As you may be aware, yesterday was Black Friday....which happened to be my payday. It is NOT a federal or banking holiday. I have direct deposit...I am a security officer and work for SOS Security Inc. located out of Parsippany, NJ.

Everyone who takes a paper check got paid but EVERYONE in the whole company who has direct deposit did not. So I called the corporate office (in NJ) and they said because of the holiday we would be paid at midnight(this was yesterday).

I found this to be a big load of crap but I said OK. Well today, still no deposit. My fiancee and I work for the same company, same bank account. No money was deposited. I call my boss this morning and he says he just got off the phone with his boss and corporate is sayng THE FEDERAL RESERVE is holding all direct deposits. They dont have a reason WHY it is being done.

I instantly became enraged. I BLEW UP...no answers as to why they are holding it and no clue WHEN they will release it.

So the question now is....is this it? Is this the beginning of The End for the FED? Is anyone else having this issue??

I think your boss is feeding you a line... the FED can't do anything to stop your paycheck... The FDIC has the power to suspend your/companies banks accounts but still that money in insured up $250,000.00

Now here's an idea your company didn't transfer money into the accounts payable so those deposits were never made.

most people don't understand how these merchant accounts work but it's not just a single account but several. payroll comes out of one and they never keep a penny more in there than needed to cover payroll... a protection against fraud. sure checks could be issued, it takes seven days for a check to clear... if in seven days time those checks start to bounce ... then you know why... and its not the FED doing it

This is illegal. If your payday hit's on a holiday or whatever you must be paid early and never late. All you have to do is file a complaint with the board of labor in your state and your employer will be responsible for paying you a full days wages for every day your check is late.

This is your employer's responsibility and it's their fault regardless. They(your employer) will have to sue whoever to get back the extra money you will receive because of this if you file a complaint.

For those who rec'd paper checks...
Were they able to access their money? Do you know if those checks cleared?
Hope those employee's don't end up over-drawing funds. What a mess.

[edit on 28-11-2009 by LadySkadi]

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.

I was just posting what I was told. Again, my payday DID NOT fall on a holiday. Sorry if I wasnt clear. THURSDAY was a holiday. My paydays are every other FRIDAY. The corporate office told me that it was because of the holiday which I thought to be bogus.

I will file a complaint Monday if I am still not paid. My deposit is always posted early morning Friday...wake up, check the account and its there. I will not be run around by these people.

Thanks for clearing up the Federal Reserve deal....maybe he is full of it or maybe he meant something else and said Federal Reserve instead. I heard from a few other employees this happened early last year as well...I did not work for them at that time.

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...

hmm interesting, but I had to say I seen it coming!

I live in Washington state...I will look into the board of labor or L and I (Labor and Industries)...they are real good about this type of thing.

Funny that you guys mention the overdraft stuff because we have a few things that are actually on automatic payment for the first of the month and believe me, the company WILL be held liable for overdraft fees if any of them get tacked on.

I don't know what the deal is, and I don't know what is going on with everyone that got paper checks. I heard that this happened last year, as I said. And a week or two after, everyone's check bounced and direct deposit took a couple weeks to come in. Sure could use that money right about now.

I figure a company payroll accountant clerk screw up. My wife gets her pay directly deposited to her bank account on Fridays. In the past, the company she works for has had lazy payroll employees and because Thursdays is when they usually process paychecks, my wife and other employees didn't receive their deposits on Friday, instead receiving them on the following Monday. A great deal of bitching by numerous employees calling and complaining to accounting has resulted in employees getting their checks or deposits of Wednesday, before the holiday.

That shouldnt be the case though....the way it is set up with our company is all times have to be submitted by Monday night. After that, Tuesday the checks and paystubs are printed. Overnighted and the ops manager here has them Wednesday morning. Everything should have been completed by Thursday because it is printed up and all on Tuesday.

Thing is...I never received my paystub. My boss didnt say whether he had it or not. If I dont have it...well....I say something shady is going on then.