Guide to Banking Labor Laws

It’s a sad fact that many companies are dismissing their employees without any proper reason for doing so - which saves them from paying these employees out. Many of the dismissed employees are clueless as to what the banking labor law is and what their rights are, so here are the only reasons your company can dismiss you:

- when you willfully disobey any lawful orders of your boss or employer
- serious misconduct
- serious neglect of your assigned duties
- fraud and violation of the trust your employer has placed in you.
- any crime committed by the employee or any of your relatives against your boss or employer.

Unless you are guilty of any of these offenses, you have the right to question your dismissal from the company. You can even pursue your case under a court of law, and seek damages or compensation for your unfair dismissal.

Layoffs have become so common that no industry is immune to the overall effect the economic recession is having on all fronts. Even in the illustrious world of advertising, you may get laid off your job due to slowing demand for services and products. The government has many services and resources fro laid off workers and even promote counseling which would allow you to transition from a long life in the workforce to the jobless ranks. Rapid Services have been introduced to minimize the effects of the economy on the common worker to help them understand the full range of benefits they may have at their disposal the government is offering. Mass layoffs due to closure of plants fall under the WARN act which encompasses layoffs of more than 50 workers at a single instance. You as the employee and your employer have specific roles to make the process legal, non-compliance can result in prosecution by the courts for unfair labor activity.

Though discouraged, every employer wants to see the background of prospective employees for the mere fact of security. It isn’t illegal but there is a very thin line as to how much an employer can dig, too much and it goes over the fence. Labor organizations encourage reporting of such crimes so the respective offices can be notified and necessary actions taken.
Equal opportunities acts all over the world states that everybody must have equal rights to employment irregardless of religion, sexual orientation and many other social differences. But most cases of such discrimination go unnoticed and it is only till somebody steps up to the plate that it gets noticed. Any unfairness by management should be consulted with proper government agencies and labor organizations so it can be corrected and checked.

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One way or another, you may have dealt with Social Security Administration as a worker. You may have claimed your benefits or have turned up with an emergency loan. The Social Security Administration makes it easy for workers to deal with certain facts of life like old age or some emergencies like disability or hospitalization. The system was designed to work for people, the workers in their day to day struggles. The SSA was established during the time of President Roosevelt in the 1930s This was one way of protecting the lives of American workers from old age, poverty, unemployment and death. He implemented the social insurance to address the rising problems, most especially at the time of The Great Depression.

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Every state in the United States have different wage laws. In California, the current law sets a higher minimum wage rate than waht the federal law requires. And because of this, California has a dual coverage. It simply means that the state is subject to the federal and state’s minimum wage requirement. In the case of conflict, a stricter standard that will benefit the employee most will be followed.

Minimum wage law Exemption

There are employees who are exempted from the California minimum wage law. It covers outside salespersons. They pertain to individuals who are the parent, spouse, or child of the employer and apprentices. There is also an exemption for learners. They are to be paid not less than 85% of the minimum wage during their first 160 hours in some type of occupation. The physically and mentally disabled are also included in the exemption. In connection with that, non profit organizations like for example, a rehabilitation center which employs disabled workers are included in the exemption. They must be issued with special licenses which authorizes employment at a wage less than the legal minimum wage.

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The first bank to be robbed in the United States was the Bank of Pennsylvania in 1798. It was reported that the total stolen amount reached about $162,000. That would be roughly $1.9M to this day.

The robbery was believed to be an inside job because there was no clear sign of any forcible entry. Vaults back then were secured using locks. The blacksmith that changed the lock was Pat Lyon, who left Pennsylvania to escape from the yellow fever epidemic that swept Philadelphia at that time. Lyon suspected that a carpenter was responsible, and went back to to clear his name. But the authorities didn’t believe him and threw him in prison.

The real perpetrator turned out to be someone who had visited Lyon’s shop earlier, named Isaac Davis. He and the bank porter pulled off the heist. What was so stupid of them to do was, to deposit the stolen money into the same bank where they got it from. When confronted by police, Davis confessed to the crime. He surrendered all of it. But even after that confession, the authorities refused to release Lyon. Later, charges against him were fianlly dismissed. Lyon sued the bank and the officials. He got $12,000 as damage fees, for false imprisonment.

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You might be surprised to learn that there are virtually no U.S. labor laws (also called employment laws) that specifically mandate how your employer must treat you as a human being. After all, we live in a democracy in which government regulation is discouraged, employment is at will, and even jerky bosses are entitled to their rights and freedoms.
Beyond overtime and equal pay rules, and a mere pittance in minimum wage, there is no labor law that dictates how much your employer must pay you either. Additionally, most benefits are not mandated by labor laws, including severance, sick-leave and vacation pay. Your employer can even spy on you without your knowledge, make you drop your drawers for drug testing just because, unfairly terminate your employment, and more. So, what you might personally consider a “raw deal” on the job may not be illegal for your employer, regardless of how much it breaches your sense of fair play.

Banking Certificate is being introduced into the education curriculum of the Bahamas Institute of Financial Services to provide a stable foundation of knowledge that is aimed at strengthening the ability of employees to handle Junior Management tasks. This program helps the students to include course credits to the College of the Bahamas’ Bachelor Degree program for Business Administration and Banking and Finance.

There is an annual awarding of the Certificates, which is done at the Bahamas Institute of Financial Services with a ceremony and dinner for the awardees. Graduates can carry the Certificate In Banking (CIB), which is equivalent to a vocational course completion and makes them eligible to continue it to a full Bachelor’s degree.

Employment or labor law is the incorporation of laws, rulings, administrative and precedents that address legal rights and restrictions on working people including their organizations. It arbitrates various facets of the relationship of trade unions, employees and their employers.

Labor law can be categorized into collective labor law which deals with tripartite relationships that exists between the trade unions, employers and employees. The second category is individual labor law which concerns the individual rights of every employee in the work place as secured by their work contract. Both of these categories have been equally effective in enacting various laws for the protection of labor rights.

It is the obligation of banking institutions to educate their customers and help them understand in its simplest way regulations or processes they are following. There are a lot of bank transactions with corresponding guideline that not all bank clients may seem to understand. And most of us use these banking services to manage our money and we trust that they can handle each transaction very well with minimal errors. Understanding the basics of banking law also suggest that it is the right of every bank clients to also know the flaws of these set of laws, we can be charged by our banks simply because we mistakenly ordered a bank draft instead of a cheque, this happened because it was not explained very well to the client.