While most people do most of their banking online, there’s still a requirement for human tellers. These frontline banking professionals help customers with regular financial management issues, such as issuing money orders, cashing checks, or exchanging currency. While pay for this position is often low, tellers may be able to move into supervisory or other banking positions, specifically if they have a college degree.
How Much Do Bank Tellers Make
Job Description
According to the BLS of the U.S., tellers manage everyday transactions at credit unions and banks. These transactions include:
- Accepting deposits and processing withdrawals
- Answering customer questions and Checking balances
- Issuing money orders and cashier’s checks
- Credit card cash advances and processing wire transfers
- Exchanging foreign currency
Careers in the US:
The BLS’ Occupational Outlook Handbook states that in 2018, the median wage for a bank teller was $14.15 per hour, which equates to an average salary of $29,460 per year. The number of professionals employed in bank teller finance career jobs is not expected to fall twelve percent between 2018 and 2028; in large part due to the adoption of sophisticated automated teller machines (ATM) and online banking. Moreover, PayScale shows the average hourly wage of bank tellers as $12.25 as of May 2020.
Careers in Europe:
An entry-level bank teller (1-5 years of experience) earns an average salary of 22.795 €. On the other hand, a senior level bank teller (9+ years of experience) earns an average salary of 34.732 €. The average bank teller salary in Germany is 29.406 € or an equivalent hourly rate of 14 €. Moreover, they earn an average bonus of 409 €.
Careers in Asia:
An entry-level bank teller (1-5 years of experience) earns an average salary of RM29,999. On the other hand, a senior level bank teller (9+ years of experience) earns an average salary of RM45,707. The average bank teller salary in Malaysia is RM38,443 or an equivalent hourly rate of RM18. Moreover, they earn an average bonus of RM534.
What Do They Do?
Most bank tellers are armed with a high school diploma or relevant qualification and receive roughly a couple of months of on-the-job training when they start employment. Bank teller responsibilities include securely processing cash and check transactions, completing deposits and withdrawals, accepting loan payments, and providing certain kinds of financial information to customers. Because of their day-to-day proximity to customers, they also contribute toward the public perception of the financial institutions where they are working.
Future business career options for bank tellers include teller supervisor positions, employment opportunities in customer service departments, personal banker positions and bank management jobs.
Bank Teller Demographics
The biggest employers in the industry include JPMorgan Chase, Bank of America (BAC), and Wells Fargo. Chase being the highest paying employer on average, per PayScale.
The average remuneration at Chase banks is $14.87 an hour, while both Wells Fargo and Bank of America also offer above-average pay, at $13.63 and $11.29 per hour, respectively. And, on the lower end of the pay scale are the likes of U.S. Bank and PNC Financial, which pay $12.13 and $11.28 an hour, respectively. For those with experience of twenty-plus years, the average pay for a bank teller is $14.66, and $13.78 for those with 10 to 19 years of experience.
Educational Requirements
According to the BLS, bank tellers generally hold a GED or high school diploma. Tellers typically undergo on-the-job training. It should be observed, however, that tellers who aspire to advance in a banking career may need to earn a degree. Loan officers, for instance, generally hold a bachelor’s degree(1).
The median annual pay for bank tellers in May 2016 was $13.11 hourly or $27,260. This means that fifty percent of tellers made more than this amount, and the rest made less. The top ten percent of earners made around $37,760 annually, while the bottom ten percent made less than $20,811.
Industry
Bank tellers usually work full time in credit unions and banks. Most work standard daytime operating schedules, though some financial organizations are open for a limited weekend or even early-evening hours. Banking institutions are typically well-lit, climate-controlled and incorporate several security features, such as alarm systems, security guards, and bullet-proof glass between the general public and tellers.
Years of Experience
A survey by PayScale.com notes that tellers can expect to earn more as they develop in their careers, although the hike may not be particularly huge. Below is a chart demonstrating the correlation between years on the job and pay:
- 0-5 years: $24,100
- 5-10 years: $26,500
- 10-20 years: $28,100
- 20+ years: $29,500
[ Suggested Read: Know How to Become a Bank Teller ]
Job Growth Trend
The BLS anticipates an eight percent decline in opportunities for tellers between 2016 and 2026. This can be due to the increased automation of the banking domain: Consumers can complete many banking tasks via automated teller machines or online. Those who do find an opportunity as tellers will be expected to handle complex customer service tasks that cannot be handled via automated services.
