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So, did you notify the CC company as soon as the employee gave 2-week notice or on (or about) the termination date? In my case, I was able to use the CC until the very last day. The last time that I used it was the next to last day because I had promised to pay something for an agent. If the employer would let the CC company know at the time of the 2-week notice, the CC would be aware of any suspicious/frivolous charges that an employee might make.
In my case, I received about 2-3 more commission checks AFTER I left the company, so they could have easily deducted any owed money from those had I owed money.
I do wonder if I might have overlooked a past PENDING expense that lacked a receipt that I can supply a receipt for this late in the game? I don’t think that there would be any harm in at least asking since I did keep any and all receipts.
How a company you worked for 20 years ago has no bearing on today.
Using a corporate CC for personal expenses can be reason for immediate dismissal. Fiscal irresponsibility as in not keeping track of charges and refunds is never a good sign.
Based on my own experience, as well as the various answers I'm seeing here - I would say the answer is "it depends on how the company does it".
I've had corp cards w/ my name on it, my name w/ the company name, and the company name only. I've never even considered the notion that I may be on the hook. At some places, I never even see the bill, it just gets paid. At others, I get the paper statement w/ the accounting stamp for signature or the statement is online in the billing systems and I need to approve all purchases.
I've actually never seen these cards on my credit report... not sure if that means anything. I've certainly (to my knowledge) never needed to "apply" for a corporate card. It was just given to me. Even if my employer was to apply on my behalf, I'd think I would still need to approve that per lending regulations..?
Correct. The company cannot act on your behalf to open a credit card under YOUR name. Correct that it would show on your credit report. I think some here do not understand corporate cards and how they are legally termed.
The employee rarely has the authority (unless cfo or buyer titled) can open vendor accounts or credit lines without the strict authorization of the financial officer or owner. Same to the business cannot open credit cards using the employee's info without their written consent. Fraud is fraud. Now back to the real issue. If it's a company card then ultimately the company owes the issuer and CAN go after the employee if they used it for personal charges.
So, did you notify the CC company as soon as the employee gave 2-week notice or on (or about) the termination date? In my case, I was able to use the CC until the very last day. The last time that I used it was the next to last day because I had promised to pay something for an agent. If the employer would let the CC company know at the time of the 2-week notice, the CC would be aware of any suspicious/frivolous charges that an employee might make.
In my case, I received about 2-3 more commission checks AFTER I left the company, so they could have easily deducted any owed money from those had I owed money.
I do wonder if I might have overlooked a past PENDING expense that lacked a receipt that I can supply a receipt for this late in the game? I don’t think that there would be any harm in at least asking since I did keep any and all receipts.
In the case of the two companies I worked for, we locally didn't deal with the CC company. We would notify the department in our Home Office that dealt with them and they would terminate the account. We notified them on the employee's last day, so the card was active until their last day.
Employees were always responsible for maintaining the corporate card in good standing. Where it got tricky is if your manager was slow to approve your expense account, which is what triggered payment by the company to the CC card, your payment could be late. If you incurred a late charge, it was on you to pay it, even if you submitted your expense account on a timely basis but it didn't get approved and payment made in time. This is a big downside of employment in corporate America.
If the account wasn't in your personal name and the credit card wasn't approved based on your credit history and you're not personally accountable for the balances, then if there was a balance due, I would think your company could have deducted it from the commission checks you were paid for after your departure. If you think it may be tied to your credit and might impact your credit history, you could try contacting the credit card company if you have enough information that would allow them to be able to access your credit card account and find out.
I didn’t have an owed balance when I quit my job in October, but I very well could have. What happens when an employee has a balance of $500, $1,000 (these would not be personal expenses). Is the employee generally financially responsible for the balance or does the company write it off?
The cardholder agreement (which the employee agrees to by accepting and using the card) binds the employee to the liability for paying the amount on a corporate card.
This was not true in the two corporations I worked for, one of which was a Fortune 100 company. When you completed the corporate credit card application, they pulled YOUR credit report and if you made late payments, it impacted your credit.
You’re incorrect. My card is a corporate card. I had to submit an application to receive it. It does not reflect on my credit report, but I am ultimately responsible for payments.
You’re incorrect. My card is a corporate card. I had to submit an application to receive it. It does not reflect on my credit report, but I am ultimately responsible for payments.
No, I'm not incorrect. I wasn't talking about YOUR card.
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