Archive for May, 2008

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BANK EMPLOYEES CAN RECOVER OVERTIME WAGES

May 3, 2008

Many large banks lure employees with the promise of working in a luxurious building, and the opportunity to move up the ranks into a salaried management position. What they don’t advertise to potential employees is that in order to make it to the management position, they will be required to work long hours without being paid their overtime wages under the Fair Labor Standards Act.

The Fair Labor Standards Act requires employers to pay their employees one and one-half their regular rate of pay for any hours worked over 40 hours per week. For instance, if you are paid $10.00 per hour, and you work more than 40 hours per week, you should be paid $15.00 for those hours above 40 hours per week. Many large banks have adopted a practice of mistakenly classifying employees as “exempt”, meaning the bank is not required to pay the employee his or her overtime pay. These banks are now recognizing that they have mis-classified their employees as “exempt”, when they were actually supposed to be paying the employee overtime pay.

Countrywide Bank and HSBC Bank are just two banks recently who have been sued for mis-classification of employees, as well as, failing to count break time as time worked during the day. The lawsuit against Countrywide involves employees that worked as loan processing specialists being denied pay for their meal and rest periods and for their earned overtime pay.

The lawsuit against HSBC Bank suit alleges that HSBC mis-classified as exempt Personal Banking Officers, Premier Relationship Managers, and Small Business Banking Specialists who many unpaid overtime hours. The lawsuit alleges these employees primary responsibility was to sell bank products such as credit cards to the Bank’s existing checking account customers. If these employees primary responsibility was to sell customers additional banking products, they would fall under the Fair Labor Standards Act as employees that should be paid their overtime pay.

If you or someone you know works for a bank and is not being paid overtime wages for hours worked over 40 hours, they should speak to an attorney to find out if they are mis-classified as “exempt”. Many large banks will continue mis-classifying employees simply because that is the way they have always done it. You owe it to yourself and your family to ensure that you are being paid your full amount of wages.

Contact an experienced overtime wage attorney at The Law Offices of Joseph M. Maus and Associates to see whether you are owed overtime wages. You can contact our offices toll-free at (866) 556-5529 or log on to www.JMMLawyers.com.

 

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