If I accept a new position outside the company during this time, do I continue to receive normal paychecks from Wells? The paperwork says I can cash out my severance but I don't see anything about starting a position outside the company while still "employed" by WF.
I'll probably check with the severance people to verify but I have a few prospects that may want someone to start sooner than my WF paychecks run out.
If you start work within the 60 day non working notice you will be considered as resigning your position and you will
Lose your severance. If you start after the 60 days you are supposed to notify HR and you will receive the balance
Of your severance in a lump sum.
Okay maybe there is a rule out there but i really didn’t care. The company laid me off. There is really no way for them to police it. Even if you cancel your wF insurance and join the new company insurance it is covered by privacy. You owe nothing to WF if they dump you. Maybe the legal eagles out there sit on the Wells Fargo will know or no you supposedly forfeit your severance. You cannot get unemployment if you are on non working pay continuation. Severance should follow that period and is likely paid out in a lump sum. You relationship with WF is then toast. That is like getting a divorce and telling your ex spouse that oh yeh i had another bank account you were too dump to figure out.
I did this many years ago. It was wonderful. Market was good so they riff’s our team in the state and i landed another better position with a new company within 4 weeks. I was under no obligation to report that to my former employer. While you are on Pay Continuation you can’t apply for unemployment but that is the only rule. I collected 2 paychecks and was very thankful for the company that riffed me. I think we got 90 days continuation. Anyway it was a nice double dip while it lasted.
If you think they can't find out that you got another job, then you should just go get one now. Ever heard of the Work Number? Or unemployment insurance? They can find out.
If you accept a new position and start w/i that 60 day window AND you require bonding this will be found out and liable for repayment; and potentially termination at new employer - not looked upon good double dipping.
Anyone know if applying for PCA be considered a new job?? I have been taking care of my dad who had a stroke. I was thinking of applying for PCA with the county to help. as long as my start date is outside the 60, i am assuming i am good
Only if you tell them…..and if you’re that stupid, well, that’s on you.
I confirmed with the displacement team that starting ANY new employment within your 60 day working or non-working notice period will result in resignment from the company and all severance benefits will be forfeited.
If you get another job during 60 day non-working notice period, you are considered resigned and lose ALL severance. This includes a side job, such as Starbucks or retail.
Middle management isn't the problem sparky. It's all the execs driving the nonsense. Maybe there's a few brown nosers in mid mgmt, but in the vast majority of cases they have no more power to change the nonsense than you do.
Just go work where they want you and let the bozos at Not-so-wells Fargo pay you too. There’s no oversight…nobody is watching you drive to your new job, where you are valued and rewarded, while the spineless middle manager dushy baggy people send you your well earned severance $$$$$. F’em!
You won't lose your severance but best to wait until you get your benefits from the new job. Wells Fargo can and will change you to lump sum severance and cancel your benefits. Yes, you can get COBRA but why pay more for what WF is giving you now.
Never, ever, report that you got a new job. Just enjoy the $ as it rolls in and be happy.
If you take a new position during the 60 days you forfeit your severance since you are technically still a WF employee.
The 60 day period is required so WF can be in compliance with the Warn act. If companies don't comply, they can be subject to fines and penalties.
Just as Elmo Musk how well that's working out for him....
You probably want to double check your severance but if you get a new job during the 60 days. You are considered have to resigned. This might forfeit your severance. I would wait after the 60 days to start a new position