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What Benefits Do Bank Tellers Get?

What Benefits Do Bank Tellers Get?

Do bank tellers make good money? Most of the large banks offer competitive salaries. Applicants do not need to obtain a graduate degree and no prior banking experience is needed. There are only two basic requirements. One is the high school diploma or General Educational Development test and criminal background check. You start right away if the employer decides to hire you after a couple of interviews. Besides, many banks provide bank teller training even after the person has been hired. The growth rate of this profession is relatively lower but it can prove to be lucrative since the industry continues to thrive and more banks are expected to open in the near future. In effect, the United States Bureau of Labor Statistics confirmed a six percent growth for tellers up to 2018. Employment opportunities are expected to remain encouraging. There are several options for tellers such as working full-time or part-time.

Numerous Benefits for Tellers

Banks are known to be bighearted and normally extend various benefits to their employees. If you become a bank teller, you may enjoy a maximum of 12 paid holidays annually; profit-sharing; pension plans; insurance coverage; and, tuition aid. Regular tellers are also entitled to training and education grants courtesy of the company and take part in the firm’s 401(K) savings plan. INVESTOPEDIA defines this as “a qualified plan created by employers for eligible personnel to make salary reduction contributions on post or pre-tax basis. Employers offering this plan may make matching or non-elective contributions to the plan on behalf of eligible employees and may also add a profit-sharing feature to the plan. Earnings accrue on a tax-deferred basis.” – http://www.investopedia.com

Tellers may opt to aspire for promotion and work in other departments such as auditing, marketing, bank trust and credit card departments. While professional certification is not mandatory for bank teller jobs, it is an advantage to obtain certification from the American Institute of Banking or AIB. This organization encompasses a variety of subject matter that is applicable to the current banking system. For instance, certified head bank tellers uphold their credentials every three years by enrolling in continuous education programs. There are different categories for this position. You can start as branch teller and be promoted to bank teller afterwards. The next position is the vault teller who gets higher compensation because of the sensitive responsibilities. Salary structures also depend on the bank, location and tasks that you are given by the company.