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#707926 - 03/28/07 02:37 PM Paying incentives to employees
CSB98 Offline
Diamond Poster
Joined: Dec 2003
Posts: 1,338
Wisconsin
Is there guidance anywhere that states what we can pay employees for product referrals/sales? This is what management has planned:

$X for each remote deposit referral
$X for each remote deposit sale
$X for each customer that signs up for a debit card
$X for each customer that signs up for a new Internet Banking product (bill pay, estatements, etc.)

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General Discussion
#707956 - 03/28/07 03:01 PM Re: Paying incentives to employees CSB98
poppy Offline
100 Club
Joined: Nov 2005
Posts: 224
No. Paying employees for product sales and referrals isn't a compliance issue, it's a management/human resources/legal issue.

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#707959 - 03/28/07 03:07 PM Re: Paying incentives to employees poppy
CSB98 Offline
Diamond Poster
Joined: Dec 2003
Posts: 1,338
Wisconsin
That's what I thought, but just wanted to make sure. Thanks!

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#708672 - 03/29/07 04:31 PM Re: Paying incentives to employees CSB98
KSK Offline
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KSK
Joined: Jul 2001
Posts: 357
Kansas
The referrals you list are management not compliance issues, as Poppy correctly pointed out. However, if you start talking about referrals on NDIPS. That does become a regulatory and compliance issue

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#708706 - 03/29/07 05:17 PM Re: Paying incentives to employees KSK
8675309 Offline
Diamond Poster
Joined: Jun 2004
Posts: 1,115
Where the wind comes sweeping ...
I believe incentives such as these are considered bonuses and have to be taxed at a higher rate than normal pay. I haven't looked into it though so you might check with your HR dept.

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#709693 - 04/01/07 01:39 AM Re: Paying incentives to employees 8675309
trainer82 Offline
New Poster
Joined: Sep 2005
Posts: 8
Does anyone care to share how their incentive programs are set up? Right now, we pay only a teller incentive for balancing (which includes cash balancing, Proof balancing, and proper completion of tickets). Our tellers hate it because they think it's unfair and too difficult to receive.

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#709707 - 04/01/07 07:58 PM Re: Paying incentives to employees trainer82
#Just Jay Offline
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#Just Jay
Joined: Oct 2006
Posts: 14,390
Cheeseheadland
Unfair and difficult to do what they are paid to do in the first place?? That is certainly a poor view for any team member to take on.

Our teller staff recieves their hourly wage as a thank you for balancing and properly completing paperwork. We incent individuals for making their individual and branch sales goals. We work on a point system where each sales and referral incident has a corrsponding point value...once total points exceed 60, then the payout starts, and goes up from there. The details though I am not a part of.
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