Are you considering starting a job with a bank? You may be starting a new career or thinking about making a move to a different bank, but which bank offers the best benefits?
It can be difficult to navigate all the benefits banks offer their employees, which makes it hard to compare. Navigating through the long list of employee benefits can be a daunting task, leaving you wondering which company truly aligns with your priorities.
In this article, we will dissect and analyze the employee benefits at some of the largest banks so you can make an informed decision on where you land next.
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Paid Time Off (PTO) Policies and Benefits That Set Banks Apart From One Another
When you are on the job hunt, it’s not just about the paycheck. Salary or hourly wage is just one aspect of the total compensation package. As you navigate all the great benefit options companies offer, learn more about how to make the most out of your benefits.
There are many other things to think about when you’re on the job hunt, including:
Tuition Reimbursement: Some companies offer reimbursement for some or all college credits applied to a degree. This can be a significant benefit if you are seeking a degree.
Bonuses: Annual bonuses are another way companies compensate employees. Bonuses are not a guarantee and can differ each year depending on the company’s overall performance for that year. There can also be sign-on bonuses where the company compensates you when you start a job or after a few months of working for the company.
Allowances: This can be for a variety of things such as a transportation allowance or a childcare allowance. Allowances are for very specific uses and are often distributed through a regular pay schedule.
Flexible Work Schedule: Since COVID, flexible work schedules and work-from-anywhere policies have become more common. Flexible work schedules could mean distributing your hours differently than a typical 8-hour, 5-day-per-week job. A recent study shows 81% of workers prefer a 4-day work schedule. This indicates a flexible work schedule can be very enticing for job seekers.
Wellness Programs: Many companies offer programs that promote mental and physical health. This could mean something like on-site gyms, offering paid gym memberships, wellness challenges, counseling services, etc. Wellness initiatives are shown to have major benefits in employee satisfaction, productivity, team morale, and more.
Parental Leave: The United States does not have a federally mandated paid parental leave policy, so it is left up to company policy. Some companies are offering up to 6 months of paid leave for new parents.
Bereavement Leave: Something no one wants to think about (or have to use)is bereavement leave for when a spouse, child, or family member passes away. However, this can be a major benefit for those who experience a loss of a loved one.
Paid Time Off (PTO) Cash Advance: The amount of PTO a company offers is a major thing to consider when looking for a job. Some companies lump sick and vacation days together, so make sure to ask about how the company’s PTO policy is structured. We know PTO is not as simple as taking a day off. Often this leaves employees with a hefty amount of PTO days in the bank. One thing you should consider is getting an advance on unused PTO. Sorbet offers an ingenious solution and allows employees to cash out their earned PTO.
Comparing PTO and Benefits Packages for 10 U.S.-Based Banking Institutions
We will take a deeper look into the benefits offered at some of the larger U.S. banks. However, it is important to know this is just a brief overview and does not cover all the benefits. You should consult directly with their HR department for a comprehensive detailing of the company benefits.
#1: Bank of America Employee Benefits
For Bank of America employees, the amount of PTO varies based on the employee’s role and how long the employee has worked at the company.
Bank of America offers a sabbatical program. When employees reach a milestone of working at the company for a certain amount of years, employees can take 4-6 weeks of additional PTO every five years.
Bank of America offers 16 weeks of paid parental leave, as well as 20 days of bereavement leave. They also offer several mental health benefits such as 24-7 phone access for counseling and six in-person counseling sessions.
#2: Chase Bank Employee Benefits
While Chase Bank does not publicize its general PTO policy, they offer several other generous benefits to their employees, including up to 16 weeks of paid parental leave to the primary caregiver and up to six weeks to non-primary caregivers. Chase Bank also partners with childcare centers and offers discounts to full-time childcare as well as backup childcare through a network of 14 onsite centers.
#3: CitiGroup Employee Benefits
CitiGroup’s PTO policy is based on the employee’s tenure at the company. However, employees can purchase up to five additional vacation days for the equivalent of one day’s base salary which is deducted from their paycheck.
Employees can earn up to 12 consecutive weeks off as a sabbatical once they have reached a milestone anniversary at the company.
Mothers can take up to 16 weeks of protected Paid Pregnancy Leave (PLL). If the employee is not eligible for PLL, CitiGroup offers eight weeks of protected Paid Parental Bonding leave.
#4: U.S. Bank Employee Benefits
At U.S. Bank, PTO is available for employees after working there for three months. The amount of PTO is dependent on your role, the amount of time at the company, and the amount of hours worked.
Separate from their PTO, employees have 11 paid holidays including one holiday of their choice. Employees can also accrue up to 80 hours of sick leave a year.
U.S. Bank offers 10 weeks of paid parental leave and for those pursuing adoption or surrogacy, and provides reimbursement of eligible expenses up to $10,000.
When employees' routine childcare or eldercare is not available, U.S. Bank offers employees back-up daycare or eldercare. They also offer discounts and resources for pet sitting, adult eldercare, daycare, and tutoring.
#5: BMO Harris Bank Employee Benefits
At BMO Harris Bank, vacation PTO is calculated by years of service and the position type (grades 1-6 and grades 7+). Years of service are broken down into three categories:
Less than 10 years
10-19 years
20+ years
Employees with a position grade 1-6 and less than 10 years of service accrue 136 hours of PTO per year. Grade 7+ with the same years per service earn 176 hours of PTO. For more detailed information, see their website.
PTO accrual begins from the first day of work, and sick time is separate, with employees eligible for 80 hours. Additionally, there are 10-11 paid holidays annually.
BMO goes beyond PTO, offering paid time for specific activities. For instance, employees are encouraged to attend their children’s educational events and offer up to eight hours of paid time per calendar year to attend. They also offer up to one hour to donate blood every 56 days.
Other specific paid time includes:
Bereavement leave
Jury/witness duty
Voting leave
Volunteer time.
BMO offers 16 weeks of paid parental leave with the option to take an additional eight weeks of unpaid bonding time. They also offer reimbursement for eligible adoption expenses up to $10,000.
#6: Wells Fargo Employee Benefits
Wells Fargo offers employees PTO based on years of service. For example, full-time employees who have worked at the company for less than two years accrue up to 18 days per year while employees who have worked there for 25+ years earn up to 33 days per year. Consult their website for a more detailed breakdown of PTO accrual rates.
Wells Fargo offers a wide range of personal and family support. Employees are eligible for 16 weeks of paid leave for the primary caregiver (four weeks for non-primary) after one year at the company. They offer reimbursement of up to $5,000 in expenses for adoption and up to $35,000 for surrogacy and donor expenses. They also offer backup child and eldercare.
#7: TD Bank Employee Benefits
At TD Bank, PTO is based on job level and time at the company. Their service recognition program offers employees TD Bank shares or gifts at each five-year milestone, and when employees meet 25 years at the company (and every 5th anniversary after), they are eligible for an additional one week of PTO.
Eligible employees can take up to 18 weeks of paid parental leave.
#8: Huntington Bank Employee Benefits
While Huntington Bank does not provide public information about their PTO policy, they offer other unique benefits for their employees. They offer a flexible work schedule such as a compressed workweek, flexible hours, and more.
Huntington Bank’s health insurance policy also covers autism and Applied Behavior Analysis (ABA) therapy as well as fertility services. They offer 50 scholarships for employees’ children's education.
#9: First Citizens Bank Employee Benefits
At First Citizens Bank, PTO and sick time are pooled together. The monthly accrual rate is based on years at the company. For less than three years, employees can earn up to 160 hours of PTO annually, while if you have worked there for 25 years or more, you can accrue 240 hours of PTO.
The breakdown of their PTO accrual rates is published for the general public.
There are 11 paid holidays, and they offer a paid parental leave program. First Citizens Bank also offers paid time for volunteer work and time to attend employees’ children’s school functions that is separate from their accrued vacation time.
#10: Truist Bank Employee Benefits
Truist Bank’s PTO policy is dependent on the employee’s role or years in service — whichever provides the most generous PTO benefit according to their matrix.
In some positions, they offer unlimited vacation and employees have to request time off through their manager.
Employees are also able to use vacation PTO before having accrued the hours if they are not in an unlimited PTO position. They can also purchase up to 12 days of vacation.
What Bank Has the Best PTO and Vacation Benefits Package?
Determining the best PTO and vacation benefit package depends on individual priorities. For some, on-site child care may be more valuable than an annual bonus. Others may really value having a company that provides more PTO upfront rather than accruing PTO over years of working at the company.
Carefully compare the benefits packages offered at each company and decide what you value most.
When examining the amount of PTO between banks, it's crucial to consider the true value of unused PTO. While some companies boast generous PTO benefits, taking full advantage can be challenging due to coverage issues or financial constraints.
Enter Sorbet — a game-changer in this scenario.
Instead of waiting until you leave the company to cash out accrued PTO days, Sorbet provides an innovative solution, offering you an advance on your hard-earned PTO. Consider integrating Sorbet's unique PTO advance into your benefits comparison, ensuring a comprehensive evaluation of each company's offerings.
Are You Sitting on Unused PTO? Let Sorbet Help You Calculate Your Estimated PTO Payout
While PTO is certainly one of the most important benefits to employees for most people, it’s often a benefit that is not used to its fullest potential.
Many employees overlook the potential of PTO, leaving unused days that can only be cashed out upon leaving the company. Sorbet provides a straightforward and easy solution to help you unlock this advantage.
Whether you already have a bunch of PTO saved up or you are looking for a new job at a bank and you’re studying the benefit packages, you can calculate your estimated PTO payout here.
Don’t wait any longer — maximize the value of your PTO with Sorbet.