Payroll savings error costs Texas county $87K

Tuesday, August 29th, 2006
Categorized as: Yesterday's News (old post archive)

In Texas, Dallas County’s Savings Bond payroll savings plan for its employees mistakenly invested twice as much in Savings Bonds as was deducted from employee paychecks, according to The Dallas Morning News in Savings bonds error spurs lawsuit.

Twenty-seven employees were enrolled in the plan during the three-year period before the error was discovered. The county’s purchasing director was socking away more than $300 a month into Savings Bonds and walked off with $11,100 that the county wants back.

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FDIC Insured Certificates of Deposit can pay 1 or 2% more than savings bonds when held for a similar length of time. See top CD Rates Below:

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June 1, 2010

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