Sign-on Bonus/Relocation Assistance not paid until job start?

kerny's picture
Rank: Senior Orangutan | 463

So my bank (BB) HR just emailed me that I wouldn't be getting my signing bonus AKA relocation assistance until my start date which is in September. I don't understand--what's the point of relocation assistance if I don't get it until all my relocation is practically over??? I've already spent over $5,000 for an apartment in NYC, and still need to pay rent, buy furniture&necessities, buy sets of decent clothing for my new job, and of course pay for daily life (meals, transport, occasional entertainment). Isn't relocation assistance supposed to help offset some of this existing cost? This is very disappointing as my offer letter made it clear that it would be paid at least 2 months in advance of start date.

Anyone have similar experiences?

Comments (7)

Jul 18, 2011

I believe they now see the relocation assistance as reimbursement rather than a straight up bonus.
I know most of my friends who went to citi never had their signing bonuses paid until a year later...
simply because someone at HR forgot...

Jul 18, 2011

some places give it out with first paycheck, which means working for almost a month before getting it.

If you can, best way to do it is ask ur parents for a temporary loan to live off of, that you pay back when u get a sign on.

Jul 18, 2011

Wow, kosky, your friend at Citi must have been really frustrated. I've never had any pleasant experiences with HR.

I will be getting some help from my aunt; most people would be fine because they can fall back to parents and relatives for cash, but I imagine there must be some whose families simply cannot afford it (for ex., coming from a poor country) and I wonder what happens in those cases. I've heard of people contacting payroll directly to eliminate the HR middleman, but I doubt that would work every time.

Jul 18, 2011

I took care of any "billing or paycheck issues" by sleeping with one of the girls in the payroll department who was directly responsible for my direct deposit. You gotta think ahead kid. She kept coming back ;)

If all else fails you could do what I described above.

The one who does not fall, does not stand up

Jul 18, 2011

Usually first paycheck

Jul 18, 2011