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Last Post 05/13/2010 9:19 PM by ChuckDeaton

Direct Depo/Withdrawal Forms??

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jdbehm

Guest
Posts:5

06/12/2009 11:15 AM
I am filling out an employment packet for one of the adjusting firms listed on this website (Leading Edge Claims). It includes an independent contractor packet and a credit/debit authorization form. It is the latter I am concerned with. In the past I have filled out direct deposit forms but never a withdrawal form. Their form states, "I am authorizing Leading Edge Claims to initiate entries to my checking or savings account at my stated financial institution (I supply them with routing numbers, of course) and if necessary initiate adjustments for any transactions credited or debited in error." Is this protocal? I am new to the cat adjuster business but this doesn't seem correct--to allow a company unrestricted power to withdraw funds from your account. Do other companies require this? Any comments or insight would be greatly appreciated.

Ray Hall

Senior Member
Posts:2443

06/12/2009 12:53 PM
Many reputable vendors have dirct depost to your account. I don,t think you authorize them to withdraw. I don,t.

Lomas Adjusting
Guest

Guest
Posts:29

06/12/2009 1:23 PM
When these companies want to go to direct deposit, I look very carefully at the agreement. I will not sign a direct deposit authorization that authorizes debits from my account. If the company has made an error, they can discuss it with me, but I won't have anyone but me debiting or withdrawling money from my accounts.

ChuckDeaton
Life Member

Senior Member
Posts:1110

06/12/2009 7:45 PM
Just have your bank set up a receiving account and then have a transfer account or several transfer accounts, maybe, if you get rich quick, you should consider transferring your funds offshore. "Prattling on and on about being an ass with experience doesn't make someone experienced. It just makes you an ass." Rod Buvens, Pilot grunt

okclarryd

Veteran Member
Posts:954

06/18/2009 4:24 PM
i use the West Bank of the Canadian and don't have to worry with that stuff Larry D Hardin

CatAdjusterX

Veteran Member
Posts:964

05/13/2010 4:37 PM
I don't know of that firm and may well in fact be a very reputable company but last time I checked that's why firms hold on to a % of money for X amount of months and thus used to be called "HOLDBACK"!! Unless I am behing the times, I would NEVER agree to such as my employer able to go into my ck account and withdraw a penny !! "A good leader leads..... ..... but a great leader is followed !!" CatAdjusterX@gmail.com

Ray Hall

Senior Member
Posts:2443

05/13/2010 5:08 PM
please lets use the correct words, a very big % of us are not employees, we are sub-contractors, some are sub par sub contractors, don,t be like them. And please do not work for a sub par vendor or the sub of a sub par vendor.

Tim_Johnson
Member

Member
Posts:243

05/13/2010 6:36 PM
Where in the world is Larry Hardin? Has anyone heard from him? I always enjoyed his posts / sense of humor Tim Johnson

ChuckDeaton
Life Member

Senior Member
Posts:1110

05/13/2010 9:19 PM
I don't know about Larry. My nightmare is that a financial whiz with those withdrawal forms would deposit my check and yours one day, right in the middle of a big job, then as he/she runs for the airport, withdraw the money and transfer it to and have it bounce around several off shore accounts. "Prattling on and on about being an ass with experience doesn't make someone experienced. It just makes you an ass." Rod Buvens, Pilot grunt

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