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    jkcuff's Avatar
    jkcuff Posts: 1, Reputation: 1
    New Member
     
    #1

    Feb 23, 2016, 01:23 PM
    As an insurance agent can the company keep your bonues to pay charge backs
    I work for a brokerage, I knew that had some charge backs coming. I asked about them. They told me they would get back to me. I asked for months. It was never disclosed to me what the charge back amounts would be and when they would "charge them back". They held on to the charges for months then used a large bonus I received without notifying me that they were now going to pay my charge backs. They did not disclose how much they were till after they took the money. Is there a rule surrounding how I should be notified and can they use bonus pay to do this? I still don't have a clear breakdown of what was charged back.
    smoothy's Avatar
    smoothy Posts: 25,495, Reputation: 2853
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    #2

    Feb 23, 2016, 01:28 PM
    A bonus is just that a Bonus... you MAY get it regularly but by its very nature... its something extra not part of your regular pay... the amount and the fact you get anything at all is not guaranteed.

    Anything that applies to how they award a bonus and everything that applies to it will be purely based on what they say it is and will usually be documented by HR.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,272, Reputation: 7690
    Expert
     
    #3

    Feb 23, 2016, 11:27 PM
    A change back is an advanced commission where the people cancel the insurance. So you owe them the money back. Normally they keep part of your money each commission as a fund to pay this.

    But they may just take the charge back from any money that is owed you.

    So yes this is very common.

    They should be a list of all charge backs (cancelled policies) that you get every month.
    joypulv's Avatar
    joypulv Posts: 21,593, Reputation: 2941
    current pert
     
    #4

    Feb 24, 2016, 03:33 AM
    You can demand a breakdown, but your best bet is to keep your own records as you go! It's not difficult, and you know where you stand at all times, even if not exact
    .
    ScottGem's Avatar
    ScottGem Posts: 64,970, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #5

    Feb 24, 2016, 06:06 AM
    Quote Originally Posted by jkcuff View Post
    Is there a rule surrounding how I should be notified and can they use bonus pay to do this?
    If there is such a rule it is in the brokerage's compensation policy or your individual contract. If there are chargebacks, they can take them from any payment to you that is not for salary/wages. So they can come from commission payments, bonuses etc. They just can't deduct from wages without your permission. You didn't make it clear whether you are paid only through commission or not.

    You are entitled to an accounting of any amounts paid or deducted.

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