N.D. bank giving workers money to donate

[kurth]

N.D. bank giving workers money to donate

FARGO, N.D. - A bank is giving its full-time employees $1,000 each and part-time employees $500 each. There's one condition — use it for people in need.

State Bank & Trust Chief Operating Officer Michael Solberg said each full-time employee will receive $1,000 and each part-time employee will receive $500, as part of a $502,000 "Pay it Forward" initiative. "We're going to really see some huge impact on our community," Solberg said.

Employees were told not to use the money for themselves, their families or families of other bank employees. The bank asked each employee to document the good deed with a video camera. The deadline is June 30.

The employees were told they may choose an individual cause, pool their money for a larger project or collaborate with donors outside the bank. The privately owned bank has more than 500 employees, he said.

http://news.yahoo.com/s/ap/20071218/ap_on_fe_st/odd_bank_gift

[Richard Steele]

1. Wow. recommended

[fizzgig]

2. that is a really wonderful thing

good on them

[jmm]

3. This is a nice idea but

I hope these employees make decent wages. Many rely on Christmas bonuses to pay holiday bills and this could be an easy way to get good press for being charitable while cutting back on what they give their staff.

[4_TN_TITANS]

4. exellent point...

and wouldn't the bank get some kind of tax credit as well?

[insanad]

5. Gift Horses

I'm not sure what most banks give as Christmas bonus's but that's a big wad of cash, regardless of the tax credits or otherwise. It will have an amazing impact on the employees, the community, and the potential future customers if it's used for good. Can you imagine the good publicity this would generate and how it would go a long way to restore any faith in a banking institution. Sort of like Oprah giving away cars that were donated by Ford, but she gets the glory and credit. I don't think anyone should look this gift horse in the mouth and cry foul. It's a wonderful thing and comes at a time of year when many people could use the charitable help from their fellow man. Who says the local charities won't benefit the locals? Tax break or not, it's a fabulous thing to do.

[SoCalDem]

6. IF each employee got $2k ($1000 to donate) or $1k (500 to donate)

it's a great idea..BUT if that's their bonus, it sucks..

the bank gets the generosity gold star and a tax break and the employee gets bupkis..

Banks pay notoriously LOW wages, and the people who work there are often in pretty desperate financial straits..as many of us are..

Of course the employees are guilted into smiling and saying what a great idea it is, or THEY will be painted as greedy..

[blondeatlast]

7. Wow. Just wow. Note the last sentence, too:

In previous years, the Fargo-based bank has taken 5 percent of the company earnings and divided it up at holiday time among employees.

I'm in AZ, but I'd bank there if I could. :bounce:

[SoCalDem]

8. MOST companies used to have year-end "profit sharing"

These days..not so much..most companies hate to share anything