WF training reimbursement

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Apr 7, 2011 12:28 am

Part of my newbie training program included a document stating I have to reimburse Wachovia (now WFA) $55k if I quit or am terminated in the first 5 years of production.

I never signed that document.  But, I've heard it doesn't matter....essentially the contract is in effect upon accceptance of employment.  Can anyone - with personal knowledge - speak to this?  Am I really on the hook?

Apr 7, 2011 2:51 am

that's boilerplate and likely unenforceable.

Apr 7, 2011 7:28 pm

there's a bit more to it....first of all, it's on a decreasing scale. the longer you are with the firm, the less that you would be required to pay back.
also, the contract is that if you leave and go to another place that will house your licenses that they paid for, then you would have to pay. if you leave and work for say, a supermarket, then no. however, if you leave and go to work at another firm or bank (in an investment capacity), then yes.

employment contracts such as theirs is always a gray area on the enforciability scale. i do know of people that they have gone after and have had to pay though. i'm sure a lot depends on you lawyering up or not.

Apr 13, 2011 12:28 am

What if they let you go for poor production and you end up going to another firm.  Can they come after you then?

Apr 13, 2011 11:12 am

Be careful of any advice saying something isn't worth the paper it is written on, etc..

Just like any legal matter, you can get dragged into a FINRA hearing just by the request of it all. Doesn't matter if you signed a contract or not.

Trust me, I've got just about six figures spent in matters like this.

First, fear God, next, fear legal....

You should contact legal advice. And then, they can tell you they don't know either. It's fun....because the system just makes it up as they go along.