Can a bank deny its Loan Officers overtime pay?
No. While most would consider Loan Officers to be white collar workers and exempt from overtime pay, many courts and the U.S. Department of Labor have ruled that they are entitled to overtime pay. They typically don’t manage anyone and they are primarily engaged in inside (not outside) sales. Generally, inside sales work is exempt.
Bank loan officers who work more than 40 hours per week could be entitled to back overtime pay of up to three years.
If you or someone you know is a loan officer who is not being paid overtime, call us at (860) 522-8888 for more information about your rights.