When do banks pay associate sign-on bonus/relocation stipends?
I was fortunate enough to receive on offer after my summer this year. I am wondering when my bank would send me the sign-on bonus check?
I've taken on $100k student loan for my MBA studies, have just enough cash left to get through my 2nd year at business school (very frugally), and was hoping I could get some extra cash in advance from my bank to travel around and have some fun before I start FT next July =)
It depends on the bank and it should be spelled out in your offer letter. Some pay in November (which is helpful), some with your first pay check (which is not helpful).
Thanks! Funnily enough, it doesn't say when on my letter, just the amount. Idk what that says about my bank lol. Do you think it's okay for me to make a call and check with HR?
Of course, feel free to reach out
Like @mtnmmnn said it depends on the bank and the type of bank. For example, my friends who were at an EB and MM both got their FT signing bonuses in September and October, which was almost immediately after their SA gig. I, however, am at a BB and will not get mine until April unfortunately.
Thanks for the help! I'm getting a feeling that I might not receive mine until April as well, although not BB. Guess it's time for me to start looking for more credit cards!
At a BB. Got sign-on in November. Relo first paycheck. But like people above said, it depends per bank.
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