You get 2 weeks per year of service with 1 year being the maximum. You have the option of lump sum or monthly payments. If you want to continue having your health insurance, the monthly option is best. If you are in a state where you are allowed to accumulate vacation, then you will also get a payoff on any vacation accumulated. Your bofa checking account will revert to a regular account after 30 days. If you are retirement eligible, that will kick in after your severance period. I hope I covered everything.
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You have a lengthy post on this topic here: @Arb7nDc or follow this link if you do not feel like clicking: https://www.thelayoff.com/t/Arb7nDc
In my case band 4 I got 2 weeks severance for each year of service.