Question About Getting Paid

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Feb 3, 2006 3:22 pm

As many of you know from prior posts, I will be leaving the business soon. I have 2 questions for all of you about getting paid:


1) Let's say my firm pays on March 10th for business done in the month of February. Let's say I decided to leave March 5th. Am I still entitled to that pay for February's business? By the way, I am set up for direct deposit with my bank for paychecks.


2) Let's say some business transacted in late February doesn't settle and get set to pay until March's business (March 2nd). Am I still entitled to that payment when the April paychecks come around (April 10th)?


Thanks.


FD


PS Please reply with only serious responses. I don't know you and you don't know me, and the sarcasm posted in other posts is really unwarranted. I just want some legitimate answers. Thanks!

Feb 3, 2006 4:35 pm

when I left my previous firm, I dropped a ticket for about 2200 in commish dollas. It was on a thurs or fri, to be seen in my check the following fri. The trade was unsolicited by a customer who called in and requested it ( made sure to document that thoroughly)... I resigned on the following monday. Lets just say the paycheck didnt hit my B of A account a few days later.....


If you want to be realistic, dont expect a dollar after you give them word....

Feb 3, 2006 5:28 pm

Blarmston,


Thanks for this.  How about scenario #1? Would I get paid for the prior months' production?


FD

Feb 3, 2006 7:07 pm

As far as I know, it's illegal to withhold someone's wages. Call the attorney general in your state and find out what the law is about that.

Feb 3, 2006 7:10 pm
FinanceDude:

As many of you know from prior posts, I will be leaving the business soon. I have 2 questions for all of you about getting paid:


1) Let's say my firm pays on March 10th for business done in the month of February. Let's say I decided to leave March 5th. Am I still entitled to that pay for February's business? By the way, I am set up for direct deposit with my bank for paychecks.


2) Let's say some business transacted in late February doesn't settle and get set to pay until March's business (March 2nd). Am I still entitled to that payment when the April paychecks come around (April 10th)?




1) No


2) No


Feb 3, 2006 7:11 pm
Dirk Diggler:

As far as I know, it's illegal to withhold someone's wages. Call the attorney general in your state and find out what the law is about that.



Bill should chime in, but IIRC, your compensation agreement says you have to be in the firm's employ the date the commission is paid. I've seen a firm pay a guy minimum wage as he left.

Feb 3, 2006 7:27 pm

Yikes, so I guess I should really stick around until that last direct deposit hits, no?


If that's the case, the firms really have the advantage in that you have to stick around until pay date of the following month to get paid for the prior month's business.  In addition, you can't do any new business for the current month because you would never receive payment for it. Correct?


Feb 3, 2006 7:34 pm
FinanceDude:

Yikes, so I guess I should really stick around until that last direct deposit hits, no?


If that's the case, the firms really have the advantage in that you have to stick around until pay date of the following month to get paid for the prior month's business.  In addition, you can't do any new business for the current month because you would never receive payment for it. Correct?





Correct, but I don't think you'll have a problem not doing any business. You've got momentum on your side.

Feb 3, 2006 7:39 pm

Dirk, why do you often follow up your posts with a snide comment?You don't know me and I don't know you, so why is there often an element of hate in what you write?