Can you make a good living as a bank teller?
The average hourly wage for a bank teller is $17.69, though beginners typically earn around $15.89. Annual salaries for bank tellers vary by state, with some earning as much as $42,120. Career advancement opportunities exist within the banking sector, potentially leading to higher-paying positions.
According to industry insights, Bank Tellers can enjoy benefits such as job stability, opportunities for advancement into supervisory or specialist roles, and the potential to move into other areas of banking, such as personal banking, loan processing, or branch management.
Bank teller jobs offer job stability, growth opportunities, and valuable industry knowledge. However, it also entails a high-stress environment, repetitive tasks, and security risks.
Security Concerns. Working with large sums of money and sensitive information places bank tellers in a position of high responsibility and potential risk. The stress associated with security and vigilance can linger after hours, impacting relaxation and peace of mind during personal time.
(The average growth rate for all occupations is 7 percent.) Experienced tellers can advance within their bank. They can become head tellers or move to other supervisory positions.
Bank Tellers in busy branches with high customer traffic may experience more stress, especially during peak hours when they must handle numerous transactions quickly. 2. Handling large sums of money and complex transactions can add stress.
- Citi. 3.9 $22.48per hour. 19,932 reviews142 salaries reported.
- Flushing Bank. 3.5 $22.10per hour. 74 reviews55 salaries reported.
- Bank of the West. 3.4 $20.36per hour. 1,599 reviews7 salaries reported.
- M&T Bank. 3.4 $19.89per hour. ...
- Wells Fargo. 3.7 $18.70per hour. ...
- Show more companies.
Bank tellers earn about $16,200 annually, according to the 90-company survey. That's $900 less than the annual take-home pay for mail clerks. It's $1,700 less than what the average custodian earns each year. And it's more than $10,000 less than what a typesetter earns, according to the management consulting firm.
Part time tellers start at 17.5 hours. At 30+ hours you're considered a full time employee and receive full benefits. Usually they hire part time tellers to ensure good work ethic and reliability before moving to full time.
The teller position in a bank is generally an entry-level position open to high school graduates. Most successful job applicants have records of high performance in other jobs that include substantial customer service components.
Can you make a living as a bank teller?
The average hourly wage for a bank teller is $17.69, though beginners typically earn around $15.89. Annual salaries for bank tellers vary by state, with some earning as much as $42,120. Career advancement opportunities exist within the banking sector, potentially leading to higher-paying positions.
Private banking and commercial banking are more common paths for people who begin their career as a bank teller. As an ambitious customer service rep or teller, it's possible to impress your manager and move into private banking, wealth management, or commercial banking.
Bank tellers are considered to have sedentary work, though in some settings, the need to stand and occasionally lift cash drawers may cause the job to be considered light physical work.
They must be friendly, helpful, and patient. They must be able to understand customer needs and explain service options to their customers. Detail oriented. Tellers must be sure not to make errors when dealing with customers' money.
1 Identify relevant weaknesses
For example, you could say that you struggle with public speaking, that you need to improve your Excel skills, or that you tend to be too perfectionist.
Generally, the most important qualities that banks and credit unions look for when hiring tellers are basic math and verbal skills, interpersonal skills, and attention to detail. Pre-employment testing can help ensure that tellers have the right skills and personality traits.
- Unpredictable workflow. Depending on the bank you work for, you might experience days with very few customers. ...
- Handling important transactions. A primary responsibility for bank tellers is limiting transaction errors. ...
- Quotas. ...
- Conflict resolution.
As a whole, tellers rated their enjoyment of their work environment 3.1/5. Most of them tend to enjoy, or at least not be actively bothered by, their work environment.
Since banks often work in global markets, some require long hours working in time zones outside of a typical nine-to-five. Banks can also have strict deadlines and high-pressure situations requiring additional hours to meet client demands. High pressure. Working with large sums of money can be stressful.
Which is the hardest investment bank to get into? Goldman Sachs is notoriously difficult to get into. One statistics recently rolled out was that it received 100,000 applications for just 2,300 global internship positions. This means that it received 24 applications for every job it posted.
What is the best paying position at a bank?
- Loan Officer.
- Accountant or Auditor.
- Financial Examiner.
- Investment Products Salesperson.
- Financial Analyst.
- Software Developers.
- Financial Advisor.
- Sales Manager.
Job Outlook
Employment of tellers is projected to decline 15 percent from 2022 to 2032. Despite declining employment, about 29,000 openings for tellers are projected each year, on average, over the decade.
Bank teller employment was expected to decline by 12% from 2021 to 2031, but financial occupations on the whole are expected to grow 7% during that time period. Being a teller creates a foundation for a career in banking, Zimmerman said, and it can open up opportunities elsewhere in the company.
Bank teller roles often require no experience, with the minimum requirement being a high school diploma or GED certificate. Basic math skills, such as being able to count back change and make quick mental calculations, are ideal qualifications for the role.
The ongoing shortage of bank tellers is a major challenge that financial institutions will continue to face in 2023. The COVID-19 pandemic has exacerbated the problem, making it difficult for banks to find qualified candidates to fill open teller positions.
