Duties: Handles all forms of customer transactions; processes deposits and cashes checks; receives customer inquiries and refers service requests to appropriate bank departments
Alternate Title(s): Branch Sales Associate, Financial Associate
Salary Range: $17,000 to $60,000 source: indeed/simplyhired/glassdoor)(In USD as of Apr 8, 2015)
Employment Prospects: Good
Advancement Prospects: Fair
Prerequisites: Education or Training - High school degree or equivalent; on-the-job training provided by financial institutions
Experience - Increasing levels of responsibility; prior experience in bookkeeping or accounting; or handling cash and working with the public a plus
Special Skills and Personality Traits - Attention to detail; pleasant, courteous personality; good telephone skills; aptitude with mathematics; working knowledge of cash handling and transaction processing in a retail environment
Teller >> Teller Supervisor >> Assistant Branch Manager or Branch Manager
Bank Tellers cash checks, make deposits and withdrawals, and handle a variety of other transactions for bank customers. Tellers are employed by commercial banks, finance companies, savings and loan associations, and credit unions. They generally work a 35-hour to 40-hour week; working evenings and Saturdays is often required. Tellers are supervised by head tellers or teller supervisors, who monitor their work and help tellers fix accounting discrepancies in their daily cash drawer. Tellers are becoming increasingly involved in marketing of financial products. Tellers identify cross-selling opportunities, or sales of additional products to bank customers. Tellers refer new business customers and loan customers to customer service representatives.
In large financial institutions, Bank Tellers identified by the type of financial transaction they handle. Note tellers receive and issue promissory notes and record these transactions in a ledger. Foreign banknote tellers work in the exchange department, where they count out foreign currencies exchanged for dollars. They may also sell foreign currency and traveler’s checks. Collection and exchange tellers accept payments made in forms other than cash, such as contracts, mortgages, or government securities.
Their duties include:
• handling customer transactions such as checking or savings deposits, check cashing, and savings withdrawals
• selling money orders and official bank checks
• selling and redeeming U.S. savings bonds
• preparing coin and currency for retail customers
• accepting credit card, mortgage, and loan payments
• accepting utility payments
• accepting bankcard deposits from retail merchants
• balancing automated teller machines and replenishing ATM cash
• processing ATM deposits
• promoting banking services and answering customer inquiries
• referring loan requests to the appropriate banking department
• balancing cash drawer daily
Other duties may be assigned
- Process deposits, withdrawals, check cashing and other Bank transactions including night depository and ATM
- Process electronic data changes and updates in computer system including contact information, CD renewals and other electronic customer data
- Manage assigned portfolio of accounts consistently identifying opportunities to cross-sell bank products and services and generate referral to appropriate account manager
- Responsible for reviewing and verifying daily reports assigned by Branch Management
- Processes all paperwork associated with transactions including proper filing or discarding of sensitive information
- Required to answer the branch telephone calls and assist with customer requests or issues
- Involves supervisor if transactions are over authority limits or exceptionally complex
- Responsible for loss prevention in the processing of all transactions and duties
- Consistently balance cash drawer accurately within established time frame
- Maintain neat, clean, and organized work station which is well stocked with supplies, brochures, and marketing materials
- The position may require involvement with various outside programs to complete credit hours for the Community Re-investment Act (CRA)
- Perform any and all other duties deemed necessary and reasonable to support the Branch and achieve sales and service goals
- Responsible for adhering to and complying with all Bank policies and Federal and State banking laws and regulations.
- Operating a teller station in compliance with all bank and audit procedures
- Providing superior client service by smiling, greeting & using the client’s name during transactions
- Answering the phone in a professional and timely manner
- Demonstrating a good working knowledge of bank products and services
- Promoting the bank's image, products, and services
- Achieving individual sales, service and operational goals/assignments
- Recording pertinent client information in the BMT-CRM database
- Supporting the Retail Banking Team on staffing and project needs
The Bank Teller’s job is an entry level position. Starting tellers are either recruited from outside the financial institution, usually through newspaper advertisements, or are promoted from clerical positions. This is a good job for individuals who are detail oriented and like working with people.
Teller salaries vary according to the financial institution’s size and location, formal education, training, and experience. Annual salaries for Bank Tellers ranged from $17,475 to $20,878 according to America’s Community Bankers, a banking trade association. The median bank teller salary in 2004 was $19,138; the highest annual salary was $59,488. Fringe benefits of Bank Tellers are usually very good. In addition to salary, full-time tellers receive health insurance coverage, employer-paid education and training, and can participate in their employer’s 401 (k) savings plan. About one-fourth of tellers employed are part-time tellers, who provide additional staffing during peak banking hours. Parttime tellers are paid an hourly rate but do not receive benefits such as employer-paid health insurance.
Tellers are hired as new employees or are promoted from clerical or bookkeeping positions. Over the next several years there will be a decline in the total number of teller jobs as consumers do more of their banking at automated teller machines, instead of the teller window. However, teller turnover is high in most regions of the country Financial institutions are continually hiring new Bank Tellers to replace tellers lost through job turnover or promotion to other positions in banking, especially in urban areas.
Individuals with previous experience handling cash in banking or who have worked in customer service positions in other industries are the most desirable candidates. Many financial institutions maintain evening and weekend hours in retail branches, which means there are plenty of opportunities for part-time tellers, especially for evenings, Saturdays, and Sundays, in supermarket and shopping mall branch offices.
Advancement can be to a position of increased responsibility such as head teller in a branch office or collection teller in the corporate services department. Banks tend to promote internally when filling vacancies for teller supervisor and customer service representative positions. Tellers may also find opportunities for advancement in clerical positions in the lending or deposit services departments, credit card department, auditing, and bank trust departments.
Education and Training
Initial teller training is usually provided by the bank in a format which combines classroom instruction and branch observation and instruction. Most tellers receive at least one week of on-the-job training shortly after being hired. Many banks provide or make available continuing training to enhance skills and knowledge in sales skills, product knowledge, and supervisory skills. Banks also pay tuition costs for classes taken after banking hours at the American Institute of Banking, the educational affiliate of the American Bankers Association, or banking courses sponsored by Bankers Training & Consulting Company, a division of Bank Administration Institute (http://www.bankerstraining.com).
Experience, Skills, and Personality Traits
The teller position requires good communication skills, both written and verbal. Also important are good people management skills, good telephone skills, an aptitude for mathematics and problem solving, great attention to detail, and ability to handle large amounts of cash in a safe and accurate manner. Also important in today’s banking world is familiarity with computer systems and an ability to use computer terminals to process transactions and get access to account information. A knowledge of basic accounting is important in balancing the teller’s cash drawer daily. Bank Tellers should have a working knowledge of the transaction processing systems used in a retail branch banking office. This knowledge is typically acquired through on-the-job training and is not a condition of employment.
Unions and Associations
Bank Tellers can join organizations such as American Institute of Banking, the educational affiliate of the American Bankers Association. The AIB offers correspondence courses in banking and classroom training at local colleges and universities.
Tips for Entry
1. Prior experience handling cash or serving customers in retail or service industry, or experience in an insurance agency is helpful.
2. There are often more opportunities for part-time and supermarket tellers than full-time Bank Tellers.
3. Financial institutions in urban markets are always looking for bilingual tellers.
4. Check job listings in local newspapers, or the Web sites of local banks, for Bank Teller opportunities.