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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 Booga1 on Tuesday October 29 2019, @09:57PM
At the time I left Wells Fargo, that was basically the policy. I asked them to simply deny transactions that would overdraft my account when using my debit card. They refused.
I had previously setup some "overdraft protection plan" that linked to the savings account. I asked if discontinuing that service would allow me to have my transactions declined. They said, "No. After that service is discontinued the overdraft will still automatically pull from the savings account. Instead of a $5 funds transfer fee, you'll have to pay the $30 overdraft fee."
Wells Fargo...can't believe anyone still uses them.