I was eligible for retirement with 44 years prior to being displaced. After my final severance check, I called H.R. to check my status. I learned H.R. recorded me as terminated instead of a retiree. As a result, my checking account was changed to allow for non-WF ATM fees. It has taken multiple phone calls to the displacement team to correct WF records. FYI - if you want to continue having retiree benefits after displacement, make sure you follow-up.
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I had. family member whom also worked for wells. was ALSO laid off. Collected the severance than retired. (This has been in the last years)
Wells Fargo doesn't pay you to retire. You can have one or the other, not both. If you want to take severance, you can retire and get no severance in exchange for the trivial retirement benefits worth perhaps $5-10/month.
If you want severance, you do NOT put in for retirement and you let them lay you off like everyone else, getting 100% of your salary for your severance time period, which in the OPs case is 12 months. Severance is worth dramatically more dollars than the pittance you would get as a voluntary retiree.
OP got paid 14 months of early retirement bonus (60 days notice + 12 months severance) and they are complaining that they got charged $2 to use an out of network ATM?
There are no retirement benefits except you could choose WF retirement health care which is more expensive than any decent ACA choice. If you are vested in the old cash value retirement plan (dropped in 2008) you can get your pension dollars out no matter why you left, displaced, retired, quit. Nothing causes you to lose that benefit.
If you retire you still keep any unvested stock options, That would be a reason to make sure you are in the system correctly.
When you leave, even if you retire, WF removes the employee flags off your accounts and you will be hit with fees. They charged me $150 for my CAP checking account a month after I retired. I fought it for a year and finally it was refunded. I had to go to the CPFP to make it happen. Many years ago Wachovia moved our employee checking accts to CAP accounts because the product wasn't selling. WF could not produce a document with my signature that showed I opened that account.
"Displaced = laid off (NOT terminated)
You can retire during notification period, since you're still technically an employee. You can't retire once severance starts.
If termi acted, you cannot choose to retire from WF."
sooooo............
Riddle me this, Batman. How is it that the displacement packets state that you have 60 days after the displacement period, you can apply for retirement?
Note, I was actually 'displaced'. my cash balance plan starts soon.
Displaced = laid off (NOT terminated)
You can retire during notification period, since you're still technically an employee. You can't retire once severance starts.
If termi acted, you cannot choose to retire from WF.
@peh+1okGm9ny If you are displaced you have not been “canned”.
Wait, you got canned but still able to “retire” but collect your severance?
There is absolutely no reason to bank where you are or were employed. End of story. And it’s comical that this is a “perk” when there are other banks that do this out of the gate.
"It’s been 9 months and she finally said heck with it."
I pray she has set that money aside, because eventually they'll come for it. Maybe a year from now, but they will.
I can’t possibly imagine banking where I work.
I have heard from so many laid off friends about various aspects of their severance packages being screwed up in one way or the other. One friend was overpaid, and she reported it so they wouldn’t try to come after her later. She keeps getting pushed off between HR and Payroll in India. It’s been 9 months and she finally said heck with it. I don’t know how we stay in business.
You actually bank with this criminal corp? You’d think working there and being canned by them would be enough to show you the light…
How do you change your status from Severed to Retired, is it just as simple as a phone call to HR? At what point during the severance period do you follow up? Appreciate the advice!