Midnight Man
Expert Expediter
Anybody out there had any trouble getting their escrow deposits returned ? If so, from who and for what reason if you know. 
Escrow Deposits
- Thread starter Midnight Man
- Start date
Normally escrow is retained until all billing items are covered. Also door signs permits and plate if applicable. The one item that screws things up a bit is fuel/mileage tax. The other like I said is the opportunity for shipper/consignee to make claim for freight damages. If you do not recover your escrow it then becomes a cost of doing business and should be in your itemized return as a cost item. This would be no different than a clutch or trans repair. I know you want your money back, but if you don't get it all back at least you can take the loss. Thanks for the great question!
raceman
Veteran Expediter
His response was right on as to what you need to get back to them or cover. I had a tough time because I took my trucks right from the road to my next place of business. The new place removed the other companies satelite systems and keyboards and we UPS those back and held onto shipping documents which clearly described the contents and then we had proof of delivery. That was a bit shaky but worked out. Where I screwed up was destroying the old decals when taking them off. They actually wanted the garbage that the decals where in, at least the decal garbage. I took pictures of my trucks at the new company with the new decals and that all did work itself out but it was astumbling block. The fuel tax and some other things did come out of it. They did wait until all shipments had been paid for my last runs. It was not quick but as far as I know I got everything back. If I had to do it over again I would have the company that I was leaving take all their stuff and go over all the BOLs before taking off. I think if you are dealing with an honest, stand up company, you should get everything you are due if you meet their requirements upon departure.
Assuming you are dealing with a honest company,someone there is in charge of handeling Escrow.You need to get in touch with this person. They can tell you exactly why funds are being held up.There can be a lot of reasons. If you cannot get this information through these channels they are in violation of the leasing laws.In this case I would contact OOIDA and if you are a member they will go to bat for you.
In my own case my answer was that besause of a previous accident,funds were being held.(Accident was not our fault)A Ft.Knox Soldier returning to base after a weekend pass,just went to sleep,and ran into the back of our truck.They explained that they were holding funds because the soldier might sue.(Go figure).The Escrow coordinator then asked if I needed the money? DUH!!! I of course replied that I did,and the money was promply sent.
In my own case my answer was that besause of a previous accident,funds were being held.(Accident was not our fault)A Ft.Knox Soldier returning to base after a weekend pass,just went to sleep,and ran into the back of our truck.They explained that they were holding funds because the soldier might sue.(Go figure).The Escrow coordinator then asked if I needed the money? DUH!!! I of course replied that I did,and the money was promply sent.
>Anybody out there had any trouble getting their escrow
>deposits returned ? If so, from who and for what reason if
>you know.
Non-truck owner/operators that drive fleet-owners' trucks also have escrow recovery challenges. Sometimes it is because the fleet owner does not act in good faith. Other times it is because the fleet owner genuinely believes he or she is acting in good faith and is entitled to a portion of the driver's escrow money, but in fact is not. Finally it sometimes happens because the fleet owner is genuinely entitled to some or all of the driver's escrow money but the driver does not agree.
For expediter wannabees, it's wise to interview several fleet owners before selecting one. A key question to ask is, "What disputes have you had, if any, with your drivers over escrow money, and how were the disputes resolved?" The follow up question is, "Can you give me the names and contact information of three former drivers that I can talk to myself?"
In other words, don't be afraid to ask a prospective fleet owner for references.
When we parted company with our first fleet owner, we had the fleet owner inspect his truck on the spot when we turned it in, and then had him sign a form we made up stating that he had the opportunity to do so and found the truck to be in acceptable condition. We did that because we'd heard horror stories from disgruntled drivers about their truck-turn-in experiences. We got 100% of our escrow (damage deposit) money back.
No fleet owner contract that I've seen, and I've seen a few, discusses the mechanics of vehicle inspection and escrow return when the contract is terminated. Based on driver stories I've heard, there seems to be a number of fleet owners out there that regularly and improperly keep a portion of their drivers' escrow/damage deposit money for themselves. That's an unscrupulous practice that gives a bad name to all fleet owners.
It would be interesting to hear from fleet owners here; how do you decide what portion of escrow money to keep, if any, how often is 100% of it is returned to your drivers, and how promptly?
>deposits returned ? If so, from who and for what reason if
>you know.
Non-truck owner/operators that drive fleet-owners' trucks also have escrow recovery challenges. Sometimes it is because the fleet owner does not act in good faith. Other times it is because the fleet owner genuinely believes he or she is acting in good faith and is entitled to a portion of the driver's escrow money, but in fact is not. Finally it sometimes happens because the fleet owner is genuinely entitled to some or all of the driver's escrow money but the driver does not agree.
For expediter wannabees, it's wise to interview several fleet owners before selecting one. A key question to ask is, "What disputes have you had, if any, with your drivers over escrow money, and how were the disputes resolved?" The follow up question is, "Can you give me the names and contact information of three former drivers that I can talk to myself?"
In other words, don't be afraid to ask a prospective fleet owner for references.
When we parted company with our first fleet owner, we had the fleet owner inspect his truck on the spot when we turned it in, and then had him sign a form we made up stating that he had the opportunity to do so and found the truck to be in acceptable condition. We did that because we'd heard horror stories from disgruntled drivers about their truck-turn-in experiences. We got 100% of our escrow (damage deposit) money back.
No fleet owner contract that I've seen, and I've seen a few, discusses the mechanics of vehicle inspection and escrow return when the contract is terminated. Based on driver stories I've heard, there seems to be a number of fleet owners out there that regularly and improperly keep a portion of their drivers' escrow/damage deposit money for themselves. That's an unscrupulous practice that gives a bad name to all fleet owners.
It would be interesting to hear from fleet owners here; how do you decide what portion of escrow money to keep, if any, how often is 100% of it is returned to your drivers, and how promptly?