People with the bank teller job are usually tasked with distributing and receiving money. They have to keep records of money and other negotiable instruments and goods involved in a bank’s or other financial institution’s different transactions. Most individuals in the occupation have to sit down and interact with clients all day long.
According to the Bureau of Labor Statistics, the median bank teller salary was reported to be no higher than $36,380 per year, or $17.90 per hour in 2022. With an employment rate estimated to drop 8% by 2024 and with a salary lower than the minimum wage, it looks like the position is soon going to be completely replaced by machines and online banking.
There are several industries which are currently offering salaries for the bank teller job description higher than the minimum wage. According to bls.gov, the places of employment offering these salaries are the state government, physicians’ offices, different monetary authorities, primarily the Central Bank, different insurance carriers, and surgical and medical hospitals.
Bank Teller Job Description Overview
Individuals aspiring to get the bank teller job description and duties are going to have to get used to being responsible for safely and accurately handling money. From verifying customer identities when cashing a check to explaining the services and products offered by the bank, the bank teller job description is quite encompassing.
Perhaps the most appealing thing about the bank teller job description is that you need very little education to get the position. This is also what accounts for the salary being below the minimum wage. However, while it may be surprising to some, the benefits and downsides of the occupation are very balanced.
Bank Teller Job Duties
Of course, not all bank tellers have the same list of duties. Depending on the setting of each place of employment, bank teller job descriptions can be quite varied. However, the main duties and job description of a bank teller remain pretty much the same from one place of employment to another. We aren’t going to look at the occupation outside of the United States, but only at the US bank teller job description.
The most common job duties associated with the bank teller, the ones found at most jobs throughout the United States, are the following:
- Counting the cash in the drawer both at the beginning and at the end of their shift.
- Accepting cash, checks, and other forms of payment from clients.
- Answering the customers’ questions both on the telephone and in person.
- Informing customers on their account status.
- Exchanging all acceptable types of foreign and domestic currency.
- Keeping track and documenting all the transactions taking place during their shift.
- Helping customers with special types of funds – savings bonds, traveler’s checks, money orders, and the likes.
- Handling the order of customers’ checks and bank cards.
- Receiving loan payments and deposits.
- Recording mail and night deposits.
- Referring customers to other bank services.
- Issuing the withdrawal of savings.
- Preparing reports on each day’s currency transactions.
- Cross-selling different bank products by answering questions and suggesting additional services.
- Directing customers to the proper branch representatives.
- Determining the customers’ needs.
- Informing customers on new product promotions and services.
- Completing different types of special requests.
- Opening and initiating new accounts.
- Closing accounts when needed.
- Providing clients with special copies, statements, and referrals.
- Completing various safe-deposit box procedures.
- Counting and packaging all types of currency.
- Presenting the head teller with excess cash and mutilated currency.
- Maintaining the customers’ traffic surveys.
- Auditing the currency of other tellers.
- Assisting with the certification of proof.
- Participating in dual control functions.
- Complying with the bank’s security procedures and operations.
- Maintaining a steady supply of currency in their drawer.
- Keeping all bank information confidential.
- Keeping the customers’ trust and confidence.
- Protecting the bank’s operations.
- Contributing to team efforts.
Skills of Bank Teller
As is the case with most teller and bank jobs, one cannot really do a good job without owning a particular set of skills and personal qualities. Of course, the job can be done by anyone with a high school diploma and a mind for math. However, if one does not possess the necessary attributes, they would most likely get a far inferior experience.
The most common skills and personal qualities necessary for someone with the bank teller job description are the following:
- A friendly, open attitude.
- Exquisite attention to details.
- Great customer service skills.
- Moderate math skills.
- Good active listening skills.
- Great verbal communication skills.
- A certain level of honesty, integrity and moral fairness.
- Advanced people skills.
- Being able to figure out what customers need.
- Being able to sell to those needs.
- Having at least moderate financial skills.
- A certain level of computer prowess.
- Being adept at using financial software.
- Moderate documentation and research skills.
- A certain level of thoroughness.
- Being adept at time management.
- Great problem solving abilities.
- A high tolerance for stressful situations.
- Being able to operate properly under stress.
- Being adept at performing teamwork.
- A certain level of organizational skills.
Education and Training
When it comes to America, or at least to the United States, most people with the job description for a bank teller only require a high school diploma. Some employers also go for an equivalent. Despite the fact that a degree is rarely required for such a position, some people aspiring for the bank teller job description also take some college courses.
As for the training given to future employees, most people with the bank teller job description receive one month of on-the-job training. Whether they work for the Bank of America, for Chase Bank, or even for a minor bank, all future bank tellers receive this training.
During this training period, tellers are taught how to verify signatures, how to balance cash drawers, as well as how to operate the necessary computer software. After the one-month period is over, the bank teller is ready to start working on their own.
Bank Teller Work Experience and Salary
According to indeed.com, experience isn’t that important a factor in determining the salary of a bank teller. The average salary increase throughout a bank teller’s career of more than twenty years is no higher than $5,000. Instead, experience influences the bank teller’s chances of getting hired in a better position. The average base salary of a bank teller is $16.87/hour and $39,380/year.
While there aren’t all that many positions opened to people with the bank teller job description because of the very low educational requirements, previous experience in other functions can increase one’s chances of getting hired as a bank teller. The occupations which can influence one’s chances of becoming a bank teller are as a retail cashier and as a customer service representative.
The Bureau of Labor Statistics estimates that the employment rate for the profession will go down 8% by 2024. This is owed to several factors, the main one being the constant advent of technology. Mobile applications and online banking are two of the biggest factors determining the slow but steady disappearance of the profession.
Add to that the very low salary and the steady mechanization of the profession, and there are fewer and fewer reasons for anyone to attempt getting the bank teller job description and position. Most experts estimate that the function will be obsolete within the next two decades.
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Once having been one of the most sought-after positions in the financial sector, the bank teller job description and salary are slowly becoming obsolete. Despite the fact that the position is estimated to disappear over the next couple of decades, many are still interested in the job. For those interested in getting some experience as a bank teller, a sample resume can be found by following this link.
Bank tellers handle routine financial transactions for customers, such as cash withdrawals, deposits, transfers, and check cashing. They also answer inquiries and provide customer service.
2. What qualifications are needed to become a bank teller?
Typically, a high school diploma is required. Some banks may prefer candidates with some college education or prior customer service experience.
3. What skills are important for a bank teller?
Key skills include strong customer service, attention to detail, basic math skills, and the ability to handle money accurately and responsibly.
4. How much do bank tellers earn?
Salaries vary by location and experience, but bank tellers generally earn an entry-level wage, often with opportunities for raises and bonuses.
5. What are typical working hours for a bank teller?
Bank tellers usually work during bank hours, which can include weekdays and sometimes weekends, depending on the bank’s operating hours.
6. Is there career advancement for bank tellers?
Yes, tellers can advance to higher positions like head teller, assistant branch manager, or branch manager, or move into other banking roles.
7. Do bank tellers receive training?
Most banks provide on-the-job training to teach tellers about bank procedures, use of software, and customer service protocols.
8. What challenges do bank tellers face?
They must handle large sums of money accurately, deal with difficult customers, and sometimes work under pressure during busy periods.
9. Are interpersonal skills important for a bank teller?
Absolutely. Excellent interpersonal and communication skills are vital for interacting effectively with customers and coworkers.
10. How important is attention to detail in this role?
Extremely important. Accuracy in transactions and adherence to banking regulations are critical aspects of the job.