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

[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.

[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.

[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.

[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]

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.

[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

[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.

[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

[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.

[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

[blankslate]

This sounds like a very bad situation altogether. Your boss also committed a no-no by asking how much you owe and furthering the conversation. He should've told them that they needed to contact you directly and ended it there. He could've pulled you aside and let you know that this bank had a message for you and that you should contact them.

It also doesn't sound good that you were obligated to purchase stock and have to take a loan to do it. Can you sell that stock back to the company? I'm sure it's not worth what it was when you bought it given the recent market but maybe you can work something out.

I get the feeling that the company you work for and the bank are both businesses up to no good and you are caught in the middle. I do think you will need an employment attorney as well as a bankruptcy attorney. I'm sorry you're going through this.

Please don't feel that you have let your family down. You just need to keep going the way that you are to find a way back up again.

[willbfree]

Make sure you print out the "view source" of the email header. That traces the routing of the email before it got to you and provides authentication of your claims for the authorities. Also forward that email onto your personal ISP where the boss can't delete the records. You need proof of your claim and if both your boss and the bank delete records you still have proof but get a copy off the premises ASAP.

[eddiep]

Talk about letting your family down, who trusted me.

What a heartbreaking statement! Well luckily your family can still trust you to take care of them, you are filing bk, right? It sounds like you are handeling your financial troubles in a mature, responsible manner. Things happened that were beyond your control and your are taking action to correct the problem. They are lucky to have you!

[Nextgen]

Well has the boss gotten with you yet?

Because that is a conversation I would love to have a hidden tape recorder with.

Had not though of that... I'm going to contact an attorney since I have the e-mails.

I looked it up, I have one year to file complaint but have not found damages. Perhaps where will be none...we'll see.

[pookieny]

Well has the boss gotten with you yet?

Because that is a conversation I would love to have a hidden tape recorder with.