The Job Profile
Bank tellers interact with the majority of bank customers. Tellers generally handle a wide range of banking transactions, such as cashing checks, accepting deposits and loan payments, and processing withdrawals. They sell savings bonds; accept payment for customers' utility bills; receive deposits for special accounts; keep records and perform the necessary paperwork for customer loans; process the proliferating variety of certificates of deposit and money market accounts; and sell travelers' checks. Some tellers specialize in handling foreign currencies or commercial or business accounts.
Before cashing a check, the teller must verify the date, bank name, and identity of the person to receive payment, and see that the document is legal tender, that written and numerical amounts agree, and that the account has sufficient funds to cover the check. The teller must carefully count out the cash to avoid errors.
Sometimes a customer withdraws money in the form of a cashier check, which the teller prepares and verifies. When accepting deposit, the teller checks the accuracy of the deposit slip and then processes the transaction.
The duties of tellers begin before the bank opens and ends after the bank closes. They begin the day by receiving and counting an amount of working cash for their drawer; this amount is verified by a supervisor, usually the head teller. Tellers use this cash for payments during the day and are responsible for its safe and accurate handling. After banking hours, tellers count cash in hand, list the currency-received tickets on a balance sheet, and balance the day's accounts. They sort checks and deposit slips.
Tellers also spend time learning about the bank's products and services and changes in the bank's procedures. They also spend time training to refresh and upgrade their skills. Tellers process numerous mail transactions. Some tellers replenish cash drawers and corroborate deposits and payments to automated teller machines (ATMs). Head tellers supervise the work of other tellers and ensure that ATMs function properly.
Because banks offer more and increasingly complex financial services, most bank tellers are now being trained to act as customer service representatives in addition to their other duties These tellers can briefly explain to customers the various type of accounts and financial services offered by their bank, and refer customers to more experienced customer service representatives or bank managers.
Working Conditions
Tellers generally work during the day, Monday through Friday; some evening and weekend work may be required. The job offers ample opportunity to work part-time with flexible hours in some banks, 90 percent of tellers work part-time. Banks often hire part-time, or "peak-time," tellers for busy banking periods such as lunch hours and weekend mornings. Increasing numbers of tellers work outside the traditional bank settings, in shopping malls, grocery stores, or other large retail establishments. Continual communication with customers, repetitive tasks, long periods within a fairly small area, and a high level of attention to security also characterize the job.
Employment
The overwhelming majority, of bank tellers, about 97 percent, work in commercial banks, savings institutions, or credit unions. The rest worked in personal, business, or federal credit institutions; mortgage banks; security and commodity brokerages; and holding and other investment offices. Many work part-time.
Training, Other Qualifications, and Advancement
When hiring tellers, banks seek applicants who enjoy pubic contact and have good numerical, clerical, and communication skills. Tellers must be comfortable handling large amounts of cash and working with computers and video terminals, since their work is highly automated. In some metropolitan areas, employers seek multilingual tellers.
Although tellers work independently, their recordkeeping is closely supervised. Accuracy and attention to detail are vital. Tellers should be courteous, attentive, and patient in dealing with the public, because customers often judge a bank by the way they are treated at the teller window. Maturity, tact, and the ability to quickly explain bank procedures and services are important in helping customers complete transactions or make financial decisions.
Many entrants transfer from other occupations; virtually all have at least a high school education. In general, banks prefer applicants who have had high school courses in mathematics, accounting, bookkeeping, economics, and public speaking. New tellers at larger banks receive at least one week of formal class-room training. Formal training is followed by several weeks of on-the-job training where tellers observe experienced workers before doing the work themselves.
Smaller banks rely primarily upon on-the-job training. In addition to instruction in basic duties, many banks now include extensive training in the bank's products and services—so that tellers can refer customers to appropriate products—communication and sales skills, and instruction on equipment such as ATMs and on-line video terminals.
In large banks, beginners usually start as limited-transaction tellers, cashing checks and processing simple transactions for a few days, before becoming full-service tellers. Often banks simultaneously train tellers for other clerical duties.
Advancement opportunities are good for well-trained, motivated employees. Experienced tellers may advance to head teller, customer service representative, or new accounts clerk. Outstanding tellers who have had some college or specialized training offered by the banking industry may be promoted to a managerial position. Banks encourage this upward mobility by providing access to education and other sources of additional training.
Tellers can prepare for better jobs by taking courses offered or accredited by the American Institute of Banking, an educational affiliate of the American Bankers Association, or the Institute of Financial Education. These organizations have several hundred chapters in cities across the country and numerous study groups in small communities, and they offer correspondence courses.
They also work closely with local colleges and universities in preparing courses of study. Most banks use the facilities of these organizations, which assist local banks in conducting cooperative training programs or developing independent training programs. In addition, many banks refund college tuition fees to their employees upon successful completion of their courses. Although most courses are meant for employed tellers, some community colleges offer pre-employment training programs. These programs can help prepare applicants for a job in banking, and can give them an advantage over other job seekers.
Job Outlook
The Bureau of Labor Statistics estimates that the demand for bank tellers will decrease by 8 percent between 2014 and 2024. While employment of bank tellers is expected to decline through the year and growth will not contribute to opportunities, many job openings should arise from the need to replace tellers who transfer to other occupations or stop working. Replacement needs will create many opportunities because the job turnover rate is high—characteristic of occupations that generally require little formal education and offer relatively low pay—and the occupation is large. Banks should continue to have difficulty finding prospective tellers with the desired skills, particularly as the duties of these workers become more complex.
The number of bank tellers is projected to decrease for a variety of reasons. One reflects changes in the banking industry. Banks are expected to decline in number and increase in size as interstate banking grows. As banks become larger, the operations, duties and responsibilities, and staffing of branch offices will change, and some branches will close. These changes are reducing the demand for tellers.
New banking technology is also decreasing the demand for tellers. The adoption of new technology in banking the availability of modern technology has made most financial transactional work online.
Banks are also opening branches inside supermarkets and department stores; instead of tellers, they have ATMs and more highly trained customer service representatives, who can perform the standard duties of tellers, but who can also open new accounts and arrange for customers to receive other services or products sold by the bank.
Income
Bank Tellers, depending on their experience and qualifications, earn a median annual salary of $26,410.
Some banks offer incentives whereby tellers earn supplemental rewards for inducing customers to use other financial products and services offered by the bank. In general, a greater range of responsibilities results in a higher salary. Experience, length of service, and, especially, the location and size of the bank also are important.
Some part-time tellers may not be eligible for certain benefits such as life and health insurance, although they may have higher hourly earnings in lieu of benefits.
Related Occupations
Tellers combine customer service and knowledge of bank procedures with quickness and accuracy to process money, checks, and other financial items for customers. Other workers with similar duties include new accounts clerks, cashiers, toll collectors, post office clerks, auction clerks, and ticket sellers.
