Bank tellers are usually responsible for distributing and receiving money.
They should also keep records of money and other goods that are a part of different transactions at a bank or other financial institution.
Mostly, they have to interact with customers for the entire day.
The median salary of bank tellers, according to the BLS, is at $26,410 annually, or $12.70 per hour.
The prospects for this position are not very bright as the employment rate is predicted to drop by 8%.
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Also, since the salary is below the minimum wage, it seems that the position will soon be replaced by online banking and technologies.
In some industries, bank tellers are offered salaries higher than the minimum wage.
These include the state government, physicians’ offices, insurance carriers, surgical and medical hospitals, as well as monetary authorities, such as the Central Bank.
Bank Teller Job Overview
Those who seek a bank teller job will be responsible for handling money safely and accurately.
The job of a bank teller is quite encompassing and includes multiple duties such as verifying customer identities when cashing checks or explaining the bank’s services and products.
One of the most attractive things about this job is that you need a minimal education to get it.
This is also the reason for the salary below the minimum wage.
However, there are some nice benefits to this position.
Bank Teller Responsibilities
The duties of bank tellers can vary from one bank to another.
The tasks will vary depending on the place of employment.
However, general responsibilities remain similar in different workplaces.
In the following list, we gathered the responsibilities of bank tellers common only in the US.
Responsibilities of bank tellers found almost in every financial institution across the US include:
- Counting the cash in the drawer at the beginning and the end of their shift.
- Answering customers’ questions in person and on the phone.
- Accepting cash, checks, and other forms of payment from clients.
- Informing customers on their account status.
- Keeping track and documenting all the transactions taking place during their shift.
- Exchanging all acceptable types of foreign and domestic currency.
- Helping customers with special types of funds – savings bonds, traveler’s checks, money orders, etc.
- Informing customers on new product promotions and services.
- Cross-selling different bank products by answering questions and suggesting additional services.
- Receiving loan payments and deposits.
- Handling the order of customers’ checks and bank cards.
- Issuing the withdrawal of savings.
- Recording mail and night deposits.
- Referring customers to other bank services.
- Preparing reports on each day’s currency transactions.
- Determining the customers’ needs.
- Directing customers to the proper branch representatives.
- Opening and initiating new accounts.
- Closing accounts when needed.
- Completing different types of special requests.
- Completing various safe-deposit box procedures.
- Providing clients with special copies, statements, and referrals.
- Counting and packaging all types of currency.
- Maintaining customers’ traffic surveys.
- Presenting the head teller with excess cash and mutilated currency.
- Assisting with the certification of proof.
- Auditing the currency of other tellers.
- Complying with the bank’s security procedures and operations.
- Participating in dual control functions.
- Keeping all bank information confidential.
- Protecting the bank’s operations.
- Maintaining a steady supply of currency in their drawer.
- Keeping the customers’ trust and confidence.
- Contributing to team efforts.
To become successful as a bank teller, one needs a particular set of skills and qualities.
Basic requirements include having a high school diploma and a mind for math.
However, possessing necessary qualities is key to being successful at this job.
The most common set of qualities and skills of a bank teller include:
- A friendly attitude.
- Strong attention to detail.
- Outstanding customer service skills.
- Advanced math skills.
- Excellent listening and verbal communication skills.
- Integrity, honesty, and moral fairness.
- Great people skills.
- Ability to understand customer needs.
- Ability to sell to their needs.
- Good financial skills.
- Computer proficiency.
- Knowledge of financial software.
- Good documentation and research skills.
- Thoroughness and precision.
- Time management skills.
- Problem-solving skills.
- Ability to work in stressful situations.
- Ability to work under pressure.
- Cooperation and ability to work in a team.
- Organizational skills.
Training and Qualifications
Across the US, it’s enough for the bank tellers to have only a high school diploma or equivalent.
Even though you don’t need a degree, taking some college courses can greatly help you with this job.
Commonly, bank tellers receive a one-month on-the-job training despite their workplace.
In the course of this training, bank tellers learn how to verify signatures, balance cash drawers, work with computer software.
After a month of training, they are ready to work without supervision.
Based on the PayScale report, work experience can influence the salary of a bank teller but not significantly.
Throughout the career, the salary can increase a bit.
Over twenty years, you can get a raise up to $5,000.
On the other hand, the experience is essential for bank tellers to get a job in a better position.
Since the educational requirements are low for bank tellers, there aren’t many positions opened for them.
However, with work experience, bank tellers have better chances of being hired in the first place.
Having experience as a retail cashier or a customer service rep can help with getting hired for the position of a bank teller.
According to the Bureau of Labor Statistics, the employment rate is supposed to decrease by 8% until 2024.
Many factors influence this with the most significant one being the continuous growth of the technology.
Due to the development of online banking and mobile apps, the profession is to eventually disappear.
Also, considering the low salary and steady mechanization, the reasons to get a job of a bank teller fade away.
Many experts predict that the job of a bank teller will become obsolete within the next 20 years.
A bank teller used to be one of the most sought-after positions in the financial sector.
Now, with technology and a low salary, the position becomes outdated.
Even though, there is still great interest in this position.