I recently switched employers for personal reasons. However, the previous company contacted me and stated that I will receive a direct deposit on Friday. The person went on to say, "Don't touch it because we will be taking it back." Since the company owes me bonus money, can I wait for the deposit and close the account? If I do this, and the company attempts an ACH refund, will my bank be required to process the request if the account is closed? I also have a checking account with this institution. If the savings is closed and an ACH refund is requested, could the bank take funds from the checking account even though the request was for an ACH refund on the savings account? Thanks everyone in advance. CardKid
*Since the company owes me bonus money, can I wait for the deposit and close the account? If I do this, and the company attempts an ACH refund, will my bank be required to process the request if the account is closed? I would call the bank cause if they try to take money out and it's not there, there may be the possibility that they will overdraw your account to get it and you'll owe the money + overdrawal fees, etc..... As for the company owing you bonus money and not paying you then you can report them to your state for not paying you what is owed. So if it's taken back and it's owed I would report them to get your money.
Most likely because he had direct deposit setup and they forgot to remove him from their system until it was too late. In answer to the original question, I would be inclined to let them take it back. Maybe call your old boss and see if you can keep the money they deposit as part of the bonus money owed. If for some reason you suspect that you will never see the bonus money and this is the only way you'll get anything out of them, then I would suggest talking to your lawyer first. Talk to the bank too, like broke said. It wouldn't be good to get hit with overdraft or other fees from the bank... then have to give the money back anyway. In answer to your other question, I believe that some banks will debit other accounts to cover overdrafts and some won't. You'd have to talk to the bank to be sure. HTH, Brett
Well, the ACH came through. I moved the entire balance to another account. The bank charged my savings a $20 NSF fee claiming that although I received a direct deposit, the bank could not collect the funds (What?). Therefore, it's an NSF. My first one and it's on a savings account. They also stated that it does not get reported to anyone. It's all internal. I'm pissed. It appears that direct deposit is a credit our voucher that a bank must collect on through the automated clearing house. If the funds are not there, it's an NSF. The burden is on me. That sucks. CardKid
Re: Re: Help! Can they take the money back? DOESN'T SMELL RIGHT...you have to pay $20??? The $20 FEE should go to the company who did it!!!
Re: Re: Help! Can they take the money back? CardKid [/QUOTE] An ACH credit is different from a wire transfer. It is not instantaneous. If the funds were never collected, did they remove the credit from where you transferred to? Silly me, I went thru house cleaning and deleted my links from my recent ACH fiasco. Do a search on "NACA Rules". They govern ACH transactions.
