Banks are one of the places where a felon will find it hard to get a job. This is because the very nature of business has to do with finance. So, if you have been convicted of theft or fraud, they may not employ you.
With that in mind, it is also good to know that the law does not prohibit banks from hiring felons. So a criminal record does not automatically disqualify you.
Years ago, felons could not get jobs in banks at all. But that law has been amended, which is why certain convictions can be overlooked as long as the applicant is qualified for the job in question.
With this new rule, banks are permitted to employ felons who committed a crime that was not so serious. This new rule was issued by the FDIC (federal deposit insurance corporation).
What the adjusted rule means for felons and bank employers
According to the old rule, section 19 of the Federal Deposit Insurance Act states that all banks insured by the FDIC were not allowed to employ anyone that was convicted of a crime related to “breach of trust, dishonesty, or money laundering”.
But since that rule was adjusted, things have eased up a bit for felons who aspire to work in banks. If your offense has been expunged, it will not work against you when applying for a bank job.
Felons can qualify for a de minimis expectation if they have two low-level crimes on their record. This exception was only applicable to those with only one such offense before the amendment.
Still, on de minimis convictions, the typical five year waiting period after one conviction has been eliminated. Now, the waiting period will be for three years, and that will be for a second de minimis conviction. What this means is that recent convictions will no longer reduce a felon’s chance of getting a bank job.
Crimes related to theft have also been reconsidered because huge sums should not bear the same weight as smaller ones. So now, theft crimes that are around $500 to $1,000 are now rated as de minimis.
In summary, this new rule reduces the restrictions placed on felon applicants. And this will allow bank employers to hire more people with criminal records.
What happens when banks run a background check?
Like every other establishment, a bank will do everything possible to prevent a bad hire. So they will definitely carry out a background check on you.
A bank will check for your criminal offense, past employment, driving history, educational records, and your credit history. This will help them determine your character and financial stability.
After running the check on you, they will apply the adjusted rules explained above. And no matter how good your resume is, the rules are what will ultimately determine if you will get the job or not.