Direct deposit question

[FormulaOne]

I'm a fan of direct deposit. Always used it for my paychecks. I've been at my new job for about a year now. Last week I see 900 bucks deposited into my checking. Description was my old employer payroll. It wasn't their normal pay period, or any rational amount. I rolled over 401k so it can't have anything to do with that. I assume its a mistake and decided to let it sit there figuring they will realize the mistake and take it back out.

Here's where I started to think: how long can someone gave access to your bank acct after you leave a job? Are you supposed to do somthing when you leave a job so they can't access it? Who's responsibility is it? Not that I think they would do anything but nobody is ammune to a breach in info system security. I would rather my acct number and routing number not be floating around multiple companies. Not to mention my savings acct number would be there too as I have a portion of my checks going there.

Anyone know anything about this?

Thanks,
Josh

 

[sledge]

The payroll department is the first place to talk to. They're the ones that keep that info and enter it into their payroll system (usually 3rd party like ADP). They'll also be the ones to tell you why you got the money; perhaps a late bonus that someone figured you were entitled to?

FWIW, it's highly unlikely that they'll take the money out themselves without some form of communication. And even then, if it's truly a mistake, they'll ask you to cut them a check because if they overdraw your account it could get ugly.

Really, you rely on the company to remove your bank data from their system. Many times that only consists of unchecking the "Active" box on a payroll screen. There should be procedures in place to purge old data from the system. But again, you're relying on the company to execute those procedures, or give instructions to their provider to do that.

I've got a buddy that works for ADP. I'll reach out and get his take on it.

 

[DonziGirl]

I'm not sure if their authorized to withdrawl money or just deposit it.

 

[MattBMiller]

I seriously doubt they're authorized to withdraw funds.

 

[cigdaze]

I seriously doubt they're authorized to withdraw funds.

Not true. They can reverse funds in the event of a mistake. I got paid twice by mistake one time, and a few days later they went ahead and withdrew it. My wife used to work for paychex many years ago, and I know for a fact that they are aloud to go both ways.

As far as your 900 bucks, call the old company ans see what's up? It could be a simple mistake or it could be something prompted by the 1-year anniversary of your separation, or maybe some unused PTO.

 

[insanity]

The thing I do is have another account that I don't use for anything external, then when I get the direct deposit I move the money out of that checking account (or a portion of it) to a different checking/savings. That way the account I give out for paying bills, etc and for direct deposit doesn't usually have a whole lot of cash in it and hopefully exposure is minimal if somebody tries to do an unauthorized withdrawal.

And its best to find out why they put that money there and if it was a mistake or not. By the amount sounds like it may have been a bonus of some sort, maybe they will forget about it, maybe not. I know people that had something similar happen to them, then they spent the money and then the company came after to them to get it back. Case in point that waitress that got the $29K tip at Notre Dame awhile back.

 

[Geronimo36]

I always thought the last payroll check you get is supposed to be printed anyway?

Well, at least that's what we do...

 

[DAREDEVIL]

I don't know nothing about acc,,but if somebody needs my INFO to deposit some funds in there ,,,let me know,,i tell u how it worked out .LOL:sifone:

 

[cigdaze]

I don't know nothing about acc,,but if somebody needs my INFO to deposit some funds in there ,,,let me know,,i tell u how it worked out .LOL:sifone:

I know a couple Nigerians who'd be ready to invest with you.

:sifone:

 

[DAREDEVIL]

I know a couple Nigerians who'd be ready to invest with you.

:sifone:

As long as they got cash ,,there welcome......u know how this works :USA::sifone::USA: