According to the Bureau of Labor Statistics, the median pay for a bank teller job was $13.52 per hour for the year 2017.
A bank teller is one of the most important profiles in a banking institution. He is a front line executive, and is often the first person who is approached by the customers. Hence, a lot of multitasking is expected from him. He need not hold anything more than a high school diploma and basic computer skills, as he is usually trained on the job.
Roles and Responsibilities
Also, he has to issue a deposit receipt to the customer, that states that the sum deposited by the customer has been added to his accounts.
When a customer comes to the bank to withdraw money from his account, it is the teller's responsibility to dispense the exact amount which the customer has asked for and then update the account information.
There are quite a few tasks involved in this process. Unlike deposits which can be done on behalf of another person, there are certain checks which need to be done to ascertain the identity of the person who is withdrawing the money. This ensures that there are no frauds.
It is the duty of the teller to give information about the new schemes of the bank to the customers. He has to help the customers in making an informed decision.
He has to calculate the foreign exchange according to the current exchange rate and allot it to the customers as per their request. Charging the customers with the transaction service fees is also one of the duties of the bank teller.
He has to do the calculations accurately and perfectly. If there is a discrepancy in the amounts of debit and credit, he has to search for errors in calculation and correct them immediately.
Many banks set targets for their employees to urge people for opening new accounts. The teller must make referrals to the customers to avail the services and schemes of the banks. He must proactively encourage the customers to open more accounts and non-customers to open new accounts with the bank.
A teller has to issue negotiable instruments, like cashier's checks, traveler's check, money transfers, money orders, and federal drafts for settlement of bonds, etc.
Spotting a Scam
Bank tellers are given special on-the-job training to spot fake currency, counterfeit coins, forgery, stolen money orders, bogus checks, etc. If the teller suspects foul play, he can stop the transaction immediately and call for the manager's intervention. The teller has to be very alert and cautious while dealing with large sum of money.
Suppose a college holds an account with the bank, instead of taking the fee payment from the students, the college may ask the bank to accept the money from the students on its behalf. A teller will have to look into such mass deposits.
According to the reports of the Bureau of Labor Statistics, bank tellers held about 502,700 jobs in 2016. The BLS also reported that job opportunities for this profile would decline by 8% between 2014 and 2024.
The chances of an upgrade in the job are also quite less. However, it is a lucrative and secured position for any person who has an eye for detail, affinity towards accounting, and the right aptitude and attitude for customer service.