TELLERS Number 109 Interest Area 7 1998
THE JOB
TELLERS receive and pay out money and keep the records necessary in various banking and other financial transactions. They work in banks, savings and loan associations, personal finance companies, credit unions and large businesses that operate credit offices. Their tasks vary with the size and type of institution. In addition to routine duties, Tellers help build good public relations by providing prompt, efficient, courteous and personalized service to customers. They help increase business by promoting additional products and services. Since financial institutions now offer more complex financial services, customer service duties are important aspects of the job. Knowledge of institutional services is essential.
In small banks and savings and loan associations, Tellers perform a variety of tasks. However, in large banks and other financial institutions, Tellers may be assigned to one type of transaction and may have special job titles. For example, one Teller may handle transactions for clients who have made loans while another sells foreign currencies and traveler's checks. Tellers accept payments for utility bills, Christmas Club accounts, the issuance and collection of customers' notes, and open new accounts.
Commercial Tellers, also called paying and receiving Tellers, are the most common. They accept customers' deposits for commercial and savings accounts, cash checks and pay withdrawals. Before cashing checks, Tellers must verify customers' identity, account balances and signature. When accepting deposits, they check the accuracy of deposit slips and enter the total in customers' passbooks and on deposit receipts.
Before customer service hours, Tellers receive and count the daily supply of cash needs. They arrange monies received, by denomination, in cash boxes and coin dispensers. After banking hours, Tellers are required to total amounts deposited, count cash on hand, and balance the day's accounts using a teller machine. They sort checks and deposit slips and return cash to the vault.
Credit union Tellers spend less time at the window and more time on clerical and bookkeeping tasks than bank or savings and loan Tellers, as transactions are often done by mail or payroll deduction. Credit union Tellers often receive money directly for loan payments or purchase of credit union shares, cash checks and interview applicants for membership or for loans.
Tellers operate adding, calculating, computerized equipment and other office machines. Most Tellers use computer terminals for recording deposits and withdrawals. They make change, total deposits, and compute financial fees, interest, foreign currency exchange rates and service charges.
Along with usual routine duties, Tellers may perform other tasks. They may sort incoming deposits and assist in processing incoming and outgoing mail. They may also count, verify and post armored car deposits; type and file checks, loan forms and other documents; and prepare statements and currency- received tickets. They may also photograph records using a microfilm machine.
WORKING CONDITIONS
Most Tellers work in pleasant, air-conditioned, and quiet surroundings. Most offices have modern equipment and furnishings. Tellers may experience occasional pressure because of the need for careful work and prompt service to lines of customers during peak banking hours. The work involves standing for long periods while performing repetitive tasks. Normal or corrected hearing and sight are necessary. Tellers must be able to work well with other staff. They should enjoy meeting the public, notwithstanding the occasional disagreeable customer.
EMPLOYMENT OUTLOOK
The California Projections of Employment, published by the Labor Market Information Division, shows that the number of Tellers will decline through 2005.
Estimated number of workers in 1993 79,150 Estimated number of workers in 2005 61,570 Projected Growth 1993-2005 -22% Estimated openings due to separations by 2005 31,090
(These figures do not include self-employment or openings due to turnover.)
Bank consolidation and the use of additional technology will lead to reduced numbers of Tellers in California. However, many jobs will become available as turnover, and the use of more part-time workers, will lead to additional job openings. Qualified applicants should have relatively good prospects because this occupation generally provides a large number of job openings. Cyclical swings in the economy appear to have little effect on the number of Tellers needed.
Employment opportunities are best for applicants with at least six month's experience. However, opportunities are usually available for trainees with the necessary aptitudes and skills. The outlook is also favorable for part- time workers to help serve customers during peak hours. Most part-time Tellers work in commercial banks and savings and loan associations.
WAGES, HOURS, AND FRINGE BENEFITS
Salaries depend on the size of the firm, work experience, formal education, ability, and the initiative of the employee. Pay also is usually higher in metropolitan areas. Starting salaries paid by banks, savings and loan associations, and credit unions range between the minimum wage and $9.50 per hour. Experienced Tellers earn an hourly range of $6.50-$18.00.
Many financial institutions hire Tellers to work part-time, between 20 and 30 hours a week. Full-time Tellers work 40 hours weekly, which may include evenings or Saturdays.
Most employers pay sick leave, vacation and retirement plans; most of them also pay medical, dental, vision and life insurance. A few firms provide for child care. Benefits may be available only to full-time employees.
ENTRANCE REQUIREMENTS AND TRAINING
Applicants must have at least a high school education or its equivalent and be bondable. Applicants with cashiering, clerical, and public contact experience are preferred. Preparatory courses such as business arithmetic, business law, bookkeeping, typing, speech, and office machine operation are helpful. Familiarity with computer terminals is desirable. Essential qualifications include good communications, numerical and clerical skills, a pleasant personality, tact, neatness, speed, a good memory and the ability to handle details. Tellers must make sure every financial transaction is kept strictly confidential..
Most banks offer a programmed series of instruction that combines on-the-job training with classroom instruction. Training for new Tellers may last from two weeks to six months or longer. New Tellers are usually closely supervised by experienced Tellers before they are allowed to work independently.
Employers give constant on-the-job training to acquaint employees with new and current procedures and equipment. Employees are encouraged to further their education through outside studies. Obtaining an American Institute of Banking Certificate is recommended.
ADVANCEMENT
Most employers promote from within. Advancement depends upon length of experience, skill development, and the ability to handle responsibilities independently. In banks, paying and receiving Tellers may become chief, note, loan or collection and exchange Tellers. Tellers with management potential can be accepted into training programs. Head Tellers can promote to operations supervisor and then to assistant branch manager. The American Institute of Banking, an educational affiliate of the American Banking Association, and the Institute of Financial Education offer training courses to help employees of financial and thrift institutions increase their skills and knowledge and attain promotional goals. In savings and loan associations, Tellers may become lead or supervising Tellers.
FINDING THE JOB
Prospective Tellers may find jobs by applying directly to banks and other financial institutions. Employment opportunities are listed with the California Employment Development Department Job Service offices and private employment agencies. Some firms advertise Teller openings in local newspapers. Part-time work is often available. Tellers interested in credit union work can request applications from the California Credit Union League.
ADDITIONAL SOURCES OF INFORMATION
American Bankers Association 1120 Connecticut Avenue, N.W. Washington, DC 20036 (202) 663-5000 www.aba.com
California Credit Union League 2350 South Garey Street Pomona, CA 91766 (909) 628-6044 www.ccul.org
RELATED OCCUPATIONAL GUIDES
Cashiers No. 31
OCCUPATIONAL CODE REFERENCES
DOT (Dictionary of Occupational Titles, 4th Ed., 1991) Teller 211.362-018
OES (Occupational Employment Statistics) System Tellers 531020
Source: State of California, Employment Development Department,
Labor Market Information Division, Information Services Group,
(916) 262-2162.
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