Bank tellers play an important role for the customer-facing side of the business. People count on bank tellers for everything from deposits and withdrawals to more complicated tasks like paying out loans, setting up new banking products, and more.
To help customers in a timely and professional manner, bank tellers have to be agile and knowledgeable on all areas of the business. While bank tellers may not necessarily facilitate some of the transactions people are inquiring about, they must be able to provide good basic advice and know when to point customers in the direction of a more specialized team member.
In addition, as online banking grows in popularity, bank tellers are expected to take on more of an advisory role. Instead of simply being order takers, bank tellers are expected to help sell credit cards, new accounts, and more to clients who are lacking in banking products.
So, how are bank tellers compensated for their hard work and wealth of knowledge? Are there additional advantages to becoming a bank teller? In this article, we will look at what makes up a bank teller salary and the opportunities for people considering this role.
What Does a Bank Teller Salary Look Like?
Bank Tellers are often paid in the form of an hourly wage. According to recent statistics, the average bank teller earns $11.99 per hour which works out to an annual income of almost $25,000. Of course, hourly wage is only one indicator of how much a bank teller can earn.
In many banks, tellers are salespeople as well as traditional tellers. As a result, there are a number of banks that offer their tellers a commission or bonus for selling products like credit cards or providing leads to specialized team members who can write loans for customers, secure their investments, and open additional banking products.
A bank teller salary can also change based on the branch in question. For example, a busy bank branch with a number of high value business clients may expect their tellers to provide a quality experience over and above what normal bank tellers typically have to provide.
There may also be varying levels of bank tellers at each branch. Some tellers may be dedicated business tellers, managers, or shift leaders. All of these factors could play a role in determining a specific bank teller salary.
Another thing to consider over and above pay is the benefits that come with being a bank teller. Most banks provide exceptional health care benefits packages as well as vacation time for full time bank tellers. Part time tellers may also get health care benefits and vacation time depending on the bank that they work for.
However, perhaps one of the most significant benefits for bank tellers, and all bank employees for that matter, is discounted banking products and services. A bank teller salary only tells part of the story when looking at compensation.
People that work for a bank are often given preferred rates on products like credit cards, loans, lines of credit, and bank accounts. If these benefits are used to their fullest, tellers can actually save a lot of money on their banking.
For example, many bank tellers are given a free employee bank account that includes the same features as the bank’s top-tier account offering. At many banks, an account like this can cost $15 per month or more. That’s an annual benefit of $180 and that’s just the beginning of the banking benefits for employees.
Bank tellers are often also given preferred rates on their credit cards. For those who occasionally carry a balance on their credit card, this preferred rate could save hundreds of dollars each year. The same is true for loans including car loans and mortgages. Bank tellers are often given rates as much as 1% below the bank’s best posted rate which, on a large loan like a mortgage, could amount to thousands of dollars of savings.
Of course, these benefits are largely dependent on how much tellers make use of them. A teller who only uses the free bank account will get much less benefit when compared with a teller who uses all benefits offered to them by the bank. If you are underwhelmed by the salary or wage offered for a bank teller, be sure to ask about the additional benefits. These benefits could be much more valuable than a small increase in pay.
A Bank Teller Position is a Stepping Stone
Perhaps one of the greatest reasons to consider a job as a bank teller is the upward mobility offered by such a position. While being a bank teller is a great job to have, moving into other roles within the bank can help employees secure a significant salary increase.
Bank tellers have the unique opportunity to connect with customers face to face and learn the internal banking systems. This makes them prime candidates for promotion when new roles open up for financial advisors, personal bankers, and managers. Being a bank teller is a great way to get into a strong organization, build a good reputation, and then grow into a new role.
Best of all, banks are fantastic organizations for those who are looking to learn and grow. Many banks will invest in education and certification opportunities for their employees to help them fill open roles. The dollar value of this training can amount to thousands of dollars per course and, obviously, lead to jobs with much higher salaries. A bank teller salary can be seen as a training wage in many banks as tellers train, learn, and look to move further up in the organization.
Required to Become a Bank Teller
When considering any job, the cost of education can often be a factor. Earning a great salary can often mean that a lot of education is required.
For bank tellers, the usual education requirement is a high school GED. In some cases, banks may require their tellers to have more education like a college diploma. Of course, it never hurts to have additional education beyond the minimum requirements. However, most training and education required for the position will be provided by the bank.
As mentioned, if bank tellers are interested in moving into new roles then there may be additional education required. Most of this education is industry specific and rarely requires a college education. Rather, there are certification or licensing courses that must be taken. For example, a bank teller that wants to become a financial advisor may need a Series 6 or Series 7 license in order to pursue that career path.
Ideally, most banks will provide funding for this training or reimburse employees upon completion. If not, the licenses are still a great personal investment to make for bank tellers who want to move up in the organization or move onto another banking institution.
Always Looking Ahead
Many people wonder if bank tellers will still be around in the coming years as technology continues to advance. While less people may visit the bank in person for their regular transactions, there is still a major role for bank tellers to play.
As foot traffic drops in-branch, bank tellers are beginning to grow their role into front line advisors. They are often expected to help clients find the right solutions to meet their needs.
This kind of experience is incredibly valuable to banks that are continuing to grow and seek out the right people to provide service at all levels of their business. While a bank teller salary may not be a get rich quick plan, the opportunities and benefits that can come from being a bank teller are huge.
Tellers who make the most of the education, training, and growth opportunities provided will see the most benefit from their hard work beyond just the pay that is deposited into their account. Those that are hoping to grow without putting in the effort may be disappointed by the pay offered to tellers.
If you are considering a job as a bank teller and the future opportunities it can provide then you are definitely on the right track for a long and rewarding career.