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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: 2) by SDRefugee on Tuesday October 29 2019, @05:15PM (2 children)
Nobody seems to understand that ANY entity that has authorization to direct-deposit to your bank account can ALSO do a "direct-withdrawal" of whatEVER amount they desire AND then its up to you to fix the problem.. Oh and the "automatic payments" to your cable company, car insurance, whoEVER, can VERY easily totally FUCK YOU UP.. An example: My wife signed up for an American Express credit card, and she made the mistake of signing up for "automatic payment". One month, they took out the monthly payment, then two days later, took out two more payments. We noticed it immediately and called them on it, and they immediately refunded one overpayment. The second overpayment took those assholes nearly THREE FUCKING MONTHS to finally refund it to us. They kept saying they'd send a check and never did.
To make a long story short, we've paid the damn thing off and dumped the card. FUCK AMEX...
This is the nasty little secret about direct-deposit that most people today don't realize.
America should be proud of Edward Snowden, the hero, whether they know it or not..
(Score: 2) by bradley13 on Tuesday October 29 2019, @06:47PM (1 child)
Only in the US can someone with you account info withdraw money from your account. That doesn't happen anywhere else to my knowledge.
Even in the US I believe you can prohibit it. Talk to your bank. I'm reasonably sure I've read about some opt-in protection.
Everyone is somebody else's weirdo.
(Score: 1) by nitehawk214 on Tuesday October 29 2019, @09:00PM
The best a bank can do is have an automatic sweep to a savings account, or a second checking account to write checks against.
I only ever have enough money in the second account to cover the checks I have written or the automatic payment transfers I have initiated.
"Don't you ever miss the days when you used to be nostalgic?" -Loiosh