Where Does the Term Bank Teller Come From?
In the 21st century, many people in post-industrial societies almost never venture inside a bank. Instead, they do their banking business at home on their computers, by telephone or through Automated Teller Machines (ATMs). However, bank tellers remain important to the functioning of a bank, and the name of their job reflects their essential role.
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Modern Function of Bank Tellers
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A teller is responsible for handling most of the routine transactions of a bank, and has the most contact with the bank's customers. According to the Bureau of Labor Statistics, a bank teller's job includes cashing checks as well as processing deposits, withdrawals and loan payments. Tellers may also exchange foreign currency, process bill payments and offer customers savings bonds and money orders. Tellers make up a quarter of all the employees of a typical bank.
Origins of the Word "Bank"
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According to Thomas Herbert Russell, who wrote "Banking, Credits And Finance" in 1916, the word "bank" is Italian in origin, referring to the word for "bench." During the Renaissance period, Jewish money changers in Lombardy conducted their financial affairs on benches in the town square. Another explanation derives the origin of the word "bank" from the Italian word monte , meaning a mound, heap, or bank.
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Origin of the Word "Teller"
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The word "teller" comes from the Old English word "tellan." The word originally had two linked meanings: "to narrate" and "to enumerate," both of which convey the idea of putting things in order. The term "bank teller" is one of the few instances where the second meaning of the word still exists. The combined term communicates the meaning of putting money in order.
Tellers as Counters
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In keeping with the meaning of the term "teller," a bank teller is responsible for reconciling the flow of money into and out of the bank. Each morning, a teller receives his working cash for his station drawers, with the amount verified by the head teller or other supervisor. The teller is responsible for enumerating, or balancing his drawer before leaving for the evening.
ATMs as Misnomers
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ATMs allow customers to perform limited bank teller functions. Automated Teller Machines (ATMs) represent a departure from the function implied by the term "bank teller." ATMs allow customers to perform some limited portion of the work of a bank: withdrawing and depositing cash and obtaining bank balances. Some ATMs also accept deposits, fewer allow customers to purchase stamps or transfer funds between accounts. Nonetheless, if a malfunction occurs, or if customers simply need more information, a bank teller steps in to enumerate, or make order of the situation.
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- Photo Credit "Blow up ATM" is Copyrighted by Flickr user: laverrue (Ludovic Bertron) under the Creative Commons Attribution license.
