I have direct deposit set up for my paycheck to my checking account, because it is mandatory. My bank account closed about two weeks ago for reasons I won't get into. What happens to my money? Does it disappear, or will I get a check from the company that does direct deposits? I'm so confused.
Call the bank to determine how it handled the direct deposit. One possibility is that the bank is holding the funds, anticipating that you'll contact them.
The other possibility is that the bank returned the direct deposit, reporting that the account is closed. In that case, the funds will be returned to your employer, who should contact you to ask how you want to proceed.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
Call the bank to determine how it handled the direct deposit. One possibility is that the bank is holding the funds, anticipating that you'll contact them.