Request A Consultation
Copyright © 2024 Kennedy Law Firm. All Rights Reserved, Reproduced with Permission
Jobs in the banking, mortgage, and insurance industries require a lot of long hours and hard work. Unfortunately, banking and related industry employees are often victims of poor pay practices because unscrupulous employers try to cheat them out of the wages they are legally entitled to. Bankers, mortgage loan officers, underwriters, originators, consultants, and processors are frequently denied compensation by misclassification or off-the-clock work and should consult with an overtime lawyer to discuss what legal options may be available to them. Schedule a consultation with a Houston banking overtime lawyer as soon as possible.
Common banking, mortgage and insurance industry pay violations include:
Many employees in the banking, mortgage, and insurance industries are misclassified as exempt employees. The exempt and non-exempt status refers to the employee’s eligibility to overtime. The status you are assigned is determined by the Fair Labor Standards Act (FLSA) as well as the type of work you do, your responsibilities at work, and how you are compensated.
You may be surprised to find out that as an employee in the banking, mortgage, or insurance industries, you are entitled to overtime pay because you are not subject to any exemptions.
You may also be surprised to know that under the FLSA, you are also entitled to be compensated for any “runover time,” meetings and training sessions, and any rest or meal breaks that you have to work through. If these work hours exceed a 40-hour workweek, you are entitled to compensation for each overtime hour at one-and-a-half times your normal rate of pay. A workweek is defined as seven consecutive days of work. The hours you have worked in one seven-day period cannot be averaged between more than one workweek. Employers are required to keep detailed time records of all the hours you have worked and how much you have earned in each workweek.
Legally, it makes no difference whether your employer has been cheating you out of overtime pay for weeks, months, or even years: the justice system still allows you to recover your unlawfully withheld wages, and—in especially egregious cases—your company may be fined for its unethical or illegal conduct.
If you are an employee in the banking, mortgage, or insurance industry and you are concerned about your exemption status, you need to consult a wage and hour attorney. The overtime attorneys at Kennedy Law Firm LLP have extensive experience in representing workers who have suffered payroll and overtime violations. Contact us today at for a free, no-obligation case evaluation.