My money is in limbo!

I am not sure if this is the right place to post as this issue affects me personally as well as some other ee's.
My bank was taken over by another. I have direct deposit. We, as the employer, called the new bank before the conversion to find out what to do for our ee's who had direct deposit with the old bank. They said nothing, absolutely nothing, the conversion will be seamless.
The first week after the conversion- no problem. The second week no money was transferred. The bank said it was our companies fault and to send them new routing numbers. So our CFO did. The third week no money was transferred. The bank says it is the companies fault. When I asked my CFO what to do about it if it doesn't go through this week ( we are leaving for vacation tomorrow and payday is friday)she said to talk to the bank about it. The bank continues to claim that it is our companies problem. We are in big trouble if we are in another state and our dd doesn't go through.
I feel that our company should be resolving this with the bank and that we as ee's should not bear the burden or the consequences of this issue. Our CFO is justifiably sick and tired of dealing with this issue and wants it out of her hands.
So who is responsible here?

Comments

  • 24 Comments sorted by Votes Date Added
  • Deez:

    I'm not sure who is responsible here, but I have some concerns. It appears as though you are paid weekly - is that right? Also, where is your second week's money? Did it finally come through, or did it come as a check? Does MA have state laws on the timely delivery of pay?

    I would probably call the other bank's payroll and/or HR department and explain that your employees are greatly impacted and ask what could you do to assist this process in getting corrected. If it's a glitch in their software or something - perhaps they could cut checks and courier/mail them until the glitch is fixed. Or perhaps they could do something else in order to minize the discomfort I am sure that you and your employees are feeling in this transition. I would also acquaint myself with state law - as you really don't want disgruntled employees bringing a wage and hour audit upon all of you.

    Good luck. I hope you get your $$ and have a good vacation.

    Zanne
  • Yes we get paid weekly. Finance department cut manual checks with us for the missed week. This caused a further burden on their department. The problem is that we have NO IDEA if it will go through this week and unlike the other ee's we will be in another state and unable to come in to pick up manual checks. My SO and I ( different departments, been four years with little or no conflicts so don't start getting on my case about dating in the work place x;-)) both work here and we both have accounts in this bank. We will be sc!@##ed if we don't get paid. I think that the bank the bank and our company are busy pointing fingers at eachother at the ee' expense. I WANT MY MONEY!!! not to mention the other ee's!
  • I would fill out a deposit slip, and give it to the CFO and explain if the dd does not go through you will need her to deposit your check to cover the automatic payments you have set up, explain that you will be out of town. Also explain that it will be cheaper then the company having to pay for any overdraft charges incurred if it is indeed on the companies side. :-)
    I am kinda of a type a personality, can you tell.
    My $0.02 worth,
    DJ The Balloonman
  • Glad to hear it is straightened out.
    I don't know how much you control your payroll processing or how much is done by your vendor. But, you should have been able to look at the pay stub to see what the problem was. The pay stub should have the employee's account number, routing no, date of check, and amount deposited. If not all on there, then problem is with processing. If these are one the stubb then the Automated Clearing House has an agreement that if your employees show their stub with this information on it, then the bank has to give your employees credit for their deposit and then look for it later. (This is one of the nice things about Automatic Deposit).
    Normally the payroll processing company shouldn't change the bank's EFT's, you should. When a bank merges or is bought out, they normally will accept the old routing no. for a period of time. Then you will begin getting warning notices of new routing numbers for you to change on your end. Then, after a while when the old routing number is closed out, the deposits will be rejected. When a deposit doesn't go through, the money is returned to your bank (or in your case it looks as if it never left) and they should have a record or "re-receiving" the deposit they sent out. Whoever is in charge of your bank acocunt should be able to tell this.
    I bet you will have a hard time in selling Automatic Deposit in the future. I have used it for over 20 years as a provider and user and have never had this problem. I have normally be able to figure out what the problem might be very fast by calling the receiving bank and asking them to check their "wire". Sometimes banks post faster than others. (Depends upon how computerized they are.)
    Good luck! (Call me if you ever have problems with this again and I would be glad to try to offer some advice. 770-981-2803 x 27)
    E Wart
  • I think that the dd problem is both your CFO's problem and the bank's problem. The bank should be able to assist the CFO in pin-pointing the problem(s) and they should work together on resolving the issue(s). Since you are paid weekly this may not be possible, but the CFO and the bank should work together to run a few "dummy" payrolls with fake amounts to see if everything is working properly before the actual payroll processing date. I like Balloonman's suggestion of taking the deposit slip to the CFO, having her deposit your check for you, and charging the company for any overdraft fees. That will get the CFO and bank to resolve the issue quickly. Good luck!

    Melayna

  • Whether the CFO wants it out of her hands or not, seems to me she should be the one straightening this mess out, not you or other individual employees. She and the bank will probably continue to blame each other while you act as the liaison. Similar (but not as scary)finger-pointing happened with my tuition payment benefit. I finally distanced myself and told the university and my company to fight it out and let me know when it was resolved. After a week of back and forth with me in the middle, they resolved it in a day once they began to communicate.
  • I agree with RAD. The CFO and/or the comptroller should be ALL OVER THIS PROBLEM. The bank we used where I last worked would have somebody on our premises almost instantly if we called with a problem. If I were you and the finance people were shirking their financial responsibilities, I would call an official at the bank and tell them to show up at your facility to resolve this issue today or risk losing the entire account and all the customers it represents. Think of all the companies in town running direct deposit through that bank. They cannot afford to piss off half the town. PS: I have spare change. Where should I send it?
  • This to me sounds like the Bank is not processing things correctly on their end. It might be time to switch banks. If there were no problems prior to the take over then it sounds like they have the problem. In NY there are time and wage laws. Do you have some sort of contract saying you cant do your banking elsewhere? If not switch ASAP.
  • AHA! We discovered the culprit was PAYCHEX or payroll processing company. Apparently they dropped the previous banks routing numbers when they were told not to.
    I remember there used to be a thread somewhere of people who hated paychex. I was already on that thread. Imagine how I feel now!
    Don, how generous! And I haven't even sent you a red bottle yet!
  • DEEZ: YOU NEED TO HEAD OF THE HILLs quickly the ISABEL is headed your way, I sure hope your vacation was not planned for the coast. Don't thank "Dandy Don" yet he really is a kidder! His spare change was developed from many years of playing government employee so you know it can't be much!!!

    Have lots of pork while resting and playing in the mountains. Glad you got the problem resolved, next time think of the "go between" first, I was ready to crash the CFO until I got to the last thread.

    PORK

    PORK
  • We are indeed heading to the hills, Pork! Beautiful Vermont in fact. Funny thing I have noticed is that I haven't noticed alot of HR people in Vermont. I know it is called the Kingdom of Vermont, could that be why?

  • Have fun, I love VT. It is one of my favorite states. We are going to be buying a weekend home there in the next couple of years. Will you be stopping in Manchester? They have the best outlets in the North East. I am only an hour away from VT so I visit often. Have a great weekend!
  • Ooh...Vermont is a beautiful state. I bet they are seeing some fall foliage already in the colder areas.
  • I grew up overseas (all over the place but for the longest in London)but every year we would spend a month in Vermont so I consider it "where I grew up". I want move there eventually so I really am curious about HR opportunities if anyone has info.
    I seem to have a knack (sp?) for having my threads turn into wildly different subjects!
    I am not going to be able to focus today AT ALL!! 8-}
  • WE HAVE PAYCHEX AND THEY SCREW UP OUR PAYROLL ON A WEEKLY BASIS!
    1. Horrid customer service. when we have any kind of problem they either a) cannot solve it b)do not call us back and ignore every email and message from us c) are rude and defensive when we are trying to get answers to our questions (no, I am not kidding)


    2. Paychex software cannot generate basic HR reports such as: Reports containing Yearly Salary,it can only do Monthly salary. We then have to export it to Excel (Which is totally unnecessary and takes a while to do) to have Excel do the computations

    3. They sent us a 'consultant' from the company to train us on the issues we were having and she could not figure out the HR reports that we needed and admitted to us that "I am not familiar at all with this version of paychex and will do my best" Through out the 2hr training, we only generated 2 reports successfully.

    4. The software in general is NOT USER FRIENDLY at all! Report error messages come up all the time.

    I LOATHE PAYCHEX!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
  • I STARTED THAT THREAD, THAT IS HOW MUCH I HATE THEM.. I POSTED ANOTHER LIST OF ISSUES WITH THEM THAT MAY SOUND FAMILIAR.. IT IS AT THE BOTTOM OF THE LIST
  • Have a wonderful time in Vermont!

    Glad you are paid this week!


  • NO!!!!! We did not get paid!!!! Actually Paychex decided to do a test run with salaried ee's on wednesday before we sent them our payroll WITHOUT TELLING US!!!!
    So they put money in and then took it out but then the dd on FRIDAY didn't go through. My cfo did go down and deposit money in my individual account so we were able to have some cash.
    @, %^^%^,
    *&%$# software is talking to Paychex directly. We have three accounts with this bank- my individual and two joint ones, our dealings with this bank were complicated as it was and now we have lost all track of our finances!!!!
    Vermont was beautiful until my father informed me he was selling our Vermont house. Sad. But we had a wonderful time otherwise.
    So what do I do now???

  • IN THE STATE OF VT, YOU CANNOT GO PAST 1 PAYDAY WITH PAYROLL, THREATEN PAYCHEX WITH A LAWSUIT OR YOUR COMPANY WILL BEAR THE BRUNT OF POSSIBLE LAW SUITS! SCREAM AND HOLLER LOUDER, GO DOWN TO THEIR OFFICE! WHERE IS THE PRESIDENT IN ALL THIS MESS?? YOUR CFO SHOULD BE ONTOP OF THIS 100%!
  • This situation is unconsciounable! There seems to be no question that both the company, paychex and the bank should collaberate to get this done. I am apalled that the CFO has this attitude. The company is responsble for getting the ees paid. Anything less than that is actionable. Cajunqueen is right to yell about it at the top of her lungs. So too, should you.
  • The CFO should be terminated at once for failing to correct a situation that violates the law.
  • I can't figure out how Cajun queen 'really' feels about Paychex. Please clarify. x:-)

    And I hae another site. Copy her responses and paste them in an email to Paychex and tell them that the message appears on a worldwide internet site read widely by HR and Payroll folks. That should tighten the old sphincter.
  • We are getting rid of paychex this week. My cfo did say that she wanted to have nothing more to do with it but then had a change of heart (with no urging on my part) and got moving on the issue. Every week paychex scr#@%d up she did cut us a manual check so she was never in violation wage laws. The incident where paychex paid my SO before payroll was processed and then took it back without telling anybody has put our finances in an absolute mess that I don't think the cfo can do anything about. I want to write a strong letter to paychex just to vent, hell I want to do alot more than that! But this is a huge company and were just little ol' us. Can the government fine them? Any ideas?
  • Surely there are some banking laws that prohibit people and companies from using private accounts for testing purposes without knowledge or approval. Maybe your local attorney general or state and federal banking regulators should have a look.
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