FEDERAL RESERVE holding my money back! What's going on!?!?

Originally posted by DaddyBare

Originally posted by calstorm
Yup, same here. Also I was under the impression that the FDIC was broke and had no money to pay any of that so called insured money.

The FDIC is tied into the Treasury and has access to an unlimited line of credit... they simply cant run out of money...

They haven't tapped that line of credit. And yes they are broke. They have a negative account balance now. Additionally, the money they can get through the treasury is a loan that must be paid back. Loan are a negative account balance also. Either way you look at it, FDIC is broke.

Well know this is interesting. I work for a subsidiary of our Uncle. My funds are Never Direct Deposited. That's just the way I am. My check is special delivered
(Brown, Blue n Red, pick one) to me where ever I am, every Friday. Guess what, NO check! I didn't think much about this until I read this thread. We'll see what happens Monday.

My direct deposit is sitting nice and "secure" in both of the accounts it gets sent to. Right on time.

reply to post by curious_soul


I don't think its illegal to pay after a holiday, or the large # of ppl on unemployment, have a great case.

It does not matter what day the holiday falls on, even if its a monday, the checks many of my friends/family get is set back one day.

[edit on 28-11-2009 by Doc Holiday]

Maybe it is your bank. I noticed that the last month or so my direct deposits are held in something called pending status for most of the day they're deposited now. Used to be the funds were deposited and available as of 7 a.m. the day they were due. Now when I check online, they show as pending for most of the day, usually until late afternoon. When I called the bank several times to ask what the deal was, no one could explain it. I got the run-around the last two times when I asked to speak to a supervisor and then my call got "lost" (they hung up on me twice).

So the rabbit hole gets deeper...talked to the corporate office again and now they say it is a company wide issue and should be resolved tonight by 7pm so look for the deposit at that time.

Called a co-worker and he cashed his paper check last night at MoneyTree which is a payday loan place. Got word of another co-worker that couldnt cash theirs so I called her. She said Wal-Mart would not cash the check...the reason: NSF.

So looks like most people saying the money wasnt deposited into the account are right. But on the other hand, why was one guy able to cash his last night? I am going to call around and see if anyone else is having problems.

reply to post by tsi1991awd


If the guy used one of those high $ check cashers they will cash...anything for a fee.
And prosecute later.

reply to post by ~Lucidity


Happened to me a few years back....The bank would hold my direct deposit until the following Wednesday. I travel all over the US and at times get out of touch with what is going on, working at that time 7 days week for nearly 2 months straight. Then one day, low and behold my account was -600.00. I didn't understand this and did an inquiry....seems they held the deposits, but cleared the checks and ATM withdrawals, all the while charging me 30.00 per and 5.00 per day overdraft charges. It only took them 3 months to achieve this. I just about freaked out....the only thing that was positive about the whole story was the fact it was an expense reimbursement account and not my main account, which was with a different bank. But still they took me for about 900.00. When I went to the main office to file a complaint with the manager, they got all defensive and when I voiced my opinion, they asked me to leave or they will call the police. No problem I said, I'll call them for you and have you arrested for fraud. Well guess who went to jail....you got it me.
Cost another 500.00 to clear that up.....so be advised, if you go to a bank to file a complaint, bring your attorney.

reply to post by curious_soul

Want to bet on that? I worked almost three years for a trucking company as a driver and in the office, and if there was a holiday any time that week we got paid the following Monday. Even though payroll ran Tuesday our checks were delayed regardless.

I am not taking anything up with the bank...its not the bank that is the issue. It is something along the way. Contacted several other co-workers and same problem there. Theydidnt receive their direct deposit.

We dont use the same banks and even when I called the bank they showed no pending deposits. The "official story" from the corporate email my ops manager got was the deposits went out from Valiant (Valiant does the direct deposits for SOS Security) and they got held up at the Federal Reserve. It doesnt make sense but thats the story and thats as much as I know for now. This beats the hell out of me.

Its because of the mechanics of how direct deposits actually happen. They are done much like an ACH transfer or in many cases are an ACH transfer. What this means is that the funds are actually segregated anywhere from 1-4 days before the deposit date and then put through the system. They are not like wires, where they are requested and sent the same day. Basically what the OP experienced was due to their employer setting up the direct deposit as usual without realizing that the Thursday holiday would delay that deposit by one day. So lets say the norm for this company is 2 days before, they would send them out Wednesday for deposit Friday. Because of Thankgiving, it goes in Monday instead.

Much as I dislike the Federal Reserve, this was not their doing. It was an error by the employers accounting department or the payroll service your company uses, from them not accounting for Thanksgiving moving normal timetables back. Don't worry, it will be there Monday.

Why wouldnt it go through on Saturday, out of curiosity? Does it have to be business days?

Originally posted by tsi1991awd
Why wouldnt it go through on Saturday, out of curiosity? Does it have to be business days?

Yes it has to be a business day. Much how you cannot send or receive a wire on a holiday or weekend.

If it's any help tsi1991awd...this from Intuit Small Business:

Federal Reserve Bank Holidays for Direct Deposit

Thanksgiving Day (Thursday, November 26, 2009) - Effect on Payroll Tax Payments and Direct Deposit

On the other hand , the Fed & Treasury do have a few mounting obligations on their hands

I can say, myself, my credit union, and my employer have alays put my dd in my account the day before a holiday, Thansgiving on Wednseday, 11 years, until this year, 2016. My payroll department says, they send the info to my credit union on Monday,and have been doing so, from my standpoint for 11 years, as I mentioned, until this year. Employer blames my credit union, my credit union blames Fed Res. I just wish somebody would be the bigger person here and tell me WHY I didn't get my earned money before the holiday, so I could get groceries and needed things. Credit union told me the reserve changed the way they do direct deposit, but what does that have to with my paycheck? I earned that money. I believe my employee is to blame here, I can tell you about some other horror stories I'm going through with them now.

originally posted by: St Udio
reply to post by tsi1991awd

 

Here's a thought on what to do about your delayed direct deposit.

put in a claim against your employeer (SOS Security per the OP)
say that 3 automatic debit payments were sent from your automatic account...
but because your deposits never made it on time, your bank charged your account $35. per overdraft -> an 'overdraft' caused by the non-received
direct deposit covering your paycheck.

Your company owes you the late paycheck plus the $35X3= $105.
(if nothing more, than for the inconvience...& as a penalty for not remitting your monies earned on the promised date)

And if the company asks for proof of the charge?

Possibly of getting fired for attempting to defraud his employer doesn't really seem to stack up against the small potential gain.

Update - Sunday January 2, 2022

I don't know how important the position is, but the head of the Federal Deposit Insurance Corp. (FDIC) suddenly resigned this weekend, due to frustration and anger with those running our country.

Source: www.foxnews.com...

I get my social security direct deposited on the first Wednesday of the month. For the last two months they have been a day late and did not clear my bank till Thursday,
Interesting is that it hits my account at 12:01 in the morning, when my bank is closed.
Does the fed get interest on their money?? If they kept everyone's money one extra day for 1.000,000 people, that would be how much interest.