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Asked 12/30/2008
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Legal issue with 401k loan payment. I have payroll deduction for my 401K loan repayment through my employer. When we take a week of vacation they do not take out loan payment, because we get vac. pay as a lump sum in June. They notify you usually with in 30 days to send missed payment with in a certian period, or it will be taxed. My problem is, I missed a payment in Aug. 2008 because of a vacation. I received a notice on 11/23 that I had till 12/08 to send payment. I mailed a cashiers check via priority mail w/conformation of delivery. They received it on 12/05/08, on 12/20/08 I received a notice that they had not received payment and my loan will be taxed. Upon calling them they claim there was no check in the envelope, although I have two witnesses to prove there was. They will not talk to me, they say it is to late. What if any action can I take? Thank you, Dave |
Answer 1/3 - Submitted 12/31/2008
Have the bank obtain a copy of the cashiers check - see if it has been processed. If so, you can fight the problem by showing proof the cashier check was submitted for payment. If the check has not been submitted for payment - then it becomes a he said/she said scenario in which unless you 401k group has a nice customer service department - you will lose. Key is get the the bank to see if the cashiers check was submitted for payment if so, you want a copy to submitted to the 401k group.
Answer 2/3 - Submitted 1/3/2009
You would have to take it up with the superiours over there to find out what happened.
also, get a copy of the check to prove it was cashed and written out. it will have the account numbers/signature on the back to prove it was cashed. or not cashed.
and if they didn't get it, they didn't get it, there may not be anything you can do about it.
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