Is there a lawyer in the house?
Things are getting a little ridiculous around here with the multiple bank accounts that we are in essence being forced to use. My hubby works at a bank and he really likes his job there. However, they force him to have his paycheck direct deposited into their bank. Most people would say, what is the problem with that? Well, we have a great bank that we've done business with for the past 4 years. We have all our automatic bill pays set up through that bank and they have always done right by us. They even gave us the loan for this house. We don't want to change banks. Every payday Dave has to send an electronic check to the bank that we do business with for our bills, but it takes about 4 days or so to get deposited. So basically that money is floating around in outerspace (or it might as well be since we don't have access to it) for all that extra time. It's messing us up because we have to think about what we are spending in two accounts and it messes with our due dates because of the prolonged processing time.
The bank he works for almost acts insulted that he would even consider keeping our current bank. I just wonder what the law is on this, because it seems like it's not right to let us choose our own bank. We feel we are being forced to use that bank because Dave works there. He earns his check and I think he should be able to deposit it where ever he sees fit.
The bank he works for almost acts insulted that he would even consider keeping our current bank. I just wonder what the law is on this, because it seems like it's not right to let us choose our own bank. We feel we are being forced to use that bank because Dave works there. He earns his check and I think he should be able to deposit it where ever he sees fit.
posted by Brandi at
Wednesday, October 11, 2006
6 Comments:
Our company offers direct deposit, and all we have to do is give them the routing number and the check number. I think he should speak to someone in human resources. Could that have been in the employee handbook? We typically put anything like that in our corporate handbook and then ask the employee to sign it stating that they have read it. Then, if there are issues, we have that to fall back on.
I emailed our corporate attorney to see if he knows anything about the rules on this. I'll shoot you an email and let you know what he says.
By
The Big Fat Project Management Team, at 10:23 AM
I forwarded you the email I got back from our corporate counsel.
By
The Big Fat Project Management Team, at 10:55 AM
Hey thanks a bunch Keoka!
I think it's interesting that your legal guy thinks it's the resonable choice to just stay with the bank that pays Dave. We know that it would solve the problem, we just don't want to change banks. I think it would create a nightmare to change all our automatic bill pays. Besides, it's just the principle of the whole thing. We really like the bank we have now. Dave was supposed to talk to his boss today, so we'll see where it goes. I can't see them making an exception.
By
Brandi, at 12:12 PM
I didn't go into detail about the automatic bill pays, so that is probably why he suggested that. He is probably like me, old-fashioned with actual paper checks and paying the bills out of the paper check book. :)
By
The Big Fat Project Management Team, at 12:49 PM
I would probably do it that way too, but you know my husband is a techie....heehee.
The nice thing about auto bill pay is that you are never late and for someone like me that likes to procrastinate, that is a good thing. The bad thing is that is if you ever need to change things it messes the whole system up and takes a month or two to get things back on track.
By
Brandi, at 2:37 PM
Interesting. I work in securities, not banking... but often the regulations are similar. We do prefer our employees to keep their brokerage accounts in-house (and we make it kind of a pain to maintain them outside), but it's not a steadfast rule -- we'll give permission to hold outside accounts if there is a good reason. It has everything to do with following regulations, though, and nothing to do with trying to keep the money at the firm or make our employees' lives difficult.
I wonder whether there are some banking regulations that require (or allow a bank to make policy requiring) house accounts. It seems ...I cant come up with the word I mean, so I'll have to make one up... monopolyish. Like they can take unfair advantage of you by requiring direct deposit there.
Can he direct deposit into more than one account? Half at his bank, and half at your preferred bank?
By
JMai, at 10:13 AM
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