Lost paycheck/ What happens if cashed?

Discussion in 'Off Topic' started by bctbct, Jul 1, 2006.

  1. bctbct

    bctbct Diamond Member

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    Anybody know what happens if a stolen paycheck gets cashed? Will the company lose the money or will the person who cashed it for the person?

    An employee called me an hour ago and told me his paycheck was stolen last night. The owner of the company is ticked that he waited until now to report and indicated he may make the employee eat it if it gets cashed.

    I guess I thought anyone who cashs a forged check eats the cost and that you cannot just not replace a check for an employee.

    Anyone have first hand knowledge?
     
  2. Reckoner

    Reckoner Lifer

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    Usually our office checks if it's been cashed. If it hasn't, they cancel that check, and reissue a new one. In this particular case, if it's been cashed, the employee at our location would be SOL. Maybe the owner can attempt to issue a stop payment?
     
  3. Mill

    Mill Lifer

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    1. A stolen check isn't really the same as a forged check.
    2. How does your boss know how long he waited? He may have just now discovered it, but assumed that it happened the prior night.
    3. Although the guy deserves some blame for getting his check stolen (depending on what happened), your boss is a major idiot for not just putting a stop payment on the check...
     
  4. imported_LoKe

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    Put a stop payment on the check and send out a new one. =/
     
  5. chusteczka

    chusteczka Diamond Member

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    If/when the check is cashed, there will be a 10-14 day waiting period for the check to clear. There should not be any problem as long as the check is canceled within this time period and before the deposited check actually clears.
     
  6. bctbct

    bctbct Diamond Member

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    The employee called at about 4pm sat and bank is closed. Had he reported this at 8 am this morning my boss would have had no problem, he is ticked because he made no effort to contact us so we could stop payment.

    To make matters worst it was stolen in a bar after work yesterday.

    If a person presents a check somewhere and has forged the sig I figured they incurred the loss since they either did not check ID or it was the price of doing business cashing checks.

    With all the banking changes its possible the check will clear our account at anytime.
     
  7. Mrfrog840

    Mrfrog840 Diamond Member

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    Sounds correct to me
     
  8. BigJ

    BigJ Lifer

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    Can't you do a stop payment online?
     
  9. JM Aggie08

    JM Aggie08 Diamond Member

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    your bank does not require photo ID to cash a check with your name on it?
     
  10. imported_LoKe

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    Not if it's endorsed.
     
  11. Mokmo418

    Mokmo418 Senior member

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    Direct deposit ftw!

    Seriously, every place i worked would not issue paychecks simply because of the hassle. Nice thing is that it also prevents a paycheck from bouncing in case the business is low on cashflow. Your money is available at 00:00:01 the morning of payday, no waiting for a check to clear.

    Seriously, get in the 21st century people...

     
  12. Mill

    Mill Lifer

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    Banks should have a 24 hour number to report lost/stolen debit cards and to put a stop payment on a check. Call them.
     
  13. bctbct

    bctbct Diamond Member

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    Thanks for the comments, just wondering what my arguement should be when I try to remain nuetral. This could get ugly.
     
  14. bennylong

    bennylong Platinum Member

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    I haven't seen a paycheck in about 7 years. I get a direct deposit every 2 weeks
     
  15. Geekbabe

    Geekbabe Moderator Emeritus<br>Elite Member

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    He might not have realised his check was missing till late afternoon. He also might have simply lost the check when pulling money out of wallet,I'd just stop payment on it,if it's been cashed they can do a signature comparison to make sure it wasn't cashed by the employee.