last time you heard someone skinching money from a construction job (general contractor as a fer instance...another form of IC) once paid for, direct deposit or not.
Just fuck them back.

If "XY Security" claimed you were an IC (which,as doitforjonny notes, is a 'artful dodge') and did this, then go to the unemployment office and file for unemployment. Then go to DOL Wage and Hour and lay it out how they paid you.

"XY Security" will be bankrupt in months after they are ass-raped for state unemployment contributions and after DOL dissects their pay methodology.

But, again, I am amazed at what people put up with and what businesses get away with because they do/
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  #11  
Old 11 September 2005, 14:14
Sweetbriar Sweetbriar is offline
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I bank with USAA, as many of you do. I sent them the two relevant paragraphs from the first post and asked them to verify if this was true at USAA. This was the response I got:

"Thank you for your e-mail regarding your account.

An employer who submits your payroll by direct deposit has access to recall or
correct such transactions.

Please let us know if you have any additional questions or concerns and we would
be glad to address them. Thank you for allowing us to serve you."

It does not answer the question, because it leaves an ambiguity as to how much they can take out and for what reasons. Presumably, they can debit the entirety of your payroll for as long as they have deposited it. I will be checking into my company policy this week. (I will also be making a customer service manager at USAA very unhappy this week when I get more time. They've been taking my money for 20+ years, they can answer a damn question in full when I ask one.)

Good thread.
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Old 13 September 2005, 22:07
doitforjonny doitforjonny is offline
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not picking a fight but just trying to save some poor usaa folk but the way i read

"An employer who submits your payroll by direct deposit has access to recall or
correct such transactions."

means yes they can remove whatever they put in up to the amount put in. ie they can "recall" your check or any "corrected" amount thereof
  #13  
Old 13 September 2005, 22:14
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Quote:
Originally Posted by ODA 564
Just fuck them back.

If "XY Security" claimed you were an IC (which,as doitforjonny notes, is a 'artful dodge') and did this, then go to the unemployment office and file for unemployment. Then go to DOL Wage and Hour and lay it out how they paid you.

"XY Security" will be bankrupt in months after they are ass-raped for state unemployment contributions and after DOL dissects their pay methodology.

But, again, I am amazed at what people put up with and what businesses get away with because they do/
Your on a roll with this, I'm expecting to read you in the N&O each time I pick it up :) Good info.
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  #14  
Old 20 September 2005, 13:20
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CDRODA396 CDRODA396 is offline
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[QUOTE=doitforjonny]... when was the last time you heard someone skinching money from a construction job (general contractor as a fer instance...another form of IC) once paid for, direct deposit or not.
[QUOTE]

My wife ran into the same thing when working in Tampa for a graphic design firm. One of the account managers wasnt getting along with one of the owners and the owner claimed she was withholding some "prizes" that were supposed to be given out at a conference, so when payroll went out, the owner went to the finance section and had then "recover" the pay until the "prizes" were handed out to their rightful owners....it was really a ploy to mess with the employee. I did some research and found that in most cases, this is legal...in fact, since then, I have paid attention to what I have been signing and it usually says specifically, that you authorize two way traffic in your account...read before you sign...
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