Is this legal, ? work related. Co. says I have to move my funds...?
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Is this legal, ? work related. Co. says I have to move my funds...?
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I'm at a new job, been here 1-wk. I work for an investment co., I'm the receptionist. I finished all my paperwork, however, someone from the compliance dept. emailed to tell me that I have to transfer my accts. from Morgan Stanley to a pre-approved acct. in order to keep my job. Is this legal? I don't do the trading here, I work just at the fron desk, I do not have any contact with Morgan in years, my accts basically are just there. Plus is cost money to move it, why should I just to work here at the receptionist. It hardly seems fair that I have to hassle with transfering my acct to work here, what can I do?
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Gem
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Not sure if this is legal or not.
I would guess that you signed a non-compete clause, by leaving your funds at Morgan Stanley you are in essence "competing" with your current employer because Morgan is making commissions off your account.
How on earth did they find out about your portfolio at Morgan Stanley?
Call your state's department of labor and find out what the law thinks of this.
But you may also want to pick your job search back up if you are a probationary employee.
What crap, talk about big brother.
In the future be hesitant about releasing your personal financial information to an employer, it is really none of their business! |
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Munya Says: DUH!
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Quit, then. Go be a receptionist somewhere else.
If that's the policy, that's the policy. |
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Jeff
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That doesn't sound right.
Either your company's HR department, or the state's department of labor should have an answer. |
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Sensuations
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This sounds like it is totally against banking principles as well as your financial rights to privacy. We require Direct Deposit, however, we cannot tell anyone where to put their funds. I would ask HR what policy or regulation does that request comply with? I would love to hear the answer! |
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