Teller Jobs & the Salary
A bank teller performs financial transactions for bank customers. Duties include processing deposits and withdrawals, cashing checks and processing loan payments. A teller completes paperwork and ensures that money is balanced at the end of a shift. The teller needs a minimum of a high school education and may need some type of experience dealing with money. A person in this position must present a professional appearance and have customer service skills.
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Salary Range
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According to MySalary, an online source for wages, the average salary for a teller is $22,879 a year as of January 2011. The low end of the salary range is $19,773 a year and the top end of the salary range is $26,796 a year.
Industries
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The overall banking industry is broken down into business segments. Although wages are similar across the segments, you can expect to earn the highest hourly amount of $9.61 to $11.85 an hour in financial services. Other market segments such as credit unions pay from $9.73 to $11.83 an hour.
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Best Opportunities
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PayScale, an online business that provides compensation data, states that several cities provide the best opportunities for a person who wants to find a position as a teller. Top cities include Houston; Chicago; New York City; Austin, Texas; and Los Angeles. A larger city often has numerous branches for the same financial institution. In some cases, it may feel as if you see top banks such as Wells Fargo or Chase on every other street. This heavy saturation is beneficial to people seeking a teller position.
Teller Job Growth
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In 2008, 600,500 people were employed as tellers, according to the U.S. Bureau of Labor Statistics. This number is expected to increase to 638,000 by 2018. Overall, a 6 percent growth rate is projected in the industry. The growth rate is expected to be slow, much of it coming from adding branches in more diverse places in the community. An example is the growing trend to open branches in grocery stores. These in-store branches need tellers to provide banking services for customers. Banks are also increasing their hours of operation to provide better customer service and additional tellers are needed for the extended hours. A teller may need to begin in a part-time capacity.
Advancement
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Tellers may use the position to gain experience for other jobs involving handling money. A teller may transition well into bookkeeping or accounting. The teller has skills to advance at the bank or move into industries such as account collectors, credit authorizers or even jobs in the gaming industry.
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References
- Photo Credit gold bank image by John Sfondilias from Fotolia.com
