I got paid, then I got paid. What do I do with this money that's not mine?
June 19, 2012 9:01 AM Subscribe
I was paid twice. I talked to payroll. It's not their fault. It's kinda my fault and kinda my bank's fault.
I was paid my first paycheck direct-deposit into my credit union. I didn't know it was paid, and since I also received a paycheck from my work, I did what I figured I was supposed to do—deposit it. When i looked at the receipt later, I saw that I had twice as much as I should. I talked to my workplace, and they told me that I never should have been *able* to deposit that check—it apparently said "direct deposit" on it, or something. (Although, curiously, it had a place for me to endorse it on the back, like a normal paycheck.) It should have been Either way, it *was* deposited correctly. Guess that's the teller's fault?
Anyway, what do I do? Go talk to my bank? Where does the money go? I have a couple hundred ghost dollars right now; what happens when the bank realizes the mistake? Does it evaporate? Does it go back to the company? I'm full of questions.
I was paid my first paycheck direct-deposit into my credit union. I didn't know it was paid, and since I also received a paycheck from my work, I did what I figured I was supposed to do—deposit it. When i looked at the receipt later, I saw that I had twice as much as I should. I talked to my workplace, and they told me that I never should have been *able* to deposit that check—it apparently said "direct deposit" on it, or something. (Although, curiously, it had a place for me to endorse it on the back, like a normal paycheck.) It should have been Either way, it *was* deposited correctly. Guess that's the teller's fault?
Anyway, what do I do? Go talk to my bank? Where does the money go? I have a couple hundred ghost dollars right now; what happens when the bank realizes the mistake? Does it evaporate? Does it go back to the company? I'm full of questions.
I'd talk to your bank and your payroll department. Check with both of them about "so now what happens" and make sure everyone's on the same page. Lots of people get accidentally double-paid, to the point that there are probably procedures in place for this; you just need to know what the procedure is. Your payroll may have already started some kind of process to recollect that extra, but check with your bank; they'd know if they did. Or, your payroll office may have a policy of just not paying you for your next pay period to make up the difference.
If, by some strange turn of events, there is no such procedure, then you've at least started the conversation with everyone and can ask "well, what would you like to have happen? What would be easiest on all of us?" And then you can arrive at that together.
posted by EmpressCallipygos at 9:06 AM on June 19, 2012
If, by some strange turn of events, there is no such procedure, then you've at least started the conversation with everyone and can ask "well, what would you like to have happen? What would be easiest on all of us?" And then you can arrive at that together.
posted by EmpressCallipygos at 9:06 AM on June 19, 2012
Point it out to the bank before they figure it out - just so you don't seem to be doing any sketchy on purpose.
They will figure it out when they try to cash it themselves and it doesn't work -- and at that point they'll adjust your account.
(From your company's accounts perspective, they probably haven't actually paid out any money yet.)
posted by MCMikeNamara at 9:06 AM on June 19, 2012 [1 favorite]
They will figure it out when they try to cash it themselves and it doesn't work -- and at that point they'll adjust your account.
(From your company's accounts perspective, they probably haven't actually paid out any money yet.)
posted by MCMikeNamara at 9:06 AM on June 19, 2012 [1 favorite]
You can read here for some official information about bank errors. Basically, tell the right people, don't spend the money, and it'll get taken care of with a minimum of fuss.
posted by valkyryn at 9:07 AM on June 19, 2012
posted by valkyryn at 9:07 AM on June 19, 2012
P.S. My direct deposit payment looks EXACTLY like a paycheck -- it is printed on the same paper so it even has the endorsement lines on the back. I don't know if this is common but it isn't unheard of. (I used to work in forms/printing processing.)
posted by MCMikeNamara at 9:08 AM on June 19, 2012 [3 favorites]
posted by MCMikeNamara at 9:08 AM on June 19, 2012 [3 favorites]
Best answer: If the stub that you deposited did not have an routing number and account number on it, it will be returned by the Federal Reserve to your bank within a day or two. And your bank should then debit your account, perhaps with an additional chargeback fee.
If it did have account numbers on it, then it will be up to the bank that your payroll is drawn on to return the check as unpaid, perhaps by putting a stop payment on it. Although it may be too late for that depending on when you deposited it.
posted by saffry at 9:11 AM on June 19, 2012 [3 favorites]
If it did have account numbers on it, then it will be up to the bank that your payroll is drawn on to return the check as unpaid, perhaps by putting a stop payment on it. Although it may be too late for that depending on when you deposited it.
posted by saffry at 9:11 AM on June 19, 2012 [3 favorites]
Your HR/payroll department will also want to involve the payroll company, which will be ADP or something just like them. (ADP pays some large percentage of the US.) It may be that you'll pay ADP back, since most likely it was them, or whatever payroll company, that is out the money.
This and my last employer used ADP, and indeed, the statement you get when you use Direct Deposit is printed on the same security paper a check would be printed on-- ours have "THIS IS NOT A CHECK" printed on them (which, strictly speaking, would not invalidate a check as a check if it had all the required qualities of a check-- just ask Patrick Combs, who deposited a too-check-like piece of junk mail for $95K).
posted by Sunburnt at 9:18 AM on June 19, 2012 [2 favorites]
This and my last employer used ADP, and indeed, the statement you get when you use Direct Deposit is printed on the same security paper a check would be printed on-- ours have "THIS IS NOT A CHECK" printed on them (which, strictly speaking, would not invalidate a check as a check if it had all the required qualities of a check-- just ask Patrick Combs, who deposited a too-check-like piece of junk mail for $95K).
posted by Sunburnt at 9:18 AM on June 19, 2012 [2 favorites]
Response by poster: To clarify: I still have the check stub, the piece of paper that the check came attached to. Under "personal and check information", the check # has no number, and just says "Direct Deposit". That was how payroll figured it wasn't their fault, but the credit union's. It seems ridiculous to me to print up direct deposit payments that looks literally the same as a paycheck, including the endorsement lines. But hey what do I know, I'm barely an adult.
I'm just going to tell the bank this shouldn't have happened and wait it out. Thanks everyone.
posted by ismaelsobek at 9:19 AM on June 19, 2012
I'm just going to tell the bank this shouldn't have happened and wait it out. Thanks everyone.
posted by ismaelsobek at 9:19 AM on June 19, 2012
P.S. when you pay back the bank, GET A RECEIPT. KEEP THE RECEIPT.
The last thing you need is to be asked to pay *back* twice.
posted by Sunburnt at 9:21 AM on June 19, 2012
The last thing you need is to be asked to pay *back* twice.
posted by Sunburnt at 9:21 AM on June 19, 2012
One of the things you agree to in the US when you set up direct deposit is that the people who deposit the checks can not only add money but also withdraw it for just this sort of screw up. The bank made an error that will get rectified shortly [I get check-looking things from my workplace also but they're not real checks but might work if I deposited them, at least temporarily] and I wouldn't worry about it too much though you could let them know.
posted by jessamyn at 9:22 AM on June 19, 2012 [2 favorites]
posted by jessamyn at 9:22 AM on June 19, 2012 [2 favorites]
It seems ridiculous to me to print up direct deposit payments that looks literally the same as a paycheck, including the endorsement lines.
That's how it works pretty much everywhere that uses large payment processing houses like ADP. That way, they use the exact same paper for people who get checks, and those who get direct deposit. The only difference is that the check portion on direct deposit is usually stamped with NON NEGOTIABLE and THIS IS NOT A CHECK in huge letters on the front, and the check lacks the routing and account numbers on the bottom.
posted by zsazsa at 9:31 AM on June 19, 2012 [2 favorites]
That's how it works pretty much everywhere that uses large payment processing houses like ADP. That way, they use the exact same paper for people who get checks, and those who get direct deposit. The only difference is that the check portion on direct deposit is usually stamped with NON NEGOTIABLE and THIS IS NOT A CHECK in huge letters on the front, and the check lacks the routing and account numbers on the bottom.
posted by zsazsa at 9:31 AM on June 19, 2012 [2 favorites]
Somewhere in checking law it states that if the banks process a bad check, they have a limited time to correct it, and after that it's your money (they have to suck it up). But banks hate giving away money, so I'm sure they'll come back to claim it soon enough.
Just leave it there and wait for the bank to ask for it/take it back.
OTOH, there's also a law that says if money is incorrectly deposited into your account, then it's not your money and you have to give it back.
So again, leave it there and wait for it to be reclaimed.
If after 60 days or so and nobody does anything, then I'd claim it as mine - they had plenty of time to notice and correct their mistake, they can't expect you to wait forever.
posted by jpeacock at 9:32 AM on June 19, 2012
Just leave it there and wait for the bank to ask for it/take it back.
OTOH, there's also a law that says if money is incorrectly deposited into your account, then it's not your money and you have to give it back.
So again, leave it there and wait for it to be reclaimed.
If after 60 days or so and nobody does anything, then I'd claim it as mine - they had plenty of time to notice and correct their mistake, they can't expect you to wait forever.
posted by jpeacock at 9:32 AM on June 19, 2012
If the other stuff above falls through, my company when I started accidentally paid me for two weeks instead of one (I started in the middle of a pay period and was on salary). I told my HR person and they just made my next check for one week's pay instead of two. Presumably, if you still work there, Payroll has multiple ways to recoup the extra if necessary.
posted by jillithd at 9:37 AM on June 19, 2012
posted by jillithd at 9:37 AM on June 19, 2012
That's how it works pretty much everywhere that uses large payment processing houses like ADP.
I get paid by ADP, and my direct deposit notices look nothing like checks.
posted by jacquilynne at 10:17 AM on June 19, 2012
I get paid by ADP, and my direct deposit notices look nothing like checks.
posted by jacquilynne at 10:17 AM on June 19, 2012
BTW some banks allow you to see deposited checks on their website. You might be able to see if it was marked as "Not a check" or some such (in which case its likely to get returned)
posted by bitdamaged at 10:21 AM on June 19, 2012
posted by bitdamaged at 10:21 AM on June 19, 2012
I get paid by ADP and my direct deposit slip looks exactly like a check except that it has "THIS IS NOT A CHECK" printed across its face and there are no routing numbers.
posted by Carbolic at 11:41 AM on June 19, 2012
posted by Carbolic at 11:41 AM on June 19, 2012
Skip the "who's at fault" business, it's a bit of a red herring here because both you AND the bank erred --- you shouldn't have deposited it, the bank shouldn't have accepted it, and for that matter it would've helped if your employer had specifically told you the 'check' you got was for your records only. Never mind, that's all water over the bridge. (Let me guess: if this isn't your first job, it's at least your first one to direct-deposit, right?)
As far as a solution goes: DO NOT SPEND THAT 'EXTRA' MONEY --- pretend that it isn't even in your account, don't touch it! Talk to your payroll department and see what THEY want to do to solve this: deduct it from your account, deduct it from your future pay, whatever it is, just go along with it. Plus, call your bank and/or check online to see if it was even actually deposited to your account, or if your bank rejected it.
(And I'm another who gets what looks exactly like a regular check attached to my pay stub; the only difference is its got "This is not a check" printed across the front.)
posted by easily confused at 2:34 PM on June 19, 2012
As far as a solution goes: DO NOT SPEND THAT 'EXTRA' MONEY --- pretend that it isn't even in your account, don't touch it! Talk to your payroll department and see what THEY want to do to solve this: deduct it from your account, deduct it from your future pay, whatever it is, just go along with it. Plus, call your bank and/or check online to see if it was even actually deposited to your account, or if your bank rejected it.
(And I'm another who gets what looks exactly like a regular check attached to my pay stub; the only difference is its got "This is not a check" printed across the front.)
posted by easily confused at 2:34 PM on June 19, 2012
This thread is closed to new comments.
This makes no sense to me. A direct deposit receipt that looks just like a check? It sounds to me like it is payroll that screwed up by issuing you with both a check and a direct deposit.
Leave the money in your account. You've informed payroll and you should expect them to issue a direct debit to your account to reclaim the direct-deposit amount within the month.
posted by grouse at 9:05 AM on June 19, 2012 [1 favorite]