Clawback wages...Ok which is it?

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Jul 14, 2009 9:07 pm

Been discussed on here with no consensus answer. I am considering leaving a WH and have heard that I can expect my last month commissions to be withheld. Is this true and can they legally do this? If it does happen then what is the next step? If they are holding commissions then why leave at the end of the month. Why not leave the day or day after they depsosit your paycheck in your account? Many thanks

Jul 15, 2009 9:08 am

When I changed firms the prior firm held the commissions that I earned for a period of 60 days which is legal in my state.  That provides plenty of time for any chargebacks to occur.  My understanding is that legally they have no case to hold your commissions that you earned while you were employed.  If my prior firm could have they would have definately kept them.  Hope this helps.

Jul 15, 2009 11:28 am

Read your contract carefully, ask others in your region who have left, and consider your personal circumstance ( i.e. do you have a debit or perhaps a pending customer complaint ).  If the firm has no real reason to hold final comisisons, then, if it were me, I would file a formal FINRA complaint if monies were held beyond 90 days.