How long should I hold on to the money?

posted 2 years ago in Finances
Post # 2
Member
9116 posts
Buzzing Beekeeper

View original reply
otterbee :  check with a lawyer in your area because the answer will depend on your local laws. 

Post # 3
Member
365 posts
Helper bee
  • Wedding: October 2018

this stuff makes me nervous. I would bring it up because it shows you’re an honest person, you won’t be burning a bridge. Also, that’s just hanging over your head for as long as you still ave the money. I’m a firm believer in karma and it’s better to do the right thing than try and beat the system. 

Post # 4
Member
5891 posts
Bee Keeper
  • Wedding: January 2017

If be worried about them sending it to collections, ruining your credit. Id ask. 

Post # 7
Member
8425 posts
Bumble Beekeeper
  • Wedding: August 2012

You signed the contract. 

Yes I would 100% bring it up. It’s not your money. If you don’t think they’ll notice that during taxes or something you’re crazy IMO.

Post # 8
Member
5059 posts
Bee Keeper
  • Wedding: October 2017

Sooner or later, it’s always discovered. Is this a contract for everyone in the company? Have other people had the same terms for leaving?

It sounds like you’re leaving before your contract is up. Did you get a signing bonus when you started? Do you have to pay back the bonus if you leave before the time designated in your contract?

I would bring it up if it were me. You knew the terms of your contract and chose to leave before the time listed in your contract

Post # 9
Member
1264 posts
Bumble bee
  • Wedding: City, State

Ooooh girl. If you think for one second you are going to skate by without them noticing, you’ve got another think coming.

I *believe* companies have to file quarterly with the IRS to be able to get the money back because taxes have been paid on the money (don’t quote me on this though).

I would put the money aside and not touch it because they will come back and ask for it.

Post # 10
Member
2722 posts
Sugar bee
  • Wedding: April 2017

A couple of my friends work in HR and at the company they work at, they request the payback of a sign on bonus (if the employee left before the terms of keeping that bonus were up) generally within a month of the employee leaving.  They’ve had instances where an employee left only to return about a month later for whatever reason, so I think that’s why they wait a bit.

The money isn’t yours and it’s not illegal for a company to have you sign such a contract.  You need to keep that money aside indefinitely.

Post # 11
Member
42 posts
Newbee
  • Wedding: June 2019

I worked for a company that had something very similar in their contracts, if someone left before x date they had to pay x amount. I knew maybe 20 people who left before x date and they didn’t ask for the money from a single person, I think they included this in case someone seriously screwed them over and left for a rival company taking contacts with them etc, they never intended to follow through with it on anything but the most extreme circumstances. So I’d disagree with previous posters and not offer the money, I’d keep it aside for a year and if you haven’t heard from them in a year I’d assume you won’t have to pay it.

Post # 12
Member
4767 posts
Honey bee

Well you clearly said in your first post that your contract says you would have to pay the money back, not that they would withhold money from you. I’m sure plenty of people quit without notice and don’t have several paychecks they can garnish from. So I’m not sure why you think them continuing to pay you your wages means you are in the clear to keep the money your contract says you have to pay back. My guess would also be that they likely contract their payroll department out and or your wages and the repayment of whatever it is this money was are two different departments.

So is this wages you have to pay back that you will end up not actually working to earn? Or was this some sort of a bonus like a signing bonus or moving expenses bonus or sales bonus that you had to complete your contract in order to keep? I mean either way whether you like the contract or not is moot. The time to not like it was before you signed it. So I would mention it and get real comfortable with the idea that it is not money you actually have in your possession because you’re kidding yourself if you think they won’t eventually come after it.

Post # 13
Member
3151 posts
Sugar bee

Why would you even consider trying to get away with it? That shows how dishonest you are. They could come back for it at any time. Plus, they may be able to tell your future employers about it depending on where you live. Ask them about it. If they say they don’t want it, have them send an email stating that so you have it in writing.

Post # 14
Member
1413 posts
Bumble bee
  • Wedding: June 2016

My company has a similar policy (for signing bonsues) – I’ve almsot never heard of them actually collecting on it in normal situations. The only times I’ve heard them going after it is if the person leaves super soon after starting, but if they’re close to the date their leaving (like within 6 months) then they typically let it slide.

However, you need to ask about it. Likely the response will be “we will not be acting on that clause” and then you have it in writing and can spend the money worry-free!

Post # 15
Member
5705 posts
Bee Keeper

View original reply
gbbride2019 :  I disagree as well. Let them bill you for it. Just put the money aside for now. 

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