Federal Investigation into Bank Overtime Allegations

The federal government is in process of investigating Bank of America and other major banks for wage and hour violations, allegedly denying their employees overtime.

A recent report from the Controller of the Currency (OCC) says investigators are reviewing different compensation or settlement options for the alleged missing wages.

Specialized lawyers are encouraging bank employees who may have suffered wage and hour violations to speak up, as it is an opportune time to allege bank overtime claims.

Currently, banks with over $10 billion in assets are subject to review, which includes but is not limited to:

• JPMorgan Chase
• Bank of America
• Wells Fargo
• Citigroup
• Goldman Sachs
• Morgan Stanley
• U.S. Bank
• Bank of New York Mellon
• PNC
• Capital One
• HSBC
• TD Group

The review from OCC was expected after the Comptroller had testified at the Senate Bank Committee hearing, informing legislators the agency would “review the sales practices of all the large and midsize banks the OCC supervises and assess the sufficiency of controls with respect to these practices.”

During the public hearings, Wells Fargo employees had been accused of opening accounts without the customer’s consent to earn a higher profit margin.  However, it had been indicated that Wells Fargo managers had been paid based on revenue and new account growth.

Wells Fargo employees had also reported that if they did not meet these extreme sales expectations, they could potentially face termination. This had ultimately resulted in a high pressure work environment, and alleged bank overtime violations.  This caused employees to work without pay during long nights and weekends, unless they opened the unauthorized accounts.

All of these accusations caused the OCC to suspect there may be other bank overtime violations in other financial institutions.

Overview of Bank Overtime Allegations

Under federal law, bank and other employees are eligible for overtime if they work over 40 hours in a single work week or over eight hours in a single day. In addition, any off the clock work or missed rest periods must be compensated on their next pay check.

Employers who fail to follow these regulations may face major legal action for minimum wage violations and unpaid overtime violations. While the OCC will not specify the information they are investigating or what has been found, the Los Angeles Times states that their findings have been shared with the CFPB, Federal Reserve, and the FDIC.

With this amount of pressure, employees in the financial industry may have an easier time filing for bank overtime. Employees who have experienced denied overtime and other minimum wage violations may be able to file legal action against their employers.

Join a Free Wage & Hour Class Action Lawsuit Investigation

If you were forced to work off the clock or without overtime pay within the past 3 years, you have rights – and you don’t have to take on the company alone.

Get a Free Case Evaluation Now