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Broadcast Company and Bank Issues

C

ChiefEngineer

Has anyone had a broadcast company ding their bank account for amounts that were not due?

The accountant asked why a broadcast comapny (not named) had taken money from our bank account. The company was not authorized and did not have an authorization.

The company did not know why and the accountant wants answers I don't have.

This is something that a large company might overlook. Is this something anyone else has had??
 
We did confirm that the money was not anything that was supposed to be withdrawn. The accountant indicated the bank used the scan line from a check the year before to withdraw funds.
 
You use the temrs 'not authorized' and 'did not have an authorization'. If that's the case, I might simply ask them exactly once (politely, of course) to give the money back posthaste. My next stop would be down at the U.S. Attorney's office, we'd be discussing theft by wire. I would push fopr prosecution and public disclosure.
 
I'm with littlejohn here, this is wire fraud. Which is a federal offense. Sounds like this was just a test to see if anyone would notice. If it had gone unnoticed, they would have continued the practice. Wonder how many other places they are doing this unnoticed. Time for someone to show them that this isn't tolerated.
 
Unless the company taking the funds had a judgment against this company. Many states have a collection procedure known as a "bank garnishment," where a debtor can obtain a court order to withdraw funds to satisfy a judgment. In my state the funds would be returned by the bank to the clerk, and would send a copy of the order to the account holder (after the money is garnisheed, of course). Accountant would not necessarily know what is going on, but management should in this case.
 
I had a supplier send "electronic transfers" into my account without authority, based on info from previous checks. This is URGENT! There are people out there aching to take advantage...this company said it was an "Accounting Error"....they are exactly right...but it was on purpose!
We now check the daily checks cleared and transfers every day. You could wake up with NO money in the bank...
 
Our accountant had a cow.

Found out that there had never been an authorization. If she had not noticed and reconciled the books she might not have noticed. The bad part is that this was a person involved in a company we still deal with. Not the company we work with but one of it's principals. The money was depositied in an individuals account.

The check written the year before was a real check, not an electronic check. For this to happen the routing number was taken from a real check, placed in an electronic system, and an authorization was sent falsely to our bank.

I was stunned. Waiting to see how the accountant handles this. I do know she spoke with the bank. TFe bank indicates it is not fraud, not sure how. Apparently once you are authorized as someone who can remove cash from accounts they make you a buddy and it becomes something other than fraud. They did indicate it was theft.
 
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