Most bank customers have contact with tellers. 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'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.
Tellers' duties begin before and continue after banking hours. 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. 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 automatic teller machines (ATM's). Head tellers supervise the work of other tellers and ensure that ATM's 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 types of accounts and financial services offered by their bank, and refer customers to more experienced customer service representatives or bank managers. (New accounts clerks, who also may act as customer service representatives, are discussed in the Handbook statement on interviewing and new accounts clerks. Bank managers are covered in the Handbook statement on financial managers.)
Tellers explain banking products and services to customers.
Tellers generally work during the day, Monday through Friday; some evening and weekend work is 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. Some tellers work outside the traditional bank setting in shopping malls, supermarkets, or other large retail establishments. Continual communication with customers, repetitive tasks, prolonged standing within a fairly small area, and a high level of attention to security also characterize the job.
Bank tellers held about 525,000 jobs in 1992; over one-fourth worked part time. The overwhelming majority, about 96 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.
In hiring tellers, banks seek people who have good numerical, clerical, and communication skills, and enjoy public contact. Tellers must feel comfortable handling large amounts of cash and, since their work is highly automated, working with computers and video terminals. In some metropolitan areas, banks seek bilingual tellers or those with a working knowledge of several languages.
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.
Most 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, especially 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 that tellers are able to make appropriate product referrals to customers communication and sales skills, and instruction on equipment such as ATM's 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 preemployment training programs. These programs can help prepare applicants for a job in banking, and can give them an advantage over other jobseekers.
Employment of bank tellers is expected to decline through the year 2005. However, job prospects still should be good. Because the occupation is large and the turnover rate is high characteristic of occupations that generally require little formal education and offer relatively low pay job opportunities, arising from the need to replace tellers who transfer to other occupations or stop working, should be plentiful for qualified applicants.
The projected decline in employment of bank tellers stems from overexpansion and competition from large nonbank corporations that offer bank-like services, including investments and lending, that have resulted in closings, mergers, and consolidations in the banking industry in recent years. This trend is expected to continue, resulting in slow employment growth in commercial banks and savings and loan associations, where employment of tellers is highly concentrated. Further, teller employment will be adversely affected by various technologies, if they are widely adopted by banks in the future. For example, the use of video tellers, which allow customers at several locations to conduct transactions with tellers at a central location, and interactive telephone systems, which allow customers to bank by telephone, could adversely affect employment of tellers by the year 2005. The use of debit cards instead of cash or checks, scanning devices that verify signatures, and automated currency verification systems also could contribute to the decline in teller employment. Earnings In 1992, median annual earnings of full-time tellers were $14,800. The lowest 10 percent earned about $10,500 while the top 10 percent earned around $24,300. 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.
Tellers combine a 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.
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Reprinted with Permission of U. S. Department of Labor