Could you elaborate on the escrow part ?
As in -what it was for , is it in its own special account , how long do they have to give it back
and what hurdles have to be cleared ?
( I'm kinda new in case you didn't notice )
Thanx in advance
Status Transport - Florida STAY AWAY!!
Discussion in 'Report A BAD Trucking Company Here' started by izifaddag, Jul 13, 2013.
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Hours of service with these folks is a whole other can of worms I have not opened and I am not going to. I am not going to say too much more, at least so long as things seem to be improving. I am involved in a bunch of paperwork right now and I need an updated insurance cab card from them but hopefully that is all being taken care of. Of course on the other hand if it is being held up deliberately then that will be fuel to the fire. Best to make me legal for both our sakes. Hope you are reading this Linas.
Crazywheels just joined the forum and this is his first post, a little obvious. You judge.Last edited by a moderator: Aug 8, 2013
OPUS 7 Thanks this. -
It is an owner operator thing.
When you own a truck and lease it onto a company they will charge a certain amount of money to be held as a bond or sometimes called escrow.
This money varies from one company to another. For example at Crete / Shaffer it is $500 and at Status it is $1,500. A usual typical amount is $1,000.
This money is usually deducted from settlements until it is all in place. Theoretically that money belongs to the driver. The reason that the company holds that money is dependent on several things. It is there as an instant reimbursement to the company in case of an accident and a deductable needs to be paid or sometimes a deductable on damaged freight or underages. It happens and the company is covering their rear. Standard industry practice and you can't blame them.
Here is where the problem comes.
Ever rented an apartment?
Ever tried to get your security deposit back?
Oh there was a burn in the carpet, a hole in the wall, you broke a cabinet, we have to repaint! Suffice to say you are not getting that security deposit back and if you do there is going to be a long wait.
When you leave a big company like Swift, Crete, Schneider the final calculation is quick and straight forward. You will almost definitely find you are responsible for a burn in the carpet but it will be settled fairly fast.
Smaller companies don't have the cash flow so they tend to linger over payment, they will hang it out to the outer limits of what the law allows. Mysterious deductions are a dead cert. You will get SOME of that money back when they are good and ready.
It is a standard argument between trucking companies and truckers.
This is why I have said what I have said about the escrow here. Personally, at this point, I don't think there is a problem only a delay. Unwarranted but I know how this game is played. In other words the jury is out on this particular issue. We just don't know what will happen. A promise has been made but trucking companies make lots of promises. We will see what happens good or bad, it will be reported here.
I hope that helped. -
This thread delivers!! Im getting goose nippley reading it!
What will happen next on the o/o trucking bachelor?:smt044Let's Drive 318, CanadianVaquero, TruckerNerd and 4 others Thank this. -
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Yo se Florida adentro y afuera. Yo recuerdo mucho mierda in los 80's y los 90's. Me espousa fue Cubana.
Don't tell me about Florida pal you have no idea.
However yes Florida IS dirty but this could happen anywhere. Nothing to do with Florida. -
Bachelor?? What are you talking about? -
So yes I took my time to register here and post my experience with the company, because none of the people I know here has the same experience as you my friend.
Wonder how long have you been in this business pizzaboy? Since you question all the things that is so obvious to any seasoned trucker.
If you don't know,-ask. Find yourself riding alone in a green fields with a sun on your face? -You're on your own... -
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I drove for Statkus/Status/LS Freight for about 8 weeks... my biggest complaint was sitting around for 2-3 days after a drop... the last 3 weeks I was with them, I used more fuel bouncing (DH), and idling in TX to avoid heat stroke, than I used hauling freight... I just couldn't get dispatch to forward plan... it DID take me a full 45 days to get my escrow back, and I was taken aback by the trailer wear and tear deductions since the extra 10% vig on the linehaul, in MY mind at least, was intended to cover that... nonetheless, I made a clean, and relatively drama free break... so, overall, my impression remains neutral.
Lenham Thanks this.
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