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How Much do Bank Tellers Make?

How Much do Bank Tellers Make?

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Bank tellers are the first people that customers meet when they come to a bank. A bank teller is a staff or a bank employee that offers services directly to bank customers. They are those cheerful people who you meet at the bank, that answer all your bank-related questions. Bank tellers handle most bank clerical and administrative duties. 

Bank tellers work in different economic and financial establishments. They are also seen in bank branches or commercial establishments. The educational requirements that an individual needs to be able to land a bank teller job are either a high school diploma or a General Education Development (GED) test certificate. The General Education Development (GED) test certificate is taken by citizens of the United States and Canada. 

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A degree is not usually needed to be employed as a bank teller, although it might serve as an advantage to the holder. Moreover, if a bank teller is to hold a college degree, it would be in either business, finance, accounting, or other related areas of study. Also, a bank teller with a college degree tends to be promoted faster to higher banking jobs.

In addition to having a degree, a diploma, or a General Education Development (GED) test certificate, some skills and behaviors must be exhibited by an individual before he/she can be hired as a bank teller. These skills include having excellent customer service skills, being good in basic mathematics, being detailed and accurate when handling money, and many other skills.

Duties of bank tellers are often referred to as “counter duties” because bank tellers are usually seated and working behind a counter. These duties include answering bank-related questions asked by customers, depositing and money withdrawal, and other banking transactions, including currency exchange. 

If bank tellers don’t need much education and extraordinary skills, how then do they know how to perform their duties well? How much does a bank teller make a year? These questions and other questions about bank tellers will be answered in this article. Read on!

What is a Bank Teller’s Job Duties?

Job Duties

Newly employed bank tellers are trained by more experienced bank staff. These staff may include older bank tellers, the head teller, or the bank manager. Some bank teller jobs include:

  • 1. Perform customer services: a bank teller seated at the customer service section carries out duties that include reactivation of customers’ ATM cards, changing customers’ bank phone numbers, freezing of customers’ accounts on request, and a lot of other customer complaints. They also refer customers to higher banking staff for complex complaints. A bank teller at the customer service section tells customers about new bank services and other necessary information.
  • 2. Perform money deposit and withdrawal: this is the primary job that is assigned to a new bank teller while he/she is being tutored or monitored by more experienced bank staff, usually the head bank teller. A bank teller working in the deposit and withdrawal section takes account of monies that are deposited and withdrawn from the bank. They also keep accurate accounts of every customer transaction on a daily basis. Before he/she performs each daily task, he/she counts the money in his/her cash drawer. Afterward, he/she also counts the money in the cash drawer to make sure that there is no money shortage or surplus.
  • 3. Loan payment: a bank teller that works at the loan section is usually called a loan officer. He/she helps bank customers to take a bank loan and brokers a repayment plan according to the bank’s rules and policy. His/her duty is to keep an accurate account of every customer that is on loan. Bank tellers that work in the loan section are bank tellers that have years of experience, whose work history has a  record of excellent customer service and persuasive skills
  • 4. Perform currency exchange rate and order bank cards: a bank teller also performs currency exchange for bank customers. They also order bank cards on request. In general, a bank teller ensures that there is a secure international money transaction for each customer. It is also a duty of a bank teller to pack up cash and coins to be stored in bank vaults.

Bank tellers enjoy good working conditions and have free weekends and holidays. There is ample opportunity for promotion as a bank teller. However, the disadvantage of being a bank teller comes in the form of encountering unfriendly and difficult-to-please customers. Another advantage is the stress and panic that a bank teller feels when there is a shortage of money from cash drawers. Now let’s look at what a bank teller’s hourly pay is, for an hour, a month, and a year.

How much do bank tellers make?

Bank tellers work every day of the week and are paid hourly or monthly. The hourly wages of bank tellers are usually between $12 – $15 salary range, with only a $3 difference. This is to say that there is not much difference between the salary of a bank teller with years of experience and the salary of a new bank teller. The average salary of a bank teller per month is $2,344 for earners of $14 per hour. Every year, bank tellers earn between a minimum of $24,000 to $31,000. 

Conclusion

Being a bank teller is the easiest job to get in the banking industry. All that is required is a high school diploma or a General Education Development (GED) test certificate, knowledge of basic mathematics, friendly customer care behavior, and other easy-to-acquire skills. 

There was a recorded increase in employment of bank tellers from 1970 to 2010. However, an 8% decrease in bank teller employment has been predicted from 2014 – 2026. This decree will be because of the use of online banking and other banking technological advancements. 

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