Signing-on bonus / FT contract clauses

it's in contracts across the board. i can confirm that i've seen it in mine and many of my friends' contracts.

that cannot be held for if they let you go correct? it only applies if you elect to leave?

thanks for the info. fishbeancake

usually if they let you go, you get to keep it. If you elect to leave, they'll require you to pay back the entire pre-tax amt

I've definately heard of paying it all back if you leave within a year, but half in two years? Is that common?

No, generally you pay nothing back after you hit 12 months...if you leave before that its usually pro-rated.

Generally, the way a bank does this is that they structure your sign-on bonus as a loan that is forgiven at the end of twelve months. So, if you do leave you have to pay it back plus interest (prime plus 1% is a popular rate).

I have not heard of paying back half if you stay for less then two years however.

I left my first job a little less than 11 months after I started and didn't have to pay it back. Depending on your bank, I think they have it simply in place so you don't take it and not start, as well as take it, go through training and quit.

I keep mine as long as I start in July! - so it is not in all contracts... :-)

I get to keep mine as long as I stay for the duration of BB summer training program. If I leave during the summer then I have to pay back the bonus proportional to the amount of training I didn't complete.

Different banks have different structures.

As far as I am aware, most used the pay back 100% if you leave (or let go for cause) within the first 12 months and its all yours after that.

A small handful I've seen used a 25% step every 6 months (so after 1 year, you owe 50%, after 18 months it falls to 25%).