Bank Teller Duties

Arjun Kulkarni Nov 23, 2018
The job of a bank teller is a good career if you are looking for security and stability. As a bank teller, you are expected to shoulder several responsibilities simultaneously. Keep reading ahead to know more about the duties of a bank teller.
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.
Interpersonal and communication skills play very important role for this position. A teller must be courteous with the customers at all the times and should display a good attitude. He is technically the face of the bank and hence, must maintain a good image in front of the customers.

Roles and Responsibilities

Deposits

A bank teller is in charge of accepting deposits from customers. Suppose a customer wants to deposit money in his or her bank account, it is the teller's duty to accept the money and update the account information.
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.

Withdrawals

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.
The bank teller has to check the signature of the person who is withdrawing the money as well as other details which establish the identity of the person.

Communication

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 may also have to undertake written, verbal and electronic communication with the customers, from time to time. He has to compute as well as compose customer statements and correspondence, regarding new schemes and outstanding payments, etc.

Customer Service

A bank teller provides customer service and responds promptly to queries raised by customers. He welcomes the customers by greeting them in a courteous manner. He also helps people to open a new account with the bank.

Payroll Check Encashment

Many companies directly credit the salaries to the bank accounts of the employees or may give payroll checks to the employees. The teller has to credit the salaries as well as cash the payroll checks on time.

Foreign Exchange

A teller has to inform the customers about the currency rates and foreign exchange regulations.
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.

Tallies the Total

Bank tellers process deposits and withdrawals, and tally the accounts at the end of each work day.
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.

Maintains Record

A bank teller has to assort and file the various checks and slips. He maintains appropriate records of all the daily transactions. Also, he has to keep a track of the daily inventories of cash, drafts, and checks.

Sales Referrals

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.

Negotiable Instruments

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.

Dealing with Currency

He has to arrange the currency notes in the cash boxes and the coins in the coin dispensers based on their denomination, in order to cater to the customers' needs in an effective manner. He has to deal with currency with utmost care.

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.

Other Services

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.
He may also have to take care of the night-drop bags which contain daily deposits by the businessmen, an amount collected after working hours. He may has to exchange the currency for coins or other currency notes, in the denomination, requested by the customer.
Apart from this, a bank teller may also have to count the money in the ATM every morning and handle day-to-day branch operations in the absence of senior officials. A bank teller is one of the most important people at the bank as he is in contact with all the customers.
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.
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