In the event that SickBank fails, all funds left in the SickBank will be used to pay existing claims until funds are exhausted. A date will be announced when no further deposits will be accepted. We do not anticipate this ever happening, however.
The avenues SickBank will employ to maintain solvency is as follows: • SickBank will have a continuous flow of Donated/Deposited PTO time based on the minimum deposit rule. • In order to be eligible to make a claim from SickBank you must exhaust all accrued sick time first, ensuring there is no abuse to the SickBank. • All claims need to be verified with your Human Resources department for validity before any payment is made. There is the ability to deny frivolous claims for sick time to ward off abuse of the system. • Funds received into SickBank will be invested to earn income from interest and dividends to supplement donations. All investment reports will be published anually and be posted on the website for public perusal. The service will be totally transparent.
Check out SickBank's privacy policy.
You can read SickBank's Terms and Conditions.
A SickBank processes scores of transactions every day. To differentiate the different types of transactions, SickBank generates a unique transaction code for each transaction. There is a letter code that tells us what type of transaction it is. There are 6 distinct transaction types:
