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Bank of America Overtime Lawsuits: Wage & Hour Laws

Bank of America Overtime Lawsuits: Wage & Hour Laws

Commonly asked overtime pay law questions about Bank of America:

What is Bank of America?

Bank of America is an American multinational banking and financial services corporation. It is the second largest bank holding company in the United States by assets.

In 2008, Bank of America acquired Merrill Lynch, making it the largest wealth management corporation and a major player in the investment banking market.

Who Does Bank of America Employ?

Bank of America employs over 145,000 people worldwide. Our experienced overtime pay lawyers handle cases for all Bank of America employees, including the following:

  • Bank tellers
  • Financial analysts
  • Loan officers
  • Financial managers
  • Branch managers
  • Assistant branch managers
  • Banking operation specialists
  • Commercial banking officers
  • Quality assurance coordinators

Where is Bank of America Located?

Bank of America’s global corporate headquarters is located in Charlotte, North Carolina. The company has expanded to have satellite offices throughout the United States and more than 35 countries around the world. Some of the U.S. locations include:

Bank of America Overtime Pay Lawsuit News

Merrill Lynch Hit with Unpaid Overtime Lawsuit

NEW YORK CITY — Four former employees for Merrill Lynch recently filed an unpaid overtime lawsuit against the financial giant alleging the company deprived them of duly owed overtime wages under the Fair Labor Standards Act (FLSA) and New York state labor laws.

Read All Bank of America News on Overtime Pay Cases and Settlements

What are the Laws for Bank of America Employee Overtime Pay?

Under the Fair Labor Standard Act (FLSA), many Bank of America employees are considered non-exempt and therefore entitled to overtime pay.

If an employee is non-exempt under the FLSA, the law requires that they are paid overtime wages of one and one-half times their regular rate of pay for every hour past 40 in one week.

The FLSA has several exemptions, however, that would preclude employees from receiving overtime pay. For example, employees with “adminstrative” or “professional” roles may fall under these exemptions.

It is important to note that exemption is not determined solely based on job title. Rather, job description, job duties, rate of pay, and hours worked are used to determine if an employee should receive overtime pay.

On top of the FLSA, some states have their own overtime pay laws. These laws may complement or contradict the FLSA, so it is important to consult an experienced attorney who is familiar with all the applicable overtime pay laws.

Is a Bank of America Employee Entitled to Overtime Pay?

Bank of America employees are often required to work long shifts, as well as additional time before and after their scheduled shift. As a result, many Bank of America employees end up working more than 40 hours per week, and are therefore entitled to overtime pay.

Employees who are exempt under the FLSA are not entitled to overtime pay. Whether or not a Bank of America employee falls under the “administrative” or “professional” exemptions is determine based on job description, job duties, rate of pay, and number of hours worked.

Employers often deny or unlawfully refuse to pay overtime by misclassifying the positions of the workers, claiming that they are exempt when, in reality, they are not. For example, assistant branch managers could be classified as exempt by Bank of American based on their “manager” title, when, in reality, their job duties reflect a non-exempt position.

Bank of America may also require their employees to report to work early but not “punch the clock” until later or strike hours off of time cards, or they may refuse to pay employees for work done before the shift starts and after they punch out for the day. These are violations of the Fair Labor Standards Act (FLSA) and can give rise to an overtime pay lawsuit.

An experienced overtime pay attorney will be able to analyze your case in the context of the FLSA and your state’s laws to determine if you are due overtime wages from Bank of America.

Does Bank of America Have to Pay Overtime Wages to its Employees?

In many cases Bank of America is required to pay overtime wages to employees that work more than 40 hours in one week. This excludes employees who are considered exempt under the FLSA.

Exemption is not cut and dry; the FLSA is a complicated law and state laws can complicate the picture even further.

If you believe that Bank of America owes you overtime pay, it is best to consult an attorney who has experience with the FLSA and state overtime wage laws.

To determine whether you are eligible for filing a wage claim, contact our experienced Bank of America Overtime Pay Lawyers at (855) 754-2795 for a Free Consultation to discuss your case or complete the Free Unpaid Overtime Case Review Form on this page.  We will discuss your situation and determine if you have a claim. If you are owed unpaid wages, we will represent you under our No Fee Promise, which means there are never any legal fees or costs unless you receive a settlement.

Has Bank of America Been Involved in Overtime Pay Lawsuits?

Over the past several years, current or former employees have brought a number of lawsuits against Bank of America and Merrill Lynch in an effort to reclaim lost overtime wages. Here are a few examples of such lawsuits:

  • Financial adviser trainees filed an overtime suit against Bank of America and Merrill Lynch. The plaintiffs were part of a five-stage training program to become full financial advisers with the company. They filed suit claiming that they were wrongly classified as exempt from overtime, and sought to represent trainees who went through the second stage of the program, which lasted ninety days and involved generating leads on clients.
  • David Colon, a Bank of America call center employee in Arizona, filed a wage suit against the company for violations of the FLSA. Colon argued in his suit that Bank of America required him to be logged in to the phone system when his shift began, which required him to do some work prior to his shift. Colon claims that each employee worked between fifteen and twenty minutes extra each day without pay, including work done before and after shifts as well as on breaks.
  • A group of residential real estate appraisers received a $36 million settlement from their employer, Bank of America, for FLSA wage violations. According to the suit, Bank of America considered the residential real estate appraisers to be exempt employees under FLSA and, therefore, not entitled to overtime pay. However, the appraisers responded that although their work was essential to the production of residential loan sales, they did not actually sell anything. The plaintiffs claimed that Bank of America forced them to work nights, weekends, and holidays without overtime pay.

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