Employee Checking Accounts

KSR6450

Those of you who work for financial institutions...

How long do you normally allow a former employee to use their employee checking account before you start charging a service fee? In the past it was handled on a case by case basis; we recently lost several employees and I would like to amend our policy for the future.

Any help is appreciated. Thank you.

cnghr

Once they are gone, we apply the service charge immediately. This has always been our policy.

Dutch2

First - what are you referring to as service fees? A fee to have a checking account or fees charged to the owner of the account for INSF ect? If a fee for INSF etc. we charge employees the same as we do non-employees. Just to have a checking account we do not charge anyone any fees for this service.

I would have to agree with our esteemed colleague from Alaska, I would start charging every former employee the day after they leave, no exceptions. Exceptions is a four letter word when others find out about this practice.

ACU Frank

Agree with Dutch.

Dutch2

Temporary highjack..

Hey Frank : how are those bare - hariy legs holding up in this wonderful MO weather? I hear just south of you got hit pretty hard with an ice storm. Sections of I-55 are closed due to power lines down across the road. Hope you and yours are ok.

Cheryl S SPHR

Agree with the others. Any charges that were not being applied due to their status as an employee begin immediately upon separation.

Cheryl

Muti

I agree with all, we begin to charge fees when their employment status ends. We also have a very strong overdraft policy while they are employees.

KSR6450

Thanks for the responses! I was unsure about charging for the account as soon as the ee leaves, or waiting until the next statement cycle. Since the account is where their check is deposited it is really more of a headache for me if the ee decides to immediately open a new acct elsewhere and close this one before the final check is deposited (which has happened).

I found a loophole for the ees we let go recently, since they all participated in the stock purchase program, they are now stockholders - and they qualify for a free account.

I implemented a very strict OD policy a few years ago.

Again, thank you all.