My money is in limbo!
System
5,885 Posts
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?
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
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
I am kinda of a type a personality, can you tell.
My $0.02 worth,
DJ The Balloonman
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
Melayna
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!
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
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-}
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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Glad you are paid this week!
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???
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.