I was told that with my authorization to direct deposit my pay into my account I was also authorizing USAirways withdraw it back out. This has happened in other similar situations when the bankruptcy turns into a liquidation. I verified this information with my bank, as you can with yours. I'm going to move my money after each pay check as quickly as possible. I'm sure I'm being overly paranoid but I wanted everyone to at least be aware that this is a possibility.
Upon reading the "fine Print" they can only correct an error that was made. Paying you for your hours worked and then recinding your paycheck is not an error. Any BK judge with half of a brain can figure that out!
What Jim's talking about is the difference between posting and settling. Banks have the right to not make the funds available for up to three days for local checks, and five for interstate. They don't have to, however.
If you were to direct deposit into checking, and immediately move the money, then a direct withdrawal may either be rejected or may put the account into a negative balance. Up to your bank.
Ultimately, this is why I said the safest approach is to cash the check at the issuing institution on the day you get it. That cannot be reversed.
