Overtime Pay (Time and One Half) Required by Law at Bank Jobs.

Updated on August 17, 2010
M.J. asks from Austin, TX
4 answers

Hi mama's (& dad's - noticed a few on here as well): I am in the process of job hunting and applied and got called back for a job at IBC bank. Just waiting on them to do the background check & credit check. I looked up IBC to find out more about it, where all their branches were etc. I came across complaint boards from customers complaining and employees complaining. There were several posted about how if you work overtime you don't get paid time and one half but just half time. Example given on more than one site: if you work 44 hrs you get paid your pay for 40 then half time only for the 4 over. If you make $9/hr you only get $4.50 for the 4 hours over. This sounded crazy I thought it was the law that every job got time and one half except certain jobs where you have signed a contract. So I looked up wages/overtime on the Department of Labor website and even tried just to google about overtime pay at banks but can't find a definite answer about this. It says there are 'exempt' and 'non-exempt' jobs and non-exempt jobs are excluded from having to pay overtime. Only a few examples of 'non-exempt' jobs listed were firefighters, teachers, hospitals. Even if they are excluded from paying overtime wouldn't they at least pay your striaght pay hour, in example used $9, instead of just half pay. But it said there were more these were just a few examples. I can't find a complete
list. So does anyone work for a bank or IBC in particular and how does overtime pay work.

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So What Happened?

Thanks for the responses. It ends up being the job does pay a weekly salary not hourly wage. For any hours over 40 they pay half time.

More Answers

Smallavatar-fefd015f3e6a23a79637b7ec8e9ddaa6

J.T.

answers from New York on

Whether you are exempt vs. non-exempt should be made clear to you at the time you are hired. Typically expemt personeel are salaried and non-exempt are hourly.

I would call the HR department and ask if the position is exempt or non-exempt and what their position is on overtime. After you speak with them, you can then call your loacl DoL and find out if what they are doing is legal.

For example, one company I worked for if you were salaried exepmt you did not get overtime unless you worked more than five hours over AND had approval from you supervisor prior to working the hours. Then, you did not get time and a half, onlly whatever your hourly rate would out to.

3 moms found this helpful
Smallavatar-fefd015f3e6a23a79637b7ec8e9ddaa6

H.J.

answers from Minneapolis on

Overtime varies in many different ways, my hubbies last job was like that and not only did he get quote half time it was determined by what is average hours were the previous weeks sometimes he only got .50 for overtime pay...crazy!

Some jobs pay overtime only if you work more then 8 hours in one day so you could work 7-8hr days and get no overtime at all. Some are if you work more then 40 hours (which I think people think is the norm) There are even more crazy ways to give out overtime if you even get it.

Depending upon the state I believe each company can do overtime different as long as it states it in the contract and you agree to it.

2 moms found this helpful

T.M.

answers from Philadelphia on

Look at the link below. I think it answers your question.
http://www.dol.gov/whd/regs/compliance/fairpay/fs17m_fina...

So, if the case is that you do not get paid overtime...NEVER WORK OVERTIME. Clock out at 40 hours and go home!

2 moms found this helpful
Smallavatar-fefd015f3e6a23a79637b7ec8e9ddaa6

E.E.

answers from Austin on

Sounds like what is referred to as "chinese overtime". A company pays you a very low salary for 40 hours a week, it must be under 24k a year, and then you get half time based on the number of hours you work over the 40. It is completely legal, but they must pay you a salary not by the hour.

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