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Thread: Escrow accounts
Have you dealt with a company withholding $ in an escrow account so they can charge you for damages, freight claims etc? We have never dealt with this before and we just found out the company we are getting ready to say yes to does this. They take out $50 a month until you get to $500. They told us when we were talking to them we weren't charged for freight. This is what most of the form says....
Quote:The money will be kept in an escrow fund for losses, damages, or any expenses incurred through the actions of the driver, including, but not limited to:
1- equipment damage, loss or abandonment
2- freight claims
3 - fines
4- chargeable accidents upon termination (voluntary or involuntary)
The $500 is a reservable fund and is not to be considered a liability minimum or maximum.
Now I think it is great to set up an escrow account in case of DOT fines etc but the rest makes me nervous - the equipment damage, freight claims and chargeable accidents.
I e-mailed the recruiter this morning and these are the things she said back...
Quote:Escrow is used so we get our equipment back in case a driver leave is in Phily or some place we can go and get it.
no, not for freight damages but the driver are charged for the deductible if they are a fault for the an accident. Now if freight damages are caused by reckless driving it may be determined to charge the driver. This is taken out of payroll usually at 25.00 payments from what I understand. But this is determined by ****, and then we have 5 drivers who are on the driver liaison committee who you can go to and they can over turn **** decision
The deductible is $1000.00 is the max and this has happen 2 times in the pass 10 years per ****. We pride our selves on having a very safe fleet of drivers.
My husband is an excellant driver but things happen. Am I over reacting or could this put our family in jeopardy financially? I've heard of companies doing this but this is the first time that we have seriously considered/worked for one. He is a company driver.
Last edited by luvmyhubby; 03.31.2007 at 05.43 AM. Reason:: removed first names of individual per TOS
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Some companies do. DOT Line transportation out of CA is one of them. Myself I would not work for a company that does this.
Last edited by notarps4me; 03.30.2007 at 06.20 PM.
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The company i drive for does this. I find it useful to me. They take 30$ a week out of my check ( My choice for 30$ and pre tax ). Yes, This money is used if you should leave your truck somewhere and just quit, The company can retreave the truck. I have also experienced that this money can be a loan account. I had around 600$ in my escrow acount. I needed some quick money and took 500 of it. They just put it into my check and away i went. The only bad thing i have found out is that 500$ is a minimum amount you can have. At the company i drive for we have some guys that have well over 7 grand in thier escrow account. These can be good or bad. If you leave on bad terms don't plan on getting that money back. They will find a reason to keep it. But if you leave on good terms you will most likely get it back. It all depends of what you make of it.