Bank of America Loan Officers Overtime Claim

Bank of America loan officers who were denied overtime pay after working 40 hours in a single workweek may have legal recourse. It has been alleged that certain financial institutions have been misclassifying their loan officers as ineligible to collect overtime pay, when in reality, these employees should be receiving time-and-a-half pay for every hour worked over 40 in a single workweek. In fact, a Bank of America overtime lawsuit was filed in January in 2011 claiming that the bank failed to properly pay its loan officers according to federal overtime law. 

If you were denied overtime pay as a Bank of America loan officer, you may be able to file a claim to recover compensation for up to three years of unpaid overtime. To find out if you are eligible, complete our free case evaluation form today. 

Bank of America Overtime Lawsuit

According to the 2011 Bank of America overtime lawsuit, the company paid its mortgage loan officers on commissions, rather than an hourly or salary basis. The suit claims that these commissioned employees were wrongfully classified as exempt and ineligible to receive overtime pay. The loan officers employed by Bank of America routinely worked more than 40 hours a week but were not paid time-and-a-half wages for this time, according to the Bank of America overtime pay lawsuit. 

Overtime Lawsuit: Loan Officers

Loan officers who are not properly compensated for their overtime hours may be able to make claim to recover these unpaid wages. Potentially, loan officers pursuing an overtime lawsuit may be able to recover up to three years of unpaid overtime, as well an equal amount in liquidated damages. For instance, if a loan officer recovers $3000 in unpaid overtime wages, they may be entitled to an additional $3000 in liquidated damages, bringing their total recovery to $6000. Loan officers who choose to seek compensation for their unpaid are wages are protected, by federal law, against employer retaliation, but must file their claims quickly. Failure to file an unpaid overtime claim within a certain time period will prevent the employee from ever seeking compensation for their unpaid overtime.

Denied overtime as a loan officer? Complete our free case review form today to find out if you may be able to make a claim for your unpaid overtime.