I'm Livid, bank talking to boss, what can I do?

[jeb]

Nextgen, I would do as others have suggested - make sure you have a copy, with header, of the email.

My next stop would be with the States Attorney - this whole things sounds like a criminal case to me and the SA won't cost you anything. - jb

[Nextgen]

This gets better and better.

The bank in question processes payroll for my company but the only account I hold there is for the loan.


It would appear that the bank took my interest payment due out of my check before they sent my payroll out this week.

[LuciluS]

This gets better and better.

The bank in question processes payroll for my company but the only account I hold there is for the loan.


It would appear that the bank took my interest payment due out of my check before they sent my payroll out this week.

OMG! Do you have the papers regarding this Loan? If so, I would read them very carefully. There maybe a clause in the Loan Contract stating a Payroll Deduction.

Oh Me, I hope you get this resolved. You need to talk to an Attorney as you maybe able to get this money back if you file Bankruptcy.

Good Luck!

Luci

[willbfree]

I also highly recommend you contact the FDIC and file a complaint so they can investigate. The FDIC regulates banks and has policies in place to protect you. It sounds like this bank is working outside the guidelines.

Someone else gave you good advice. I believe you are going to need the expertise of an employment lawyer in the future. Keep a low profile while you gather all your documents. Make sure you have copies of all your past performance records in your possession offsite. Any specialty courses or classes you have taken make sure you have that documentation as well. Anything you will need to find another comparable job you need to have the documentation offsite. So don't leave it in a company desk drawer or filing cabinet. Also don't make any angry comments, idle threats, etc to anyone. If you will need a reference from a coworker make sure you discuss it privately and off company time. Follow all company policies to the letter. Don't give the company any excuse to terminate you.

[StartingOver08]

Look in the loan documents for the right of setoff.

Here is an excellent article discussing the right of setoff by the lender/bank:

http://www.financial-ombudsman.org.uk/publications/ombudsman-news/40/40_setoff.htm

[Nextgen]

I also highly recommend you contact the FDIC and file a complaint so they can investigate. The FDIC regulates banks and has policies in place to protect you. It sounds like this bank is working outside the guidelines.

Someone else gave you good advice. I believe you are going to need the expertise of an employment lawyer in the future. Keep a low profile while you gather all your documents. Make sure you have copies of all your past performance records in your possession offsite. Any specialty courses or classes you have taken make sure you have that documentation as well. Anything you will need to find another comparable job you need to have the documentation offsite. So don't leave it in a company desk drawer or filing cabinet. Also don't make any angry comments, idle threats, etc to anyone. If you will need a reference from a coworker make sure you discuss it privately and off company time. Follow all company policies to the letter. Don't give the company any excuse to terminate you.

StartingOver (I quoted the wrong post) thank you....and you too willbefree

Thank you for that link, after following the link there does not seem to be any situation where they can intercept my payroll unless they are taking it from an account I hold in the bank. It's pretty specific over and over they can only take from an account I hold with the bank, not a 3rd party who I have an interest with (work) My god, my head is spinning!!

If anyone is reading and can refer me to a quality attorney in Columbus Ohio, via PM, I would greatly appreciate the help, looks like I'm going to need it.

Or even an attorney you had a great BK experience with, if they are good there they might be able to refer on other issues.

[pookieny]

They took money out of your payroll? Did you have it set up for payroll deduction? Do they have a judgement/court order to do a garnishment?

I could see if you deposited the money into a bank account you had with them and they go in and take it out-that happens all the time but taking money out before the process your paycheck?

yowser

[Nextgen]

They took money out of your payroll? Did you have it set up for payroll deduction? Do they have a judgement/court order to do a garnishment?

I could see if you deposited the money into a bank account you had with them and they go in and take it out-that happens all the time but taking money out before the process your paycheck?

yowser

None of the above.

I have one account with them it's my loan.

Either my company kept back the amount I owe and paid the bank or the bank took it out before processing my payroll, either way, I'm going to find out if it's wrong.

[WhatHappened]

None of the above.

I have one account with them it's my loan.

Either my company kept back the amount I owe and paid the bank or the bank took it out before processing my payroll, either way, I'm going to find out if it's wrong.

Without a court judgement, it is illegal to garnish your wages in any way. Of course, I am not an attorney and this is certainly not to be taken as legal advice.

FDIC is one place to file a complaint, but don't expect much to happen out of that. With the current banking crisis, your issue will not be looked at for quite some time. FDIC doesn't currently have the resources to do much for you.

Your best and fastest resolution is probably to contact the State Attorney General's office. It appears that both your employer and the bank in question are in violation of numerous laws.

Edit:
Do some reading about the "Gramm-Leach-Bliley Act" regarding disclosure of nonpublic personal information. You can read about the act here:

http://www.ftc.gov/privacy/glbact/glbsub1.htm

Specifically read information in section 6802 regarding the obligations of disclosure of personal, nonpublic information by a financial institution.

[Flamingo]

Hmmmm...since this is company stock related your company may be kept apprise of what is going on as to their stock and if this bank is holding your stock, and you have not paid on the loan, they may have had to inform your company of the situation. You mention you had to take out a loan to obtain this stock under "duress." I suggest you review the "Whistleblower" laws put in effect in the past several years.

[Nextgen]

Trip to Radio Shack- phone line recorder earphone, digital recorder, placed calls on my cell so there would be a call length to match my recording length.

Both States 1 party recording legal.

30 minute conversation with my boss, recorded asking specifically if he's happy with my work, does my current review of excellent performance reflect his true view of my work, am I part of long term plans for company, as I'm making big decisions of how to address the loan (I'm sure he know about), should I worry about my future employment for any reason.

All positive answers to the questions above, stored on device, home computer, backed up on Mozy.

Planning 2 more "conversations" over the next week. I'm done getting walked on.

[Nextgen]

Hmmmm...since this is company stock related your company may be kept apprise of what is going on as to their stock and if this bank is holding your stock, and you have not paid on the loan, they may have had to inform your company of the situation. You mention you had to take out a loan to obtain this stock under "duress." I suggest you review the "Whistleblower" laws put in effect in the past several years.

To add to my recordings today. Another employee (officer of company) who does not know about my situation saying he is constantly being pressured to take out loan to purchase stock from the same bank as a implied condition of employment. Says on the tape he's been asked 100 times and gets constant remarks.

[Chowder]

Talk about letting your family down, who trusted me.

You are not letting your family down. You would be if you let things go without protecting what you can. Sounds like you are taking steps to do that.

Regarding your employer/banking situation. Like you said, they have "connections". They likely will continue to long after your are gone. I'd tread lightly there.

It is amazing what these banks will stoop to. I was 30 days late with Am Ex and they called my sisters father-in-law, to pump him for info.

[Flamingo]

To add to my recordings today. Another employee (officer of company) who does not know about my situation saying he is constantly being pressured to take out loan to purchase stock from the same bank as a implied condition of employment. Says on the tape he's been asked 100 times and gets constant remarks.

Nextgen - I know what I am talking about as I have a heavy corporate background. There are folks in your organization that keep track of all stock and if shares are being held by a bank as you describe above as to your loan, they can be kept apprised as to what is going on as to company shares and since you are already a stockholder and an employee, you need to check out what they do in that instance. Review bylaws, your employment contract, everything and if your claim to purchase stock under duress is true, and you suspect something is going on internally as to stock purchases in your company, like I mentioned previously, there are steps you can take to protect yourself. I don't know your position in the company or how high up you are but review the recent whistleblower laws. Also, you are under financial duress right now and have that pressure on top of whatever is going on at work so watch your step and don't get yourself fired trying to prove something that may not be what you think it is....You can always go and report this to HR and get it on the record confidentially - they cannot divulge the information and that is the best thing to do at this point. In fact, that is usually the first step taken in situations such as this where there could be an employment issue involved.

[Nextgen]

Nextgen - I know what I am talking about as I have a heavy corporate background. There are folks in your organization that keep track of all stock and if shares are being held by a bank as you describe above as to your loan, they can be kept apprised as to what is going on as to company shares and since you are already a stockholder and an employee, you need to check out what they do in that instance. Review bylaws, your employment contract, everything and if your claim to purchase stock under duress is true, and you suspect something is going on internally as to stock purchases in your company, like I mentioned previously, there are steps you can take to protect yourself. I don't know your position in the company or how high up you are but review the recent whistleblower laws. Also, you are under financial duress right now and have that pressure on top of whatever is going on at work so watch your step and don't get yourself fired trying to prove something that may not be what you think it is....You can always go and report this to HR and get it on the record confidentially - they cannot divulge the information and that is the best thing to do at this point. In fact, that is usually the first step taken in situations such as this where there could be an employment issue involved.

Great advice, I need to take a step back and calm down. It's an employment at will state so I'm in a tough place to start, which is why besides my years of excellent reviews I wanted my Boss (COO) on record saying my performance is excellent. At the very least, when I file it should buy me some time to look for another job since they would be silly to immediately fire me. If I can buy a year or two while the compile their case to fire me I will find another job. I haven't even confronted them re the bonus issue yet, I'll wait until my pay stub arrives next week, then ask for a reciept for the funds they took. If they didn't take the funds and the bank intercepted, I'll contact the bank for a reciept, calm and cool.

Thanks for the talk down