BANK TELLER
Bank tellers combine customer service and a knowledge of bank procedures with quickness and accuracy to process money, checks and other financial items for customers. 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's check, which the teller prepares and verifies. When accepting a deposit, the teller checks the accuracy of the deposit slip and processes the transaction. Tellers may use machines to calculate and record transactions and to prepare documents, such as receipts and drafts. In some banks, they type or write deposit receipts and passbook entries by hand, but this is uncommon. In most banks, tellers use computer terminals to record deposits and withdrawals. Some banks use very sophisticated computer systems that give tellers quick access to detailed information on customer accounts. Tellers may use this information to tailor their services to fit the customer's needs or recommend an appropriate bank product or service.
Often, the duties of tellers begin before the bank opens and end 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 on 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. Some tellers spend time refreshing and upgrading their skills. Tellers may process numerous mail transactions. Some tellers replenish cash drawers and corroborate deposits and payments to automatic teller machines (ATMs).
Automatic Teller Machine (ATM) servicers and clerks install ATMs, replenish the machines with cash, receipt paper and other materials, and restore malfunctioning ATMs to working order. They may also participate in the marketing of the machines encouraging more people to utilize their services. ATM servicers and clerks may work for depository institutions like banks and credit unions or firms in the business service sector providing ATM machines to outlets like grocery stores and department stores.
Head tellers are responsible for the teller line. Their duties include preparing work schedules, accessing the vault, ensuring the correct cash balance in the vault, and taking responsibility for shipments of cash to and from the Federal Reserve.
Because their banks offer more and increasingly complex financial services, tellers in most large banks are trained to act as customer service representatives, in addition to their other duties. These tellers can briefly explain to customers the various types of accounts and financial services offered by their bank and refer interested customers to customer service representatives or bank managers.
SPECIAL 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 setting. Instead, they work in shopping malls, grocery stores, or other large retail establishments. Continual communication with customers, repetitive tasks, long periods of standing, working in a fairly small area and a high level of attention to security also characterize the job.
Small banks are able to provide more personal service to their customers than larger institutions. Small banks generally are not as busy, and tellers typically recognize their customers and often know their names. Full-time employment of tellers is also much more common in small banks, increasing familiarity between customers and tellers. As in most occupations, full-time tellers command the full range of employee benefits and generally exhibit lower turnover than part-time workers.
When hiring tellers, banks seek applicants who enjoy public contact and have good numerical, clerical, and communication skills. Tellers must feel comfortable handling large amounts of cash and working with computers and video terminals, since their work is dependent on this technology. 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. Previous cash handling experience is also important to employers.
New tellers at larger banks receive at least 1 week of formal classroom 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 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 for a few days as limited-transaction tellers, cashing checks and processing simple transactions, before becoming full-service tellers. Often, banks simultaneously train tellers for other clerical duties as well.
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 jobseekers.
In 1996, median annual earnings of full-time tellers were $16,300. The lowest 10 percent earned less than $11,900 while the top 10 percent earned more than $24,800. 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, greater responsibilities result in a higher salary. Experience, length of service and the location and size of the bank also are important. Part-time tellers generally do not receive typical benefits, such as life and health insurance.
Bank tellers held about 545,000 jobs in 1996; about 1 out of 4 worked part time. The overwhelming majority, 95 percent, worked 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.
Little or no change in employment of bank tellers is expected through the year 2006. Nevertheless, many job openings will arise from replacement needs because turnover is high—characteristic of occupations that generally require little formal education and offer relatively low pay—and the occupation is large. Applicants for part-time jobs should fare better than applicants for full-time jobs.
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. To cut costs, banks are likely to increasingly shift from employing full-time tellers to part-time tellers. Banks also have branches inside supermarkets and department stores; instead of tellers, many have ATMs and more highly trained customer service representatives, who can perform the standard duties of tellers, as well as open new accounts and arrange for customers to receive other services or products the bank provides.
Banks also are increasingly using technology to cut costs. For example, some banks have introduced branches that consist entirely of ATMs and kiosks. Kiosks use ATM technology and video screens and cameras to allow customers at several remote locations to conduct transactions with tellers at a central location. ATM clerk/servicer is considered an evolving occupation in the Texas economy; employment and earnings potential should be favorable. Some banks also allow banking by computer and by telephone.