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When cloud payroll provider MyPayrollHR abruptly closed its doors amid fraud allegations last month, it sent its roughly 1,000 clients, many of them small businesses, into disarray as employees saw their paychecks disappear from their accounts. The fallout continued this week after MyPayrollHR's third-party processor, Cachet Financial Services, announced it was no longer handling payroll transactions.
According to multiple reports, Cachet sent out an email to clients this week stating: "With extremely heavy hearts, we regret to inform you that after Friday, October 25th, Cachet will no longer be able to process your ACH activity."
Payroll companies associated with Cachet will now have to find another way to route funds to employees' bank accounts, as the company "will not handle any further wires, effective immediately." The company did not immediately respond to Gizmodo's request for inquiry.
So my fine soylentils, does anyone work for a company that used MyPayrollHR, and if so, how has this impacted you?
Source: https://gizmodo.com/employees-continued-to-get-screwed-by-mypayrollhr-fiasc-1839383187
(Score: 1, Insightful) by Anonymous Coward on Tuesday October 29 2019, @01:55PM
> ... as soon as the funds are in that account, I transfer ...
Same here (USA), have one account with low balance, for wire or ACH access. Haven't had any problems over the years, but have heard enough stories (companies going bankrupt suddenly, etc) that the extra busy work seems worthwhile.