how does sign on bonus work?

I'd imagine that you would have to sign a contract at some point during the application process (could be buried within a larger hospital contract). That is your best resource; and if you don't understand the contract, take it to a lawyer. They might do that to simply retain nurses for a year, so if you leave prior, you simply don't receive the remainder; and/or they might expect you to pay back what they've paid you; and/or there might be some other reason.

I'd recommend that if at all possible, you don't cash any of the bonus check until after you've worked a year, so if you do move on and they do want their money back for time served, I mean time worked, you won't have too much stress getting their money back to them.

I'm not a banker, but don't checks expire eventually? Could potentially heap on the headaches if you did decide to cash the check after over a year.

Personally, I'd cash the check, but then 'hide' it from myself, ie CD, or etc. if I were that doubtful of my ability to leave it alone.

It depends on the facility. Some places will cut you a check, and then have you sign an agreement. You leave, you pay them back or w/e thier terms are.

I knew a girl who got a 10K SOB and then failed her NCLEX. Last I heard if she failed again the mafia was going to break her knees. They expected that money back that DAY! However she should have passed her test before she blew the money.

My SOB is a certain amount, and then I get part of it each 6 months I stay. If I leave early I don't get the remainder, but I also don't owe because I have fulfuilled portions of my "mini-bonus" (for lack of a better saying) contract.

Grats on the bonus BTW!

Taitter

I'm not a banker, but don't checks expire eventually? Could potentially heap on the headaches if you did decide to cash the check after over a year.

Personally, I'd cash the check, but then 'hide' it from myself, ie CD, or etc. if I were that doubtful of my ability to leave it alone.

If there is an expiration, which I believe many checks do indeed have, your route is the next best option, but that of course could require a bit more restraint to avoid spending the money

Ours (which I didn't take) is paid out over a year and it is added to your paycheck so you are taxed out the yang for it. I bet in the end you don't even see 1/2 of the bonus they give you.

Ours also comes with some heafty stipulations such as...everytime you take money - you owe them a year.

Make sure to read and re-read that fine print and if in doubt, take it to a lawyer.

Also, if you doubt this facility at all, do not take the sign on bonus. Much easier to just walk away if it ends up not working out for you!!!

I am getting a $5000 bonus paid out over 2 years. I got the first $1000 after my orientation period (more like $500 after taxes), I'll get $2000 after my 1year anniversary, and $2000 after my 2 year anniversary. I don't have to pay any back if I leave before two years, I just won't get what hasn't been paid to me.

I know that it works differently at other facilities, so ask your recruiter or HR people!

Why can't they keep nurses? A truly good facility can attract and maintain nurses without throwing bonuses their way.

Ditto - a sign-on bonus is a bad sign. ALso, read the contact very carefully.

Are you signing a contract for this money?

I'm sorry but $1250 added to your paycheck 4 times a year doesn't seem like a good reason to sign a contract. After taxes it really it might be half of that. If they were going to give you a check for $5k then maybe it would be worth it but I'm with the Commuter be leery of any place that needs to give bonuses to recruit staff.