Ever wonder how much a bank teller earns? A bank teller's salary can vary depending on where they live as well as their experience. Of course, someone with little or no work experience will make less than a person who has customer service and cash handling experience. Someone who has previously worked as a teller will make more than someone with no banking experience but some customer service and cash handling experience. Bottom line, the more experience you have, the higher the bank teller salary you can expect to make.
The Occupational Outlook Handbook for 2010-2011 indicates the average annual salary for a bank teller to be $23,610. This is $11.36 an hour. This data is based on stats from May of 2008.
Where you live can also make a big difference on your bank teller salary. If you live in an area where the cost of living is high, you can expect to earn more money to offset the high cost of living. If you live in an area where the cost of living is low, you can expect to make less money.
Bank Teller Salary in Northeast
The Northeastern part of the United States is known to have a high cost of living, so you will earn more if you live and work in this area.
In depressed areas of the Northeast, you of course will make less. A bank in Michigan had an add for a teller indicating they were paying $8.00 an hour which converts to $16,627 a year. This may not seem like a lot, but the cost of living is low in that area, especially in depressed cities like Detroit or Flint.
Bank Teller Salary in Alaska
Alaska has probably the highest cost of living in the United States. One bank was paying $17.10 an hour for a new teller. This converts to a bank teller salary of $35,540. While this is a great salary for someone new to banking, you have to contend with months of darkness and some days not being able to start your car because it is so cold in the winter.
Bank Teller Salary in California
California is also known for its high cost of living. One bank in an especially high cost of living area posted a job paying $22 an hour. This is a bank teller salary of $45,725. Another bank in a lower cost of living area in California posted paying $12 an hour for a teller job which is approximately $25,000 a year. So, as you can see, even living and working in California has a large variation in how much a bank teller salary can be.
Bank Teller Salary in the Northwest
You will find better paying jobs in the larger cities in the West like Seattle and Portland where the cost of living is higer. Starting pay in these areas will likely be in the $11 range, small towns in the $9 range. The hourly rate converts to $22,862 and $18705 respectively.
Bank Teller Salary in the South
The cost of living in the South is low compared to the rest of the United States, so the salary for a teller will also be low or certainly lower than what you could make elsewhere. An hourly wage for a new teller may be as low as $8.50 (which is $17,666 a year) or as high as $11.50 (which is an annual salary of $23,901). It depends on which southern state and city you live in.
Bank Teller Salary in the Midwest
The cost of living in the Midwest is also low. A starting hourly wage of $10 an hour is probably is quite common. $10 an hour converts to $20,784 annually.
Banks in the same area will pay competitive salaries. If you have job offers from two competitive banks, they will likely offer a similar salary. Having two job offers at the same time gives you the competitive advantage and allows you to negotiate a higher salary for your bank teller job. This should be done delicately and with sensitivity. You donít want to make your new employer unhappy with you at the beginning of your employment, but if you and your skills are in demand, you can command a higher salary.
Some banks pay a commission if you make a sale. This is something you should take into consideration if you have two banks making you a job offer and one pays a commission and the other doesnít.
Non-benefited bank tellers, working less than 19 hours a week are not eligible for benefits. Because of this, the hourly rate that is paid to a bank teller is higher than for someone receiving benefits. A good rule of thumb is that you will earn 15% more for a non-benefitted job.
You can earn morn money working as a bank teller if you are fluent in a foreign language. If you speak more than one foreign language, you can make even more. It is called a pay differential for speaking a foreign language. Fifty cents to a dollar an hour more depending on the bank, the location and the language you speak. Be prepared to be tested so the bank can determine your level of fluency.
Banks are notorious for giving small and sometimes even insignificant raises (3% - 5%). It is in your best interests to negotiate the highest salary you can at the start of your employment, and then do a good job to justify a raise when your annual review is due. Doing a good job will also help you get a promotion from your bank teller position.
As you can see, there is a large variation in how much you will make working as a teller (also known as a bank cashier or bank clerk). You can calculate your annual bank teller salary by taking the hourly amount you are being offered and multiplying it by 2078.40. I got this number as follows: A month averages 4.33 weeks (52 weeks divided by 12 months). 4.33 weeks multiplied by 12 months then multiplied by 40 hours a week is 2078.40.
If you are offered $10.00 an hour, you are making $20,784 a year ($10 multiplied by 2078.40) . If you are offered $12.00 an hour, your yearly salary will be $24,941.00. If you negotiate a dollar an hour more, you will make $2078 more. If you negotiate .50 cents an hour more, you will make $1039 more. It pays to negotiate! Salary increases are normally given annually. A year is a long time to wait for a pay increase, so you might as well do yourself a favor and negotiate it up front when you can.