Direct Deposit Authorization Form - Financial & Business Services: Fill & Download for Free

Very recently hired a Director of IT. MBA, great job history, some long gaps in employment but he interviewed really well. Basically a shoo-in for the role as we desperately needed it.Day # 1 I tell him to book flights to the US and book a hotel for a week of training. I get a story about how he can't leave Canada because of his children. Passes the smell test and I instead fly the relevant team up to Canada.Day #1 I assign him two hours with HR for paperwork. He decides day 1 he needs a raise. Keep in mind I am paying him a probationary rate of $40 an hour. HR sets the expectation that he is on probation and can be dismissed at any time; he can ask for a raise after probation has ended.EDIT: Day #1 He asks for bitcoin as payment and will not accept direct deposits in his name; we are asked to pay through an alias (which is an organization he has set-up). We decide we can pay him as a contractor instead of a full-time employee. HR and Finance set-up regular payments through a payment portal he created using standard deposit.Day # 1: He tries to fire my best account manager. She comes crying into my office. I reassure her that he has no authority outside of IT. I give her a day off she can use in the next month without approval, just send an OOO.Day # 2: Boardroom to meet the CEO and get his directives. Wasn't privy to the conversation. CEO calls me in after the meeting.CEO: He was smoking in my boardroom.Me: You must be mistaken.CEO: Maybe, it has been a long day. Trainers reported it to HR, he denied it.Me: Benefit of the doubt. Will speak to him.Day 3: CEO and I return from a multi-national pitch, we are heading up the elevator.CEO: Found out why the new guy can't go to the US.Me: Scared of flying?CEO: Criminal Record.Me: Termination worthy?CEO: Drugs, Distribution and something else.Me: Half the sales team does drugs, so what?CEO: Weird he lied about it. All right, thanks for the chat.Day 3: Wage garnishment order arrives. HR processes and informs management. HR informs that he is a contractor and our legal team’s contact information is below.Day 3: Background check returns that he doesn't have an MBA or for that matter a degree. IT degree and designation required for his pay grade.Day 4: 8:50 AM. CEO calls me into her office. (I am a 10/10 sick with the flu but have major presentations that afternoon). My team is capable of taking this over and the IT Director is requested for some stuff.CEO: He is trying to dodge child-support. He has an active warrant and he lied on his education. Also, he smoked Pot in my boardroom again. Go home, take the day and know that I'm about to lose my shit.Me: Can I confirm independently? I know his reference.CEO: Yes, you have 10 minutes.Me: Call his reference which I knew at a previous employer. Confirms everything.CEO: Well?ME: Actually; he was terminated for financial fraud, stole money from his previous employer. He also had a garnishment order and the charge was something related to spousal abuse, possession of a firearm, some form of assault and possession of drugs with the intent to distribute. He overdosed at work one day and went on long-term. Company fought it and released him. Individual assaulted his boss when they terminated.CEO: Fucking hate peopleMe: Thanks for the day off.We pay him two weeks notice plus 4 days’ pay. Wish him the best and release him.He still tries to litigate.Edit: Thank you for all the comments. This happened this October. The firm I work at uses a third-party firm for background checks. The firm has a policy of not prolonging the hiring process and taking people on ‘good faith'. Our firm typically doesn't call references directly. Most firms only provide: Title, Salary, dates of employment for fear of litigation. The company we use provides pass or fail criteria for different categories. His employment criteria passed, his credit passed and his criminal was delayed. Received after his hire-date. His credentials were also delayed.Edit: Due to popular demand. I was not the hiring manager. He landed in my hierarchy.Edit: During this story, I tell it as if I have all the information as it is happening. I did not. I knew some of what was happening but most of this was shared during a debrief meeting after the event.

In the near term, remember that your direct deposit authorization form almost certainly included something that says the company can debit your account if they make a mistake. This happened to me recently when I was paid twice for the same expense report. if you take the money out, and then they debit your account to recover their funds, you'll be overdrawn.Now, assuming that doesn't happen, and assuming your former employer is a large company, your biggest risk is an audit of the payroll system. As they go through a year-end audit, auditors will typically sample each financial process to ensure proper controls exist. My company is a SaaS software provider. In addition to our annual financial audits, we go through yearly SSAE-16 audits, wherein the auditor reviews ALL of our internal processes and procedures- including on-boarding and departing employees. (Did we turn off their email access on a timely basis, etc.) Assuming all audits close and you don't get detected, you're likely to get away with it.Having said that, there are occasional examples in the news of people (typically in finance) that set up ghost employees and defraud their employer of large sums of money by banking the phantom paychecks.The bigger question is, do you want this on your conscience? Assume you net $10,000 from the mistake, and you use that money to go on vacation. When you look back on that trip, will you remember a good time? Or will you remember that the money was ill-gotten? If you're asking us that question, the answer is probably obvious to you already.

As far as access to your financial information, Tellers typically have access to data such as your account balances, daily transactions (including dollar amount and merchant name), and overdraft history. The information available is typically limited to currently open accounts only, and bank employees have no access to your information at other financial institutions.As far as the activities you specified, such as transferring between accounts, freezing funds, rejecting a direct deposit, or stealing from your account:Tellers typically CAN transfer funds between accounts without a customer signature, but with strict limitations.For instance, if an error occurred in which a deposit posted to the wrong account, the funds would need to be withdrawn from the incorrect account and posted to the correct one. Or, if you, as a customer, called and asked to transfer funds between your accounts, and we correctly verified your identity, we could do the transfer without your signature.In both of these, and in any other circumstance, TWO employee signatures are required on the form, and a copy is mailed to the customer. This is to help ensure that one employee is not able to access your funds without being overseen by another employee. “Dual control” is an extremely important concept in banking.Bank Tellers typically do not have the authority to “freeze funds” on an account in the event that another of your accounts is overdrawn.There are some other ways of restricting your access to certain bank services, such as cashing checks not drawn on your bank, unless you bring the account positive, but I can't think of an instance of freezing funds in my experience. If you have signed an agreement for overdraft protection that specifies that money is to be moved from one account to another in the event of an overdraft, that transfer would take automatically, meaning the tellers have no part in the process. A similar situation would be if you deposited a check drawn on another bank (from a friend perhaps), and the check was returned for insufficient funds. The bookkeeping department would hold (freeze) the funds that had been made available after deposit, while the bank attempted to re-clear the check (in my experience, most items attempt to clear just twice before being returned). Ultimately, the funds would either be released to you if the check clears on the second attempt, or deducted from your balance, due to the fact that the bank was unable to aquire the funds from the other bank.Bank Tellers typically do not have the authority to deal with Direct Deposits.Typically, processing of Direct Deposits is done through the bookkeeping department. Tellers can tell you if a Direct Deposit has in fact posted to your account, but that's about it.Due to the nature of the job, Tellers DO have the means to attempt to steal from or defraud you.However, there are strict safeguards in place for this very reason, and it would be extremely difficult to continually get away with. There may be an unscrupulous person here or there that might attempt such a thing, but in my experience, it's exceedingly rare. The vast majority of Tellers are far more interested in keeping a fairly well-paying job with benefits rather than risking termination and possible prosecution.That being said, I always encourage people to monitor your account regularly so that you can detect if there has been unusual activity. That way you'll be aware if anyone has been accessing your account without your authorization, and you can alert your bank at once. In fact, there are limitations on what the bank can be liable for if a customer waits too long to report an unauthorized transaction. It's usually in the 3-6 month range (it would be disclosed in the deposit account disclosures; ask your bank for details) so even if you don't balance your checkbook, a brief review of your monthly statement is extremely important. If you notice anything at all unusual, don't be afraid to ask a bank employee to help you research it.Regarding fraud in general, I feel it should be said that the sheer amount of fraud in this era of banking is staggering. Technology has advanced rapidly, and unfortunately, the criminally-inclined are often on the forefront of tech knowledge. Keep an eye on those bank and report anything unusual. If you believe there has been unauthorized access to one of your accounts, even (especially!) by an employee of the bank, please notify your bank immediately.