Bank Workers Win Historic Union Contract
Source: CWA
3-year deal secures fair minimum wage and increased benefits, expanded training opportunities and a joint labor-management committee
Beneficial State Bank employees are the first in 40 years to set their own work conditions in the industry
CALIFORNIA Ending a nearly 40-year drought of union contracts in the banking industry, employees at Beneficial State Bank across Washington, Oregon and California ratified their first contract, after forming a historic union for the industry in March 2020. The 96 workers in the bargaining unit are represented by the Communications Workers of America and include bankers, consumer loan servicing representatives, loan processors, underwriters, file clerks and custodial staff.
The contract secures a fair minimum wage for both hourly and salaried employees and improvements to employees 401ks; just-cause discipline establishing due process and protection from unfair discipline; the establishment of a quarterly Joint Labor-Management Committee where members are empowered to problem-solve a range of workplace issues; expanded training and education opportunities; and a $1,000 ratification bonus to be issued one-time for all workers in the bargaining unit.
Prior to working at Beneficial State, when I was a call center worker at Wells Fargo, I didnt know it was possible for bank workers to form a union, let alone negotiate a contract with management. At Wells Fargo, I was constantly under extreme sales pressure and knew that if I spoke up, I would be putting my job at risk, said Desiree Jackson, an Assistant Vice President at Beneficial States Oakland, Calif. Branch. Now, not only do I have a voice on the job, but I have an actual say when it comes to pay and metrics and ensuring were providing the best financial services possible for customers. With this contract, were truly driving Beneficial States mission to help serve our communities.
Frontline workers with the Committee for Better Banks (CBB) have been working to improve conditions in the U.S. banking industry, which is notorious for its systemic discrimination, low-wages, extreme sales goals and whistleblower retaliation. Only 1.1% of workers are represented by unions.
Read more: https://cwa-union.org/news/releases/bank-workers-win-historic-union-contract
About the Committee for Better Banks:
The Committee for Better Banks, the only independent voice for frontline bank employees, is comprised of bank workers, community and consumer advocacy groups, and labor organizations, coming together to improve conditions in the banking industry. Committee for Better Banks members include current and former employees of banks and credit unions across the country, including Wells Fargo, US Bank, Santander, Bank of The West, and Bank of America.
About the Communications Workers of America:
The Communications Workers of America represents working people in telecommunications, customer service, media, airlines, health care, public service and education, manufacturing, tech and other fields.
geardaddy
(24,924 posts)Solidarity!
Throck
(2,520 posts)Several friends have worked for banks. Treated like crap. Management makes the money.
StClone
(11,676 posts)There are several thousand banks in the country. One tiny bank with 18 branches and ~200 employees (fewer than half of whom are in the union) isn't going to have a dramatic impact.
But it's a start.
More impactful (though not from a unionization standpoint), is that a number of the larger banks have significantly boosted starting salaries for hourly workers in the last year or two. That can have a significant impact on smaller banks.
twodogsbarking
(9,289 posts)Says a lot.
Aristus
(66,075 posts)I love being a Physician Assistant, and it was a great career choice. But I pretty much started out in banking, and I was good at it. But the pay just didn't justify the stress of lending goals, or people sticking guns in my face and demanding money. So I got out of it and went back to school.