#PayrollMystery #WorkplaceConfusion #FinancialAdvice
Hey everyone! I’ve got quite a puzzling situation on my hands, and I could really use your insights. 🧐 So, get this: I left a job 19 years ago, but I’m still getting paid! Back in 2005, I took a position at a tech startup, went through a training period, and then handed in my notice on the last day of that training because I got another job offer. No-show, called my boss, and he didn’t seem too concerned. Fast forward, I think the company just never marked me as separated. Talk about a massive payroll mix-up! 💸
Here’s where it gets interesting: Over the years, I’ve received multiple paychecks from them—totalling a significant amount. I’ve reached out to my former boss and HR, even sent certified letters detailing when I quit and how much they overpaid me. But after countless attempts, I hit a snag: the paychecks finally stopped coming in November 2022, and I haven’t heard from the company since! 🤷♂️
As a result, I’m stuck in this limbo with a sizable sum of cash that I was never meant to keep. The company’s been sold and merged numerous times, and I have no clue who to contact now. My main concerns are:
- Legal Repercussions: Am I in hot water for this situation? I feel I’ve done my part to resolve it.
- Where to return the money: Should I reach out to that large organization or the payroll company?
- Handling finances: Should I split the amount into different accounts to mitigate risk, especially since it’s beyond my FDIC coverage limit?
- Abandonment laws: At what point does this money become legally mine? (I’m in PA, by the way).
Here’s what I’m considering: 💡
- **Contacting the payroll company directly.**
- **Hiring a CPA or lawyer to guide me.**
- **Turning the matter over to the State Treasurer’s Unclaimed Property department.**
I want to do the right thing, but I’m not sure which direction to take. 💬 Have any of you faced a similar issue? What steps did you take? I’d love to hear your experiences or any tips you have! Your insights could really help me navigate this maze!
Do you have an employee handbook of when you were hired? Most companies have a policy for overpayment and hold the right to request the payment back. My guess is that is they have not asked for 20 years they wouldn’t come asking for it now.
After companies being cut up and purchased, you likely have nothing to worry about and this wouldn’t even be found out about. You kind of hit the lottery, just keep collecting interest on it and save the principal eventually statute of limitations comes into play which varies by state etc.
given the fact you have multiple certified letters confirming your multiple attempts to correct this, I wouldn’t be worried in the least. I would not go out of your way to return the money since you’ve already done that numerous times with no success. If you are worried, I would consult an attorney but find a good one. otherwise keeping a high yield savings account and keep collecting interest in reporting for taxes accordingly
Don’t say a damn thing and remove this post imo
But there is nothing like passive income. Would put it somewhere with high interest to grow it. That way if they do come asking, you have already profited a lot.
The amount of time that the company has to go back and demand the repayment of the wages depends on the state in which they are located, but from what I can see it is anywhere between 90 days and 6 years from the date of the payment error. In which case the money would be yours to keep. Assuming they have 6 years to collect, the money you were paid from 2005-2018 would already be yours to keep, and every month that the don’t contact you a little more of the remaining funds are yours.
It would definitely be worth it to pay a few hundred dollars to an attorney just to be sure, but I think especially since you made efforts to stop the payments you should be fine.
Regarding the FDIC coverage limit, it is $250,000 per depositor, per bank, so if you are worried about it you could open a savings account at another bank and get another $250,000 of coverage.
It’s been 19 years, I would contact a lawyer at this point.
Smart move putting the money in an high yield account and not touching it though.
Not a lawyer so I dont know if you would be entitled to any of it. At the very least though, you could negotiate a payment plan. Essentially giving you a big loan without interest.
I would consult a lawyer since you can afford it and have them tell you in writing the applicable criminal and civil SOLs.
Buy a ferrari
This is hilarious congratulations and no wonder the company doesn’t exist anymore. Idiots
Why can’t this shit ever happen to me?
Check the statue of limitations on something like this.
Keep ur mouth shut and put a few thousand into retaining a good employment attorney. They will eventually figure it out and they will likell settle for an amount significantly less than the total.
Type shit
There are bound to be other banks in your area. Spread that money around so it’s all protected by the FDIC.
Did the pay stay the same each period, or did ghost you get raises/COL increases? Just curious.
Nobody in this thread has given you correct legal advice lmao
Are they sending you a w2
If they haven’t contacted you in almost 2 years since they stopped paying, find out the statute of limitations on debts in your area ( how long they have to pursue you in court for money owed) where I live it’s 2 years. Leave the money until that date passes, then happy house hunting, or cottage etc
why doesnt this happen to me
Were they sending you W-2s every year too? Have you paid taxes on any of it? Do you have any proof that the company paid any withholding taxes on this?
Invest it.
Did you get a w2?
This happened to me on a very small scale. I quit a job in June 2019. They paid me til Dec. And that only stopped bc I closed the account. They happened to send me a we want our money back letter via FedEx I will never forget the date…March 13th 2020. The day of the Covid shutdown. I was told by an HR employment law friend to do not respond. At least wait until the second request. It’s October 2024 and still not a peep. I haven’t moved. I paid taxes on it as income. Thing is that free salary I collected is LONG gone. I would have to do a settlement and write them a check. I saw 6 years here in this thread in re to keeping it 6 years is the max but its whatever atp
Invest into s&p500. In case they do come for the money at some point you just return the cash amount and keep all the capital gains.
send it my way and i can dispose of it
Ask for a raise
Bitcoin ,cold wallet , silence
DO NOT disclose the name of the company you worked for or what industry it was in, but:
Is there a chance you worked in a defense sector, or a military- / intelligence-adjacent sector?
In a similar situation, a close relative of mine was in. They (company) got properly dissolved in 2019. They’ve (relative) left the money untouched since then, only now are they contemplating using it. They quit back in 1997 and got paid until 2019. So if I were you. Wait a few more years. Leave it be. Let it hold interest. And never. Ever. Ever tell anyone about this. Ima delete my message after 24 hours. You’re literally set up to do something great for you and your family.