How do meal stipends work?
Was wondering if meal stipends exist out there and if so what the typical rules are across the industry, I know that certain banks have limits but really any color would be great
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It's usually a set $ amount for dinner for each day you work past a certain time (e.g., 7pm) or on a weekend. You'll get a corporate card to charge everything to and your admin will help get everything processed. Most places will deduct anything over the limit from your paycheck although for some firms it's more of a soft limit and an extra dollar or two isn't counted.
thank you for the insight
At my bank, you can use Grubhub which gives an automatic credit, and anything above that you could charge to your personal card. You also get a corporate card which you could for things other than Grubhub. Obviously if you did both in one night, accounting would come after you
Do the meal stipends apply to all employs or just juniors? Do VPs, Directors get meal stipends too?
Yes, the meal stipend typically applies to all bankers, even the Directors and MDs. In practice, it is extremely rare to see anyone above the associate level using the meal stipend. The reason is because those people are aged 30+, and they have a wife/husband and young children at home. They eat dinner with their family.
Just order lunch for the next day, or get a separate check and expense when eating out with the family. That’s what I do on weekend dinners.
Yeah cant most ppl order food home these days? In which case they can still eat with their fam (obviously not if you have kids).
At my bank (boutique), the limit is strict and is processed through personal card vs. corporate. We are reimbursed every 2 weeks after submitting report.
Seems better than a Corp card tbh. Then you get the points for all your orders
at my bank if you paid an annual $50 fee or something you got to keep the points.
My bank does not have corporate cards. You have to order through the seamless portal, it's processed automatically and any amount over the limit you can put on your own card. No WFH meals
That's actually awesome - doesn't it mean that you get to earn extra cash back on your personal credit card from the $1,000+ of additional purchases each year? My bank requires us to use a corporate credit card.
It's another fringe benefit like those guys who work at Stifel... their dinner budget is $50 (I confirmed it with a former analyst - they ordered lobster or steak every night!).
The seamless portal is totally card free. My bank has one of the lower dinner budgets though, so if you want anything above Chipotle you're paying extra on your own dime
You do get to keep the points on Ubers which is a nice perk. Although flip side is you have to expense each one. The corporate card I don't even think about it
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