Teamworks - Wachovia Biweekly Payroll Conversion

		Wachovia Biweekly Payroll Conversion

< back

There’s a lot to consider with the biweekly pay conversion. As a legacy Wachovia team member, you’ll now be paid every two weeks (usually 26 times, rather than 24 times, per year), and payday will be every other Friday, beginning January 8, 2010. But remember, your salary is not changing; we are simply changing the way your pay is delivered.

Your first Wells Fargo payroll period

Carefully review the pay periods as we move to the biweekly pay conversion:

Your first Wells Fargo paycheck (January 8) will include only one or two days of pay — not enough to cover benefit deductions and other personal expenses.
There will be a three-week gap between your last Wachovia payday (December 31) and your first full Wells Fargo payday (January 22).

One-time pay advance option

To help you bridge this one-time pay gap, Wells Fargo is offering you a one-time pay advance option.

The advance will cover up to nine days’ pay, not to exceed $3,000.
You’ll receive the advance on January 8, 2010.

Note: You must pay back the advance through authorized, automatic payroll deductions from your subsequent pay throughout 2010.

We encourage you to consider taking the payroll advance to help cover your benefit deductions and other personal expenses during this transitional period.

To learn more about the pay advance option, visit the Pay Advance Overview page.

Payroll deductions

At the time of the conversion to biweekly pay, automatic payroll deductions for certain Wachovia benefit plans and team member programs originally sponsored by Wachovia Corporation, and currently sponsored by Wells Fargo & Company ("Wells Fargo"), will be discontinued effective December 31, 2009. Wells Fargo employer-sponsored benefits, such as health and dental insurance will continue to be offered as automatic payroll deductions. To get an overview of the changes and how they will affect your payroll deductions, visit the Wachovia Payroll Deductions page.

Resources

We’re making this announcement early to give you plenty of time to plan for the transition. We’re also providing the following resources:

FAQs. Find quick answers about the biweekly pay conversion.
5 Tips. See these key suggestions to prepare for the biweekly payroll conversion.
Biweekly payroll calendar. Find out when you’ll be paid in 2010.
Biweekly pay calculators. Estimate your new biweekly gross and net pay and plan for the conversion.
Budget worksheet. Calculate your expenses with this financial planning worksheet. Available in the fall.
Pay advance tool. Calculate pay advance options and repayment schedules, then go online to make your pay advance election. Available in the fall.

Note: This information applies ONLY to team members paid on a U.S. payroll system. Also, Wells Fargo Advisors team members whose primary compensation is in the form of commissions or who receive payments from the Company based on revenue of a commissioned team member will be affected differently by the payroll conversion. These team members will receive separate communications to address the upcoming conversion.

Resources