Commonly asked overtime pay law questions about banks:
- What Workers are Employed by Banks?
- What is the Salary Range for Bank Employees?
- How Many People Are Employed Nationally by Banks?
- Where Are Most Bank Workers Employed?
- Bank Overtime Pay Lawsuit News
- What are the Major Banks?
- What are the Laws for Bank Employee Overtime Pay?
- Is a Bank Employee Entitled to Overtime Pay?
- Does a Bank Have to Pay Overtime Wages to its Employees?
- Bank Overtime Pay Lawyer Review
What Workers are Employed by Banks?
The largest groups employed by banks include financial analysts, financial managers, loan officers, bank tellers, bank managers, accountants, auditors, and personal financial advisers, among others.
What is the Salary Range for Bank Employees?
According to the United States Department of Labor, salary estimates for occupations commonly found in banks are as follows:
|Occupation||Median Hourly Wage||Mean Hourly Wage||Median Annual Wage||Mean Annual Wage|
|Personal financial advisers||$47.25||$63.75||$98,290||$132,590|
|Accountants and auditors||$35.07||$39.35||$72,950||$81,850|
|Securities, commodities, & financial services sales agents||$31.93||$49.16||$66,420||$102,240|
How Many People Are Employed Nationally by Banks?
According to the United States Department of Labor, employment estimates and mean wage estimates for some common bank occupations are as follows:
|Personal financial advisers||137,960|
|Accountants and auditors||107,540|
|Securities, commodities, & financial services sales agents||161,860|
Where Are Most Bank Workers Employed?
According to the United States Department of Labor, states with the highest employment level in this occupation are as follows:
- New York
- North Carolina
Bank Overtime Pay Lawsuit News
Related Bank Overtime Pay Lawsuit News
MILWAUKEE — An arbitrator hearing an unpaid overtime class action claim recently ordered a Milwaukee mortgage company to pay millions of dollars in back pay to hundreds of current and former loan officers who claim they were pressured to work several hours each week off the clock.
PITTSBURGH — Pittsburgh-based PNC Bank and PNC Financial Services Group recently settled a year-long overtime pay lawsuit with hundreds of current and former branch assistant managers.
NEW YORK CITY — A federal judge for the U.S. District Court for the Southern District of New York recently ruled a pair of class action unpaid overtime lawsuits against banking giant JPMorgan Chase shall be consolidated into one suit.
BUFFALO — A group of former employees for Buffalo, New York-based M&T Bank recently filed a federal overtime pay lawsuit against the company alleging they are owed overtime pay under the Fair Labor Standards Act.
What are the Major Banks?
There are a number of major banks in the United States, which are some of the largest employers in the financial industry. These include:
- Bank of America
- Fifth Third Bank
- PNC Financial Services
- U.S. Bancorp
- JP Morgan Chase & Co.
- Wells Fargo
- Branch Banking and Trust Company
- Capital One
- Regions Bank
- SunTrust Bank
- TD Bank
- The Huntington National Bank
- Citizens Bank
What are the Laws for Bank Employee Overtime Pay?
Under the Fair Labor Standard Act (FLSA), many bank employees are non-exempt and therefore entitled to overtime pay, but some may fall under the “administrative” exemption.
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.
Non-exempt bank employees often include bank tellers, assistant bank managers, and loan officers, among others.
If an employee’s primary duties involve the management of bank operations and must exercise certain levels of discretion and judgement while performing such duties, that employee may fall under the FLSA’s administrative exemption.
There are also state laws about overtime pay to consider. An experienced overtime pay attorney will be able to determine if you are entitled to overtime pay based on the applicable FLSA stipulations and state laws.
Is a Bank Employee Entitled to Overtime Pay?
Bank employees are often required to work more than 40 hours per week, and are therefore entitled to overtime pay.
For example, bank tellers must be compensated for time spent before and after shifts filling out paperwork, counting cash drawers, and reconciling deposits and withdrawals.
In some cases, banks may try to misclassify workers in order to avoid paying overtime wages. For example, an employee cannot be given the title of “bank manager” or “assistant manager” and denied overtime wages based solely on that. The FLSA exemptions are determined by job duties and compensation structure, not just the title of “manager.”
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 entitled to overtime wages from the bank.
Does a Bank Have to Pay Overtime Wages to its Employees?
A bank employs many different types of employees, and some may be exempt under the FLSA and some may be non-exempt.
Exemption is not determined by your job title, but by your job duties, wages, and hours worked.
A bank is required to pay overtime wages of time-and-a-half to all non-exempt employees.
If you believe the bank you work for 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 Overtime Pay Lawyers at (855) 794-2795 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.