Jaree - it is a public payroll company located in the mid-Atlantic area, I am their Chief Information Officer and also responsible for Business Strategy Development. In the past I have done financial and business consulting as a retail practice manager with Accenture. I am on DP because I am somewhat burned out and have decided to start something on the side (starting with my silly humor blog in the signature, moving on to other things once I leave my current company). The covenants of my employment agreement do not allow me to have a side job, which is why I cannot reveal my company name. If shareholders knew I had something on the side, the board would likely have me resign. I'd rather resign on my own terms. Whether you believe it or not is up to you. In the past I have advised companies like Best Buy, Meijer (an $11B supercenter in the U.S. midwest), and Wal-mart on technology and corporate financial decisions. Sweep accounts and multiple checking accounts are very common with large corporations, and becoming more so every year due to the massive increase in check fraud. Large corporations have very complex measures and systems to deal with these problems, smaller companies just need a simple sweep, an operating account to handle in-flows, and a low/zero balance account to handle outflows. Pretty common - your CPA is probably familiar with similar structures (although he will probably state that most of his clients use sweeps to gain higher interest rates, I still feel like a sweep account that matches your religious beliefs would still be advantageous). I'm not trying to start something, just trying to be helpful. Warmly, Anita
I thought you said that you own that company and i went like "$50 billion/year and he/she is sitting on DP" Sorry I have a pretty safe plan with my bank and its only me or my CPA(Good and close friend of mine) who can sign a cheque so no worries on that. I need pretty good money in checking because i have to write and accept cheques which are most of the time above $15k and i write and receive about 3-4 daily(Used car dealership ) I am not a well organized person either and i do stuff as i remember. It might be good for a company that has very less everyday expenses and instead have one big cheque/month or /year of all the expenses but the situation isnt same for me
Jaree - I wished I owned it! I probably wouldn't be sitting on DP then, although $50B in transactions doesn't translate into nearly that much revenue (kind of like financial institutions that transact Trillions of $ per year, but "only" make Billions off those transactions). Since you run a used car dealership and have fewer (but high $) transactions, you may not need anything fancy (as you point out). However, one thing you might want to think about is taking preventing ACH Debit transactions on your checking account. This would prevent someone from debiting your account electronically (although it may also prevent you from paying bills electronically out of that account, depends on your bank). Also depends on what security measures your bank has instituted ... if you have good check fraud insurance, my suggestions may be a moot point . Have a wonderful week, Anita
WTH? 20 grand? If I were you, I would give the bank less than 24 hours to put every penny back in my account before I start making some phone calls to lawyers, that is BS. Which banks is it? Wells, BOA, or Chase. They said they're going to check on it? Um, they better do a little bit more than check.........they'd better get the cash back in the account. You see, this is the exact reason why anyone who talks about a "paperless office" is a complete moron. This is also the exact reason why I tell BOA to send me my freaking paper statement every month. I still use online banking, but I have physical documents sent to me by mail. Before I became self employed, I worked at a bank, and I got a call from a customer who was in the same situation as you. My best advice is to raise hell and start contacting lawyers if your money doesn't get back in immediately. 20 grand doesn't just magically disappear, the corrupt bank know where it is. I hope to God you keep your bank statements, because if you take these con men to court, you're going to need them......... The parents of a friend of mine lost $10 grand, and the stupid bank couldn't explain where it was. The banks are very corrupt. There are either two possibilities: 1. The bank removed the money from your account, and is pretending like they don't know where it is. 2. Your account has been compromised by someone outside the bank. Either way, the bank is supposed to insure the money, so it is their job to put it back in, even if it comes out of their own pockets. As some people have already mentioned, there is a possibility that some company or entity you've given your debit card number to has hit your account.........however, I don't think this is likely, because the bank places a limit on how much can be pulled out of your account in one day. The bank I worked at only allowed like $2000, and after this they started blocking transactions because of red flags. If that much came out at once, nine times ten it is the bank. Okay, I read this post prior to posting the statement above. In any event, I wouldn't allow any organization to be able to pull that much money out of my account..........period. At least you know what it is now.
I've worked for a fortune 100 financial institution for a while and this is the best advice ive ever seen on these forums.
I would feel the same way, and have trouble waiting for updates. Here's hoping things somehow work out OK
$20,000 for one semester! Holy sh^t!!! I'm going to keep educating myself, and forget about a very belated 4 years in college. At least you found the money
Anyone at DP ever been to Meijer's Saturday 'single day' sales? Their regular prices are nothing special, but some of their Saturday only sales are truly awsome
thanks all...especially anita, jaree, etc. i learnt alot about financial institutions after this thread. thank god i'm not. i'm not ready to fail yet. you sound like what my mom would yell at me. thanks. i did complained to the bank about the guy who say "we'll check it for you", they told me anyone answering the phone should check immediately on the spot after verifying the customer who called. also, just out of curiousity, how did everyone know it was a checking account? i dont' think i made mention of that, did i? they charged me as an out-of-state. NYU is worst, $52k for an entire year for out-of-staters.
Atleast you didnt loose the money! *ouch* that's a huge tuition fee... graduate or medical school fees?