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Topic:
Those with banking knowledge - question about direct deposit
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Taliesihne
Title: Wind on the Deep Waters
Posts: 1,117
Registered: 2004-2-19 04:47:59
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Date Posted:
1/1/00 12:00am
Subject:
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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Jesus saves, Allah protects, and Cthulhu thinks you'd make a nice sandwich
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Crackdoc
Posts: 236
Registered: 2005-10-7 12:55:29
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Date Posted:
1/1/00 12:00am
Subject:
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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People in the Middle-East: They Are ALL Crazy as BedBugs!!!
Erich Fromm: “There is only one meaning of life: the act of living itself.â€
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Cawlin
Posts: 1,759
Registered: 2005-2-22 07:58:42
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Date Posted:
1/1/00 12:00am
Subject:
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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If ignorance were painful, half the posters here would be on morphine drips.
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Taliesihne
Title: Wind on the Deep Waters
Posts: 1,117
Registered: 2004-2-19 04:47:59
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Date Posted:
1/1/00 12:00am
Subject:
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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Jesus saves, Allah protects, and Cthulhu thinks you'd make a nice sandwich
First comes smiles, then lies. Last is gunfire. -Roland Deschain, of Gilead
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ZigmundZag
Title: Grammar Nazi
Posts: 1,211
Registered: 2002-3-25 23:03:00
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Date Posted:
1/1/00 12:00am
Subject:
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
Title: Wind on the Deep Waters
Posts: 1,117
Registered: 2004-2-19 04:47:59
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Date Posted:
1/1/00 12:00am
Subject:
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.
-----signature-----
Jesus saves, Allah protects, and Cthulhu thinks you'd make a nice sandwich
First comes smiles, then lies. Last is gunfire. -Roland Deschain, of Gilead
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Crackdoc
Posts: 236
Registered: 2005-10-7 12:55:29
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Date Posted:
1/1/00 12:00am
Subject:
Those with banking knowledge - question about direct deposit
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Banks are the Debil!
-----signature-----
People in the Middle-East: They Are ALL Crazy as BedBugs!!!
Erich Fromm: “There is only one meaning of life: the act of living itself.â€
Toss aside the paradigms of civility you hold - welcome the social dysfunction of tomorrow.
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Cawlin
Posts: 1,759
Registered: 2005-2-22 07:58:42
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Date Posted:
1/1/00 12:00am
Subject:
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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If ignorance were painful, half the posters here would be on morphine drips.
Everyone playing WoW knows everything about playing two classes: 1) their own and 2) Hunters
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ZigmundZag
Title: Grammar Nazi
Posts: 1,211
Registered: 2002-3-25 23:03:00
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Date Posted:
1/1/00 12:00am
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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"Take the cheese to sickbay!"
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Taliesihne
Title: Wind on the Deep Waters
Posts: 1,117
Registered: 2004-2-19 04:47:59
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Date Posted:
1/1/00 12:00am
Subject:
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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Jesus saves, Allah protects, and Cthulhu thinks you'd make a nice sandwich
First comes smiles, then lies. Last is gunfire. -Roland Deschain, of Gilead
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