i just found out today...nearly $20k is missing. i'm not sure how or why, i will need to wait for the bank statement to arrive. i can't check online because i don't have an SSN. i'm so worried now... i called the bank and they say they will check for me...but my mind's a mess and i can't do much.
Sorry to hear this. Definitely stop everything you are doing and find a way to talk to the bank as soon as possible.
If it is a chase bank then its normal will be fixed as soon as you spend hours yelling at them on phone . Do you have a joint account with someone? Have you given power of attorney to someone? What bank is it? Any IRS problems? few hundreds is normal and its fixed as soon as banks find out but this is not few hundred ... If it was a mistake made by them dont forget to ask for compensation of some kind like a free $200 visa card
That's a ton of money to keep in a checking account ... I always setup sweeps that automatically move money in and out of savings and money markets when checking gets over a few thousand ... otherwise you're at risk for check fraud, ACH fraud, etc.
What are you talking about? Where do you live? $20k is a lot to keep in checking I have 10X that amount in my business checking almost all the time
what the hell are you waiting for? head over to a branch and get them to check through their teller system terminal. i can't believe you're waiting for the statement to arrive!
Jaree - why would you ever keep $200K in your business checking? My company keeps $5-10K in checking, and $7 Million minimum in a sweep account. This also effectively gives us 5% interest on our checking. This is in the DC area. We set it up so approved ACH transactions and checks will auto-transfer from sweep to checking, and any fraudulent transactions will immediately bounce. My company handles payrolls for thousands of clients, and handles $Billions per year via this method. We've never once had a problem (even 10 years ago when we were literally 1,000 times smaller) ... even though we've had thousands of fraudulent attempts. Keep that much money in checking is just asking for it IMO. Take this from someone who deals with large financial transactions on a daily basis.
I don't undestand. Bank should be able to give you more infomation right away! Also, you don't have SSN?
You have got to be kidding me. ACH fraud lol BTW i dont have savings anyway since i dont take interest(Not allowed in my religion) thats why i buy everything on cash But i still didnt get your part of ACH fraud in checking. Do you think that all those big companies have savings rather then checking
uh oh. i just came back from the bank branch down the road. i know i'm going to piss off a lot of people, but here goes: apparently my $20k went to pay for my tuition this semester. i forgot that i set it to auto-debit at my Uni, which deducts the fees on the 28th of the first month of each semester. i'm sorry. false alarm. *crawls into one corner and hides under rock*
Jaree - YES, they do. My company is one of those "big" companies (we handled over $50 Billion in bank transactions last year, so I'd think that constitutes big). I have consulted for dozens of Fortune 500 companies as well, who all have sweep accounts. The idea is sweep from checking to savings to money market to CDs to investments. The more you have, the more sweeping you do, the more secure your money is, and the more you earn in interest (this is the typical business philosophy at least). I can understand you not wanting savings due to religious reasons, but this doesn't mean you couldn't sweep into another 0 or inflation adjusted checking account that did not allow checks to be drawn on it. This way, if someone tried to forge a check of yours, or if they issued an ACH transaction from your regular checking account, nothing would happen. Another option is to create a "zero balance" checking account. This stays at $0 except for approved transactions, where you transfer money into. Most large companies have a checking account for inflows (that doesn't allow checks to be written from), a checking account for general outflows, and a 0 balance account for large transactions. My company actually has 5 checking accounts, and 3 sweeps for nightly transactions over $1 Million. A smaller business doesn't need all this, but it's great for preventing check fraud. Warm regards, Anita
giovanni - haha, no that would be nice. I work for a payroll company, and we handle payroll for thousands of clients. Approximately one percent of all U.S. payrolls are processed through my company, so that's why the transaction volume is so large.
I seriously dont believe all that above and my CPA who takes care of all my dealership and other including personal accounts never told me anything like that and i have never heared anything like that either. May i ask you what is your company's name You do billion$ transactions per month and i dont understand do you have time to sit on DP and working on sites like the one in your signature. It would be nice to know your company's name i am sure if its a billion dollar company it must be popular and atleast have some google results