What Bank Teller Duties will I be Responsible for?
The duties of a bank teller vary little from bank to bank. The bank teller duties that take up the majority of a bank teller's time is helping customers with their various transactions. The majority of the transactions a bank teller processes are deposits, withdrawals and cashing checks, but there are other duties as well. These duties include processing payments, selling travelers checks, money orders and cashier's checks as well as processing cash advances.
Selling Cashier's Checks, Money Orders and Travelers Checks
A bank teller will sell cashier's checks, money orders and travelers checks. Travelers checks are used less and less today since plastic has become so widely accepted in most countries, especially countries where tourists frequent. A cashierís check is a check that the financial institution prints. The customer will tell the financial institution who the check is made out to and for what amount. A money order is basically a check that has the amount printed on it and the customer fills in who it is to. There is a small fee for each with the cashierís check being slightly more expensive.
Processing Cash Advances
Another bank teller duty is to process cash advances for customers. You simply swipe their card, input the dollar amount of the cash advance, wait for an approval then have the customer sign the receipt that is generated.
Another duty of a bank teller is to process loan and credit card payments that customers bring in. You accept the payment then generate a receipt for the customer. The payments are then sent to another department for further processing.
Negotiating U.S. Savings Bonds
A customer may also ask you to cash a U.S. Savings Bond. There is a booklet the government sends to financial institutions where you can look up the value of a savings bond (this can also be done online). You pay the customer the value of the bond and process it like you would a check. The customer must sign the bond and include their printed name, address and social security number for tax reporting on the interest on the bond.
Processing Night Drop
Another of the bank teller's duties is to process night drop (aka night depository). Night drop is nothing more than processing merchant deposits that are left by a business when the financial institution is closed. Deposits are dropped into a locked vault so the financial institution can process them at their convenience. It saves the merchant from having to wait in line at the financial institution and it is peace of mind for the merchant that they donít have to keep cash and checks at their place of business.
Mail In Transactions
A bank teller may also process mail in deposits and send the customer a receipt for the transaction.
Buying and Selling Foreign Currency
A bank teller may also buy and sell foreign currency. You will look at a listing of foreign currency which shows the buy and sell rate of a particular currency. Use the buy rate when buying (exchanging) foreign currency for U.S. dollars. Use the sell rate when selling foreign currency to a customer.
Processing Changes for Customers
Another of the bank teller duties is to process changes to a customerís account like address, email or telephone number updates or mail preferences. Seasoned bank tellers may also open accounts and process wire transfers.
Balancing a Cash Drawer
At the end of the day, it is the bank teller's responsibility to balance their cash drawer. If they have done everything correctly throughout the day, their cash drawer will be in balance. The financial institution will have balancing guidelines bank tellers must adhere to. Bank tellers who are consistently out of balance will be counseled and if improvement isnít made, will most likely be terminated, or they could possibly transition into a position that doesnít involve cash. As you can imagine, keeping your cash drawer balanced is the most important of all the bank teller duties.
In addition the the above bank teller duties, a bank teller's responsibilities include following the financial institution's procedures and guidelines, limiting losses and advising on and promoting the financial institutions' products.
It is important while helping customers bank tellers smile, are friendly and have a good attitude. They represent the financial institution and it is imperative the customer leaves with a good feeling towards the teller which transfers to a good feeling about the financial institution.
As you can see, the duties of a bank teller are many. It is a very responsible job since you have the responsiblity for other peoples money as well as processing transactions correctly. If you can count money accurately, have an eye for detail and have a good attitude, a bank teller job may be the perfect job for you!