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  #1  
Old 09-03-2014, 02:54 PM
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Direct deposit of paycheck question

Had to complete some 'new hire' paperwork since I'm teaching a couple of classes for my former employer. Included was a Direct Deposit Authorization for my paycheck. I was very surprised to read that it authorized my employer to both make deposits into my account and to withdraw from my account if necessary (as a result of a mistake). I am wondering if other people are signing such forms? A quick search of the internet revealed many forms which simply authorize deposits but a few forms which authorize both deposits and withdrawals, including the boilerplate form in Microsoft Office. It seems very unwise to me to sign such a form since it basically is giving your employer a blank check to access your account. Thoughts?
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  #2  
Old 09-03-2014, 03:06 PM
t walgamuth's Avatar
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I'd refuse unless it meant I would not get the job. If that is the case you can always open an account just for that purpose.
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  #3  
Old 09-03-2014, 03:10 PM
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Quote:
Originally Posted by kerry View Post
Had to complete some 'new hire' paperwork since I'm teaching a couple of classes for my former employer. Included was a Direct Deposit Authorization for my paycheck. I was very surprised to read that it authorized my employer to both make deposits into my account and to withdraw from my account if necessary (as a result of a mistake). I am wondering if other people are signing such forms? A quick search of the internet revealed many forms which simply authorize deposits but a few forms which authorize both deposits and withdrawals, including the boilerplate form in Microsoft Office. It seems very unwise to me to sign such a form since it basically is giving your employer a blank check to access your account. Thoughts?
Is the "employer" also the payroll processor/transferor or are they using a private company i.e. ADP, Paychex.

I have 3rd party DDs, but I couldn't tell ya what the form I signed contained. Net pay is a one way street imo. Payroll company screws it up and the employer account it is transferring the funds from should be the one hit for error corrections.

Blame the lawyers who wrote up the damn thing....then sign.
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  #4  
Old 09-03-2014, 03:32 PM
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It's hard to figure out the law in these matters. Unless the federal law has changed since 1997, an employer who makes a mistaken deposit into a employees account, has 5 days to reverse the deposit. This can be done without the employees consent. But that is from a 1997 NYT article. Perhaps the law is different now and hence my employers change in wording. However there are different state laws on direct deposit. Employers cannot require direct deposit in CO according to what I read.

I'm gun shy on this issue partly because some years ago my wife's employer told her that they had been underpaying her for a long time and gave her a check for $xxxxx. Then many months later, after income taxes had been filed on the $xxxxx, decided that their discovery of the mistake was actually a mistake and that my wife needed to repay the long spent $xxxxx. A lawyer got involved and it wasn't repaid.

I crossed out and initialed the offending portions of the form and submitted it.
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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13
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  #5  
Old 09-03-2014, 04:31 PM
t walgamuth's Avatar
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Its worth a try.
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[SIGPIC] Diesel loving autocrossing grandpa Architect. 08 Dodge 3/4 ton with Cummins & six speed; I have had about 35 benzes. I have a 39 Studebaker Coupe Express pickup in which I have had installed a 617 turbo and a five speed manual.[SIGPIC]

..I also have a 427 Cobra replica with an aluminum chassis.
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  #6  
Old 09-03-2014, 04:37 PM
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I'm counting on a lack of attention to detail.
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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13
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  #7  
Old 09-03-2014, 05:16 PM
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Quote:
Originally Posted by kerry View Post
I'm counting on a lack of attention to detail.
Wut? In today's world?
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  #8  
Old 09-03-2014, 06:39 PM
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If it was more than one page, I'd bet in your favor.
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  #9  
Old 09-03-2014, 07:19 PM
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If it comes to it, I'll rely on the following Colorado statute:

Direct Deposit

Direct deposits can only be made if the employee has voluntarily authorized the deposit and has chosen the financial institution into which the deposit is made.
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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13
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  #10  
Old 09-03-2014, 08:00 PM
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Cross out and initial. If the company really needs you, the HR dweebs will be told to keep their mouths shut and not make a fuss about it. Especially since mandating direct deposit is apparently illegal in Colorado:

Colorado - Wage Payment Laws | Employment Law HandbookEmployment Law Handbook

Get your payments via checks. Not like killing a tree or two really matters.
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  #11  
Old 09-03-2014, 08:12 PM
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As said earlier, setup an account that you use for nothing but that deposit. Once deposit has been made transfer funds out to an account you use for day-to-day things.
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  #12  
Old 09-03-2014, 10:11 PM
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You could always set up a secondary account like Capital one and link it to your primary account. If you know what your pay check will be and when it is deposited you can set up an auto transfer to dump the money into your primary account. This is what I do with my rental properties.

Just an idea. The school cannot withdraw what does not exist.
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  #13  
Old 09-04-2014, 09:28 AM
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Sign it. But disallow (turnoff) and EFT's from your bank. Its a good thing to do these days since anyone with your name and routing number can play games. The down side is you can't do the auto pay for items like electric, cable, etc.
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  #14  
Old 09-04-2014, 09:42 AM
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Quote:
Originally Posted by spdrun View Post
Cross out and initial. If the company really needs you, the HR dweebs will be told to keep their mouths shut and not make a fuss about it. Especially since mandating direct deposit is apparently illegal in Colorado:

Colorado - Wage Payment Laws | Employment Law HandbookEmployment Law Handbook

Get your payments via checks. Not like killing a tree or two really matters.
Paper trees are a crop these days. You get better pulp cheaper when you grow the tree form a sapling in a "controlled" forest. I wouldn't worry about the tree part
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  #15  
Old 09-05-2014, 04:12 AM
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If you're gonna use a "Separate" account for EFT...

Set up the "Separate" account at ANOTHER financial institution!

If you do it "In House" @ the same institution,They'll ("The Bank")
[Most especially Commercial Banks] just rob one of your accounts to
"Refund" the other AND clip you for Underfunded Transactions to boot!

Worst news is that All EFTs are Dual Carriageway (IN AND OUT).
If they've got permission to put in,they can take out without notice.
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