With a “customer first” approach, Bank Tellers are the face of a bank. They are responsible for engaging with customers, informing them of account-based activities, assisting them with transactions, such as withdrawals, deposits and loans, and providing several other services. Integrity, attention to det... Continue Reading
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What are the typical responsibilities of a Bank Teller?
A Bank Teller would typically need to:
Bank Tellers generally work in pleasant, clean and well-lit bank offices that usually turn busy during the day. Office space is typically shared with coworkers, and you may be assigned a desk or stand for extended periods at a counter. Some Bank Tellers work in bank branches located in grocery or retail stores. Depending on the job role and organisational requirements, you may be located in big cities or small towns.
A good amount of your day-to-day work includes communicating courteously with customers and colleagues face-to-face and via electronic means. Travel is rare unless an occasional organisational need arises.
Bank Tellers usually work regular 35-40 hour work weeks in full-time jobs, following bank schedules. There is the possibility of occasional overtime, especially during busy periods, such as at the end of each month year. As banks expand their service hours and some even work 24/7, work shifts may require you to work in the evenings or Saturdays.
Research suggests that flexible hours and generous telework policies appeal more than salary to the younger generation. There has been an incremental increase in employers willing to give promising employees a chance to adjust their schedules per the work pressure.
Finding a new job might seem challenging. Bank Tellers can boost their job search by asking their network for referrals, contacting banks directly, using job search platforms, attending job fairs, leveraging social media and inquiring at staffing agencies. You may find work in large urban banks or smaller branches in towns or rural or suburban areas.
Bank Tellers are generally employed by:
Professional associations and organisations, such as the International Customer Service Organisation (ICSA), are crucial for Bank Tellers interested in pursuing professional development or connecting with like-minded customer service professionals in their industry or occupation.
Professional associations provide members with continuing education, networking opportunities and mentorship services. Membership in one or more adds value to your resume while bolstering your credentials and qualifications.
Academic programs that potential Bank Tellers take up may require a period of supervised experience, such as an internship. Bank Tellers will benefit from tasks outside the classroom that align perfectly with lessons inside it. One may hear countless stories and obtain valuable hands-on experience from more experienced professionals who can turn seemingly routine incidents into unique learning moments.
Summer internships, part-time work at an entry-level position or short-term paid/voluntary work offer a taste of the career, give valuable insight into how a company, institution or bank operates, help build useful contacts and improve one’s prospects of getting a permanent job.
The experience may also help determine whether the public, private or voluntary sector is best suited to realise one’s ambitions. Your educational provider’s career service department can provide information about viable opportunities for work placements, internships and voluntary work in diverse sectors.
Even while in high school, you can check with a teacher or counsellor about relevant work-based learning opportunities available in your school or community that can help you connect your school experiences with real-life work.
Join some groups, try some hobbies or volunteer with an organisation that is of interest, so you can have fun while learning about yourself and be directed toward a future career.
Most Bank Tellers do not require formal work experience for entry-level positions. They typically receive on-the-job training, orienting them to the specific requirements and protocols of the bank. However, some aspirants may begin their careers in clerical roles in other industries and move into the banking sector, or they may possess experience in retail, commercial or investment banking. It is valuable to hold experience in any role that requires handling money regularly or is a customer-facing role, preferably in a retail environment. As a result, some of the commonly held titles by experienced professionals before becoming Bank Tellers include cashier, sales associate, retail executive and customer service representative.
Read about the profession and interview or job shadow experts working as Bank Tellers to prove your commitment to course providers and prospective employers.
Aspiring Bank Tellers must typically hold a high school diploma or equivalent for banks to hire them. While a college education is not mandatory, some employers prefer candidates to have a certificate in banking or financial services, a higher national diploma (HND), or an associate or bachelor’s degree in finance, banking, accounting, economics, mathematics or relevant subjects. Higher academic qualifications in finance-related subjects or mathematics give you a competitive edge in the job market and improve your chances of career progression to managerial roles.
Taking courses in economics, accounting, mathematics, business, finance and computer science in high school can be beneficial to build your numeracy skills and introduce you to financial concepts. English and speech classes will help you develop your writing and oral communication skills, which are necessary considering the customer-facing nature of this role.
Remember that completing a particular academic course does not guarantee entry into the profession. Be that as it may, your professional qualifications and transferable skills may open up more than one door.
Do your homework and look into all available options for education and employment before enrolling in a specific programme. Reliable sources that help you make an educated decision include associations and employers in your field.
Certification demonstrates a Bank Teller’s competency in a skill set, typically through work experience, training and passing an examination. When acquired from an objective and reputed organisation, it can help you stand out in a competitive job market, carry a significant salary premium of up to 18 per cent, increase your chances of advancement, and become an independent consultant. Successful certification programs protect public welfare by incorporating a Code of Ethics.
The Certified Management Accountant (CMA) certification is an advanced professional certification that can test and validate your accounting and financial management skills. Issued by the Institute of Management Accountants (IMA), it requires two years of work experience. After enrolling, you must register for both parts of the CMA examination and appear for them in any order. Then you would need to verify if you meet the educational and work experience requirements to earn the certification. You may complete the exams before meeting these requirements, but earning the certification is possible only after verification.
Bank Tellers may also need to undergo an employment background check, including but not limited to a person’s work history, education, credit history, motor vehicle reports (MVRs), criminal record, medical history, use of social media and drug screening.
Performance, experience, and the acquisition of professional qualifications drive career progression. Employees with consistently high levels of performance may be eligible for promotion every two to three years.
When you start your career as a Bank Teller, you may conduct just one simple transaction assigned to you, which could be checking deposits. As you gain experience, you will be able to branch out, take on more responsibilities and handle more complex transactions, such as processing real estate loan payments. In larger banks, tellers may be individually tasked with specialised functions, such as cashing payroll cheques or taking savings account deposits. Senior Tellers may be assigned complex work, such as that of a Vault Teller, to track and record the cash and cheques going into and out of the bank’s vault daily.
With experience and demonstrated proficiency, you can rise to become a Head Teller, supervising other tellers, training new entrants and conducting general managerial tasks. Having completed a college-level course in banking, some Bank Tellers may become Assistant Managers in a branch office of their bank. While not a mandatory requirement, a master’s degree in finance or business administration may help you advance to the position of Bank Manager.
With a degree in finance, business, economics or a relevant subject, you could move into other positions within your bank, such as Personal Banker, Financial Advisor or Loan Officer.
The desire to accelerate career growth and personal development has an increasing number of millennials choosing to job hop and build a scattershot resume that showcases ambition, motivation and the desire to learn a broad range of skills.
Studies prove that job hopping, earlier dismissed as “flaky” behaviour, can lead to greater job fulfilment. Employees searching for a positive culture and exciting work are willing to try out various roles and workplaces and learn valuable and transferable skills along the way.
Bank Tellers with the necessary skills, experience and education have the best job prospects. A combination of finance and banking knowledge coupled with hands-on customer service experience can make you an ideal candidate for most Bank Teller positions.
Continuing professional development (CPD) will help an active Bank Teller build personal skills and proficiency through work-based learning, a professional activity,
formal education, or self-directed learning. It allows you to continually upskill regardless of age, job, or level of knowledge.
Newly hired Bank Tellers, particularly those without experience, receive classroom sessions and specialised on-the-job training to familiarise themselves with their bank’s policies, procedures, protocols, products and services. Under the supervision of experienced Bank Tellers and by observing them, they learn the bank’s methods to conduct and record transactions. They also learn customer interaction, cashiering and processing cheques, and operating the various software and machines used by the bank.
Given the customer-focused nature of your job, it is useful to undertake CPD courses in active listening, effective communication and efficient customer service.
You can pursue continued education (CE) through online courses, often self-paced, or through seminars and workshops facilitated by experts and coaches.
Along with honing the necessary soft skills, it is critical to stay up to date with the latest computer skills required in the banking industry and accounting software, such as Microsoft, SAP, Oracle and Intuit.
Some Important Attributes
First and foremost, Bank Tellers must build and maintain relationships of trust and confidence with bank customers, using effective and concise communication, courteous interpersonal skills and a robust understanding of the bank’s products, services, rules and protocols.
Secondly, given that counting out cash and balancing transaction data are core to the job, strong numeracy skills, accuracy and a deep sense of responsibility are critical to work efficiently and reliably.
Thirdly, attention to detail is essential, whether they perform simple, repetitive and routine tasks or take on more significant and complex ones. Bank Tellers must deliver top-notch services in a fast-paced environment, juggling multiple tasks correctly and quickly.
The Customer is King
Customer service is increasingly becoming a priority for banks as they realise it is a driving factor for customer satisfaction and loyalty, which lead to higher company turnover and profit. Since customer service forms the core of their job, Bank Tellers can leverage this trend by becoming experts in their bank’s products and services to guide customers knowledgeably. They must also provide top-notch services across the board, in branches, call centres, or online chat platforms. Making themselves indispensable to their employer because of their excellent customer service skills would lead to better opportunities for job growth and eventual progression into managerial positions.
An Upswing in Digital Banking
Banking is becoming increasingly digital with its focus on technology to reduce people's time and effort on bank-related work. Due to this, most transactions are being done online or via mobile apps, likely reducing the need for Bank Tellers over time. Yet, some responsibilities within banking require physical presence, such as opening new accounts or consulting with financial advisors. Given the growing use of electronic banking services, if Bank Tellers must cash in on these opportunities, they must become more comfortable using computers and industry-relevant software to help customers quickly and efficiently.
How a Bank Teller’s Typical Day Begins and Continues
Bank Tellers start their work day with a specified amount of cash available in their cash drawer. Throughout the day, they remain accountable for the money as well as every cheque, deposit, loan payment, and other monies they receive. They must track and record each transaction.
How a Bank Teller’s Typical Day Ends
Bank Tellers must settle all accounts at the end of the workday, after banking hours, by filling out a settlement sheet. For this, they must total the deposit slip amounts to arrive at the money received on that particular day. Adding up the amounts on the cheques yields the total paid out.
The settlement sheet is the Bank Teller’s tool to cross-check their day’s work and the accuracy of the transactions they helped their customers process. Once they complete all entries in the settlement sheet, Bank Tellers arrive at the value of the cash in the cash drawer at the end of the day. Counting it helps tally it with the settlement sheet amount. The Bank Teller’s job is done for the day if the two match. If there is a discrepancy, the Teller must locate its source and settle the accounts leaving work.
Bank Teller vs Relationship Banker
Bank Tellers and relationship bankers may sound similar, but they are two distinct roles in a bank. Bank Tellers receive and issue payments daily, working primarily on daily transactions and moving funds.
Relationship bankers are single points of contact and a source of expertise for customers to use other banking products and services, such as loans, insurance plans, credit cards, safe deposit boxes and opening new accounts. As consultants in wealth-building, they foster a relationship of trust and loyalty with their customers, lending a personal touch to the banking services, ensuring follow-through and easing up the negotiations for fees and terms.
Current Scenario
The employment outlook of a particular profession may be impacted by diverse factors, such as the time of year (for seasonal jobs), location, employment turnover (when people leave current jobs), occupational growth (when new roles are created), size of the occupation, and industry-specific trends and events that affect overall employment.
Despite a projected decline in employment over the next decade, partly due to increased online banking, there will continue to be Bank Teller job openings, resulting from the need to replace workers who transfer to other positions or retire.
Tellers are socially enthusiastic and financially adept individuals with a natural flair for people building and number crunching. If you fit the bill, you can find yourself in a long and satisfying career in the banking industry, assisting the public on a day-to-day basis with their financial needs.
Be thorough with the information you need to serve customers and be aware of where to access what you don’t know or remember. Have the necessary forms and supplies at hand. Ask your customer pertinent questions and pay attention to their responses.
Double-check all your actions and entries to prevent errors. Get familiar with new tools or software before using them. Delegate work but also ask for help when needed. Suggest using time-saving tools, such as a currency recycler.
It is predicted that by 2024, the number of online banking users will exceed 3.6 billion as a large portion of the world’s population is choosing to use online banking over physical banking.
What do Bank Tellers do?
A Bank Teller would typically need to:
Accredited
$40,379
