MyPayrollHR, a national payroll company, has shut down unexpectedly. More than 250,000 employees across the country have seen their paychecks disappear. Over 4,000 companies used MyPayroll HR rather than a local firm.
This is causing a stir in the financial services industry, especially among local payroll providers. We’d like to assure our clients that Slaton Financial Services has no association with this company. Managers can trust us with their payroll company responsibilities.
The Problem with MyPayrollHR
In one stroke, MyPayrollHR appears to have moved $26 million of its clients’ money into its own account. Money was transferred to an unknown account at Pioneer Bank. Employees received their paychecks only to have their paychecks suddenly taken back, according to CBS News.
Cachet, a California-based company that processes for MyPayroll HR, mistakenly withdrew the amount twice. Some employees lost even more. Cachet has stated that it will refund money that was mistakenly withdrawn. However, that isn’t correcting the bigger issue caused by what appears to be theft by someone who worked for MyPayrollHR.
The Federal Bureau of Investigation has already stepped in to investigate this crisis. Since the company is headquartered in New York, it is being investigated by the State Department of Financial Services and the State Department of Labor. Nacha, the national organization which oversees direct deposits, is also investigating.
MyPayrollHR and its parent company ValueWise are shuttered. The website and Facebook page have quit functioning.
Slaton Payroll Processing is Different
Understandably, many small businesses contract out their bookkeeping and payroll. At Slaton, our team includes CPAs as well as bookkeepers. We handle payroll processing in addition to tax services, human resources, and scheduling help for small businesses in Dallas, TX.
Our company has been in business more than 38 years, and our talented staff has over 100 years of combined experience in accounting and bookkeeping. Experts at tax policy, our firm handles withholding for income taxes, Social Security and Medicare. We handle checks and direct deposits as well as cash card payments. Our efforts ensure each employee’s paycheck is done correctly every time.
If you need a payroll company that you can trust, please feel free to contact us. Our affordable financial services will provide you peace of mind.