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From one bank to another bank - 2 weeks notice

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  • Nov 19th, 2012 9:54 pm
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Newbie
Nov 14, 2012
6 posts
EDMONTON

From one bank to another bank - 2 weeks notice

Hi,

Just wondering what an employer will do if you are leaving from bank A to another competitor bank B as an advisor role. Will bank A even want you there even if you give them 2 weeks notice? Will they pay you for 2 weeks even though they don't need your service anymore due to conflict of interest or is it just "we don't need you anymore, you can leave the bank" and not get anything.

I have heard that they will walk you out right when they receive the notice and pay you for the 2 weeks but I have heard them not paying as well.....Just want to see if anyone knows how this all work!

Thanks
17 replies
Deal Addict
User avatar
Feb 28, 2005
1714 posts
150 upvotes
Montreal
To be checked, and depending on how long you've been employed at bank A, but I believe you are legally entitled to a certain amount of weeks of pay. That means they can make you work during those weeks, or give you the amount outright.
And that is on top of whatever vacation you had accrued.

Is talking to your manager a problem? How about being upfront about it and tell him that for all the reasons x and y, you were strongly considering a role at bank B ? Take it from there, gauge his response, and act accordingly.
Jr. Member
May 19, 2008
176 posts
35 upvotes
Mississauga
I worked at a bank call center last year, if you gave them notice that you will be taking a position at a different bank they would escort you out with 2 weeks pay. However, if you're just changing positions to another company they would let you work through your notice period.
[OP]
Newbie
Nov 14, 2012
6 posts
EDMONTON
marc_t wrote:
Nov 15th, 2012 11:25 pm
To be checked, and depending on how long you've been employed at bank A, but I believe you are legally entitled to a certain amount of weeks of pay. That means they can make you work during those weeks, or give you the amount outright.
And that is on top of whatever vacation you had accrued.

Is talking to your manager a problem? How about being upfront about it and tell him that for all the reasons x and y, you were strongly considering a role at bank B ? Take it from there, gauge his response, and act accordingly.
Yes that is a problem and my manager at bank A is the reason why I am leaving. I have been approached by bank B couple times and I think it is time to seriously consider going there. Being escorted out right away and getting 2 weeks pay definitely make the decision easier!
Deal Addict
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Feb 28, 2005
1714 posts
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Montreal
well you know what to do my friend!
what functions do you do btw ?
[OP]
Newbie
Nov 14, 2012
6 posts
EDMONTON
marc_t wrote:
Nov 17th, 2012 12:24 pm
well you know what to do my friend!
what functions do you do btw ?
Since most banks have different title, its basically a relationship management role. Not an entry level role but pretty similar to a financial planning role.
Deal Addict
Mar 24, 2005
1320 posts
95 upvotes
Banks typically don't escort you out unless you're in a VERY senior role and you're not. Also you don't need to disclose where you are going. But if you are escorted out they are required to pay you up to your stated last day of work in your resignation. The fact that they want you to leave prior to that is solely for security reasons and conflict of interest but they still have to pay you up to your stated last day. I know this and have worked through many ranks at 3 different banks for over a decade.
Newbie
Jun 4, 2003
35 posts
4 upvotes
Toronto
If you leave for a competitor then you may have to leave on the same/next day (after you submit your resignation letter). They will pay you for 2 weeks.
Deal Expert
Aug 2, 2004
20473 posts
1248 upvotes
Aurora
They will pay you for the next two weeks and escort you out of the building. They don't want to give you any opportunity to copy and compnay secrets (Not that you already haven't)
Deal Fanatic
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Jul 12, 2003
5994 posts
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Markham
In this case, OP is better off then? 2 wks vacation with pay before starting another job.
Retired Forum Moderator February 2009 - June 2015
Deal Addict
Jun 29, 2009
2307 posts
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Toronto
oilfan09 wrote:
Nov 17th, 2012 5:07 pm
Since most banks have different title, its basically a relationship management role. Not an entry level role but pretty similar to a financial planning role.
Be very careful about client relationships, don't try to get your old clients into your new bank.
Sr. Member
Feb 20, 2009
965 posts
131 upvotes
Most likely you will be escorted out with 2 weeks pay for going to a competitor.
Deal Addict
Aug 31, 2010
2662 posts
368 upvotes
As said above, you will be escorted out with 2 weeks pay.

It's (usually) general knowledge inside the bank that this will happen, and when I worked in the bank a coworker gave their two weeks on the Friday (knowing they would be escorted out), and started at the other bank Monday.
Deal Addict
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Oct 19, 2003
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Odd, I work on a trading floor and a lot of people I know that give their 2 weeks notice to go to another bank never get escorted out. The only people that are escorted out are those that are let go. When I gave my 2 weeks notice from the bank I was in before, I was able to train the people acquiring my duties for the 2 weeks before I left for another Bank. I had full access to all the trading servers and databases.
This space for rent.
Deal Addict
Aug 31, 2010
2662 posts
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GunnerX wrote:
Nov 19th, 2012 12:19 pm
Odd, I work on a trading floor and a lot of people I know that give their 2 weeks notice to go to another bank never get escorted out. The only people that are escorted out are those that are let go. When I gave my 2 weeks notice from the bank I was in before, I was able to train the people acquiring my duties for the 2 weeks before I left for another Bank. I had full access to all the trading servers and databases.
I think it depends on your role, but when you're in the position to take client information to your new bank, they'd rather pay you for 2 weeks than risk losing some business. There are definitely areas of the bank that won't really escort you out if you're leaving for another bank, though. The branch is not one of them.
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