Michigan Occupational Information System
#031 - BANK TELLER

A Michigan Jobs and Career Portal service.

Bank Tellers receive and pay out money and keep records of each transaction with customers.

JOB DUTIES 

Bank Tellers may:

Explain available bank services to prospective customers and open new accounts

Order a supply of cash to meet daily needs

Receive cash and checks for deposit

Verify amount of deposits and note the endorsement (signature) on checks

Issue receipts on transactions

Cash checks after verifying a customer's signature and balance

Receive mortgage, loan, or public utility bill payments

Sell and cash government bonds, cashier's checks, money orders, traveler's checks, and foreign drafts

Keep a running total of teller transactions and balance accounts at the day

Count cash on hand and prepare cash for shipment

Sell saving certificates to customers

Sort checks and deposit slips at the end of the day

Place holds on accounts for uncollected funds

Prepare coin orders for business customers

The machines, equipment, and work aids used may include:

OCCUPATIONAL SPECIALTIES

Bank Tellers may specialize in these areas:

211.362-018 TELLERS are bank employees who receive and pay out money and keep records of customer transactions.

211.362-018 COMMERCIAL NOTE TELLERS are specialized note tellers who handle loans made to business and industrial clients.

211.362-018 PAYING AND RECEIVING TELLERS may be responsible for supervising one or more clerks along with their normal Teller duties.

211.382-010 VAULT TELLERS fill orders for currency and coins, and count and record cash deposits in the vaults of commercial banks.

211.132-010 HEAD TELLERS supervise and coordinate the activities of other workers engaged in receiving and paying out money and keeping records of transactions in banks and similar financial institutions. They are also responsible for examining, consolidating and balancing other teller's reports of daily transactions, and ensuring that the bank has an adequate supply of cash on hand for their needs.

Some Tellers work for other types of financial institutions and may be known as:

211.362-018 CREDIT UNION TELLERS or

211.362-018 SAVINGS AND LOAN TELLERS.

In addition to learning about these specialties, you may also find it helpful to explore the following MOIScripts:

WORKING CONDITIONS AND REQUIREMENTS

Bank Tellers work independently, but their record keeping is closely supervised. Paying and receiving tellers may supervise one or more clerks.

Tellers normally stand at a Teller's window but are provided with seating for slow periods during the day. They frequently walk short distances to pick up account records or other information needed for transactions. The surroundings are usually comfortable, with good lighting and good ventilation or air-conditioning.

Full-time Tellers generally work 8 hours a day, 5 days a week. Tellers who work evenings or Saturdays will normally be given time off during the week or receive overtime pay. They may be regular part-time employees.

You Should Prefer:

• Activities involving business contact with people

• Activities of a routine, definite, and organized nature

You Should Be Able To:

• Be tactful and patient with others

• Use logical, step-by-step procedures in your work

• Work within precise limits or standards of accuracy

• Follow instructions

• Understand the meanings of words and ideas effectively

• Perform arithmetical operations quickly and accurately

• See details and recognize errors in numbers and spelling

• Accept responsibility for money you handle

• Maintain a neat appearance

Math Problem You Should Be Able to Solve:

A client gives you a deposit slip that indicates they want to deposit $243.24 and a check for $400.82. How much money will they deposit in total?

Reading Example You Should Be Able to Read and Comprehend:

Must be able to read and understand terminology used in banking (e.g., annual percentage, yield earned, interest earned)

Writing Example You Should Be Able to Produce:

A customer called to request information about opening a checking account. Write a letter explaining the specifics of opening the account along with any literature or brochures you have to further explain the services the bank offers.

Thinking Skill You Should Be Able to Demonstrate:

As a bank teller you are providing a service for the public. You need to be able to think about what is in the best interest of the individual you are serving by evaluating the client's needs and the best way for the client to use his/her money.

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EDUCATION AND PREPARATION OPPORTUNITIES

NOTE: On-The-Job Training provided by the employer or a High School Diploma or Equivalent or an Associate Degree (two years of study beyond high school) may qualify a person for this occupation.

The following education and preparation opportunities are helpful in preparing for occupations in the MOIScript:

***SCHOOL SUBJECTS***

0600 BUSINESS , 0700 CAREERS , 0900 COMMUNICATIONS , 1000 COMPUTERS , 1100 ECONOMICS , 2200 MATH

***VOCATIONAL EDUCATION PROGRAMS***

There are no Vocational Education Programs related to this MOIScript

***POSTSECONDARY PROGRAMS***

018 BANKING & FINANCE

Programs in Banking and Finance are designed for those who want to work in financial institutions. Such programs are also useful to present employees who desire to upgrade their skills. Banks, savings and loan associations, credit unions, trust companies, credit agencies, and lending institutions are among potential employers.

Courses vary from school to school and depend on the degree level of the program. Courses may include:

   Search for a College and/or Instructional Program 

***APPRENTICESHIP OPPORTUNITIES***

There are no Apprenticeships related to this MOIScript

***MILITARY TRAINING OPPORTUNITIES***

There are no Military Programs related to this MOIScript    

E-Learning Courses and Programs   

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OPPORTUNITIES FOR EXPERIENCE AND METHODS OF ENTRY

Because Bank Tellers handle large amounts of money, they are required to meet bonding standards.

            School-to-Work opportunities include:

informal apprenticeships

mentorships

job shadowing experiences

touring a local Bank Teller employer

internships

volunteer work with a Bank Teller employer

community service work with an agency

Postsecondary programs in banking and finance may offer co-op opportunities that include practical experience. In addition, many financial institutions may hire part-time Tellers to serve customers during the peak noon or evening hours.

Bank Tellers may find positions by applying directly to local branches of banks, credit unions, or savings and loan associations, or by checking newspaper want ads. Assistance may be obtained through school placement offices or a local office of Michigan Works!. In addition, you should access and search the Internet's on-line employment services sites such as:

Michigan Talent Bank (http://www.michworks.org/mtb/user/MTB_EMPL.EntryMainPage)

Classifieds Employment (http://www.classifieds2000.com)

Yahoo! Careers (http://careers.yahoo.com/)

MONSTER.COM (http://www.monster.com)

Michigan Department of Career Development (http://www.michigan.gov/mdcd)

Michigan Works! (http://www.michiganworks.org)

            You should also enter an electronic resume on these on-line services.

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EARNINGS AND ADVANCEMENT

Salaries of Bank Tellers depend on the worker's experience, seniority, specific duties, and the location and size of the financial institution. Generally, the greater the range of responsibilities, the higher the salary the Teller earns.

Nationally, median annual earnings of all Bank Tellers in 2001 were $19,552 or $9.40 per hour. The median yearly earnings of  "all" workers in the U.S. were $31,044 in 2001.

Head Tellers in the Great Lakes Area, including Michigan, had average annual salaries of $25,000 or $12.02 per hour in early 2002, while bank tellers earned an annual average of  $20,300 per year or $9.76 per hour.

Some Tellers may receive bonuses in addition to their salaries.

Most Bank Tellers receive paid vacations and holidays; life and hospitalization insurance; sick leave; and pension plans. Some may receive disability and dental insurance. The employer usually pays for these benefits, at least in part.

With experience and further training, Bank Tellers may advance to positions as Head Teller, cashier, assistant branch manager, or branch manager.

Training courses offered by the "American Institute of Banking (AIB) prepare employees to advance to higher level positions. Those who have had some college or specialized banking training offered by the industry may be promoted to managerial or bank officer positions.

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EMPLOYMENT AND OUTLOOK

Nationally, in 2000, about 499,400 Bank Tellers were employed. Employment is expected to decrease through the year 2010. The industry distribution for Tellers looked like this:

Tellers worked for banks and other financial institutions such as savings and loans, credit unions and finance companies.

New machines and equipment, which improve the efficiency of Tellers, will prevent the employment of Tellers from keeping pace with the fortunes of the banking business. Some openings will arise for part-time tellers to work during peak business hours.

There are approximately 18,125 Bank Tellers employed in Michigan.  

The employment of Bank Tellers in Michigan is expected to decrease through the year 2008. An average of 780 annual openings is expected, with all due to replacement of Tellers who retire or leave the labor force for other reasons. Additional openings will occur as workers change jobs or occupations. Although the number of individuals completing training programs will fall far short of the expected job openings, other entrants with little or no formal training will be in competition for the available jobs.

The banking industry is undergoing change. As banks merge and consolidate operations, jobs may be cut. Non bank competitors like insurance companies, commercial credit firms, and brokerages have taken much traditional business from banks.

Employment growth may be further slowed by the increased use of ATM's that allow customers to complete transactions by machine and by Internet on-line banking at home through personal computers. Now on-line customers can apply for a standard home loan or find information about re-financing a mortgage. In addition, they can compare rates for certificates of deposit, checking and credit cards as well as complete many other financial transactions.      

MICHIGAN'S AREA EMPLOYMENT OUTLOOK TO 2008  

  EMPLOYMENT                      NUMBER                PERCENT             PROJECTED YEARLY  

  REGION                                 EMPLOYED            GROWTH             JOB OPENINGS

  Ann Arbor Area                       680                           8.4                       35

  Battle Creek Area                     270                          15.7                      16

  Benton Harbor Area                 570                          -0.9                       25

  Central Michigan                       350                           9.7                       18

  Detroit MSA                            7,260                       -4.4                       312

  East Central Michigan                225                        -1.8                        10

  Flint Area                                  905                        -4.6                        39

  Grand Rapids Area                   1,810                       5.1                        87  

  Jackson Area                            540                         7.6                         27

  Kalamazoo Area                       600                       -13.4                        26

  Lansing MSA                           1,080                      -7.3                         46

  Muskegon Area                        285                        -3.2                         12

  Northeast Lower Peninsula       275                         -8.0                        12

  Northwest Lower Peninsula      575                          3.5                         27

  Saginaw MSA                         1,080                      -4.2                         46

  Thumb Area                             335                          2.7                        15

  Upper Peninsula                       735                          1.6                         33

  West Central Michigan             135                          7.4                         7  

MSA designates a Metropolitan Statistical Area      

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SOURCES OF ADDITIONAL INFORMATION

Printed occupational information is available upon written request from the sources below:

SUMMARY PROFILE

The following can summarize the occupation of Bank Teller:

Copyright © 2003 Michigan Department of Career Development