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We overpaid a termed employee, our payroll company generated an additional check automatically deposited in to the termed employees checking account, we had already processed a manuel check at termination, so they were paid twice.
Can we recoup this overpayment?
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YES, IF IT WAS A DIRECT DEPOSIT THAT WENT INTO THE TERM EE ACCOUNT ALL YOU HAVE TO DO IS CALL THE BANK AND TELL THEM WHAT HAPPENED. THEY WILL EMAIL YOU A REVERSAL FORM TO FILL OUT AND SEND BACK. ONCE THE BANK RECEIVES THE REVERAL FORM THEY CAN REVERSE THE FUNDS BACK INTO YOUR COMPANY ACCOUNT. IF IT WAS NOT A DIRECT DEPOSIT JUST CALL THE BANK AND STOP PAYMENT ON THE CHECK. WHEN AN EMPLOYEE FILLS OUT A DIRECT DEPOSIT AGREEMENT FORM THERE SHOULD BE A CLAUSE ON THE FORM THAT LETS THE EMPLOYEE KNOW THAT FUNDS CAN BE REVERSED IN THE EVENT THAT A CREDIT ENTRY IS MADE IN ERROR. HOPEFULLY ITS NOT TOO LATE. YOU ONLY HAVE 5 DAYS TO REVERSE THE ENTRY.
TG
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