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Escrow

Discussion in 'Trucker Legal Advice' started by Frank1962, Sep 13, 2019.

  1. Sep 13, 2019 #1
    Frank1962

    Frank1962 Bobtail Member

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    Sep 13, 2019
    0
    I worked for a company that not only told me to my face but also posted signs that a owner-operator could make $1000+ a day and be home every night. after my first week, I quit because they were not telling the truth. My pay was over $2500 and they kept it because they said I didn't have enough in my escrow to cover any expenses that might have occurred during the week. I will have to wait 45 days to get my pay along with whatever is in the escrow
     
    Frank1962, Sep 13, 2019
    Frank1962, Sep 13, 2019
    #1
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  3. Sep 13, 2019 #2
    buddyd157

    buddyd157 Road Train Member

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    wasn't it spelled out in your contract what you were required to have in escrow?
     
    buddyd157, Sep 13, 2019
    buddyd157, Sep 13, 2019
    #2
  4. Sep 13, 2019 #3
    tnevin225

    tnevin225 Road Train Member

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    Most companies charge escrow by the week. Mine was $45 a week under I had 1500 in my account.
     
    tnevin225, Sep 13, 2019
    tnevin225, Sep 13, 2019
    #3
    Bean Jr. Thanks this.
  5. Sep 13, 2019 #4
    ZVar

    ZVar Road Train Member

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    What's a contract and why would I need it? I'm a big boy and Ohh... Shinny chrome....
     
    ZVar, Sep 13, 2019
    ZVar, Sep 13, 2019
    #4
    Bean Jr. and buddyd157 Thank this.
  7. Sep 13, 2019 #5
    truckdriver31

    truckdriver31 Road Train Member

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    you forgot the 2020 new truck part
     
    truckdriver31, Sep 13, 2019
    truckdriver31, Sep 13, 2019
    #5
    ZVar Thanks this.
  8. Sep 21, 2019 #6
    Atlanta trucker

    Atlanta trucker Road Train Member

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    Truck drivers trying to be payed as business people but not being business people.
     
    Atlanta trucker, Sep 21, 2019
    Atlanta trucker, Sep 21, 2019
    #6
    EuropeanTrucker, Bean Jr. and truckdriver31 Thank this.
  9. Sep 24, 2019 #7
    wis bang

    wis bang Road Train Member

    3,061
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    Jan 12, 2011
    Levittown, PA
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    Read your lease, federal leasing requirements make them put all of this in the lease. Never hire onto a carrier without reading, and understanding, the lease...

    Most have a statement that you will be paid in X number of days, after receiving ALL the paperwork related to the shipment.

    Most go on, maybe under the Escrow section, to include an extension when the lease is terminated before the escrow amount is collected.

    Remember, when you lease to a company that withholds escrow; you are supposed to receive an regular accounting of the interest your escrow is accumulating. The carrier is supposed to keep these monies separate. A mega carrier with a thousand owner operators could have mega bucks in the escrow account and it should be earning YOU interest...
     
    wis bang, Sep 24, 2019
    wis bang, Sep 24, 2019
    #7
    LJEnterpriseLLC Thanks this.
  10. Sep 24, 2019 #8
    kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

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    SW Arkansas
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    The Truth in Leasing regs say that escrow money shall be return within 45 days. Many companies wait until that 45th day.
     
    kemosabi49, Sep 24, 2019
    kemosabi49, Sep 24, 2019
    #8
    Bean Jr. and x1Heavy Thank this.
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