Escrow

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

  1. Frank1962

    Frank1962 Bobtail Member

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    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
     
  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?
     
  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.
     
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  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....
     
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  5. truckdriver31

    truckdriver31 Road Train Member

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    you forgot the 2020 new truck part
     
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  6. Atlanta trucker

    Atlanta trucker Heavy Load Member

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    Truck drivers trying to be payed as business people but not being business people.
     
  7. wis bang

    wis bang Road Train Member

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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...
     
  8. kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

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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.
     
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