County Clears Direct Deposit Payroll Snafu
If you’re one of 55,000 Los Angeles County employees who are concerned that your checks for the electric bill or rent will bounce today because of a payroll snafu, bank officials say there is no longer any reason to worry.
Your cash is in the bank. But if you rely on an automated teller, you might not be able to get any of that money until Saturday or even next week.
A computer tape for processing $55 million in direct deposits for about 55,000 county employees was lost Wednesday after county officials said it was turned over to Wells Fargo Bank. Wells Fargo handles the county’s direct deposits for all banking institutions and credit unions.
County officials furnished Wells Fargo a backup tape Thursday afternoon and the payroll information was transmitted to San Francisco and from there through the National Automated Clearing House to banks and savings institutions throughout the state.
Wells Fargo Senior Vice President David Kvederis said county employees will receive their pay on time and their accounts will be credited on time.
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