Out of the several different jobs in the business industry, banking careers cover a major part. One of the most important jobs in the banking sector is that of a vault teller, also referred to as a vault worker, or a bulk teller. A vault is a secure room wherein cash, important documents, and valuables are kept for carrying out the daily transactions. A person who simply looks after this strongroom and the work associated with it is known as a vault teller.
Job of a Vault Teller
The job of a vault teller is often confused with that of a bank teller's job. However, the duties of a bank teller differs greatly, though both have very responsible positions in a bank. A vault teller is a bank personnel who has to make sure that the money is stored securely and the transactions are executed properly. For this purpose, he needs to work in coordination with the bank teller. Since the vault is a secure place for storing valuables, he has to be vigilant and alert at all times. Besides, as this job involves huge responsibilities, any inaccuracies in the operation of the vault can land the vault teller in trouble.
Vault Teller Responsibilities
Opening the Vault
In a bank the opening of the vault is dependent on the vault teller. Since the operations related to the bank's vault are crucial for executing the daily transactions, this person is expected to arrive early before the bank starts the day's business. To open the vault, the teller is accompanied by another bank employee. Both individuals key in a digital security code, to open the vault. The teller then has to count the amount of deposits and check if the transactions of the previous working day are accurate as per the records.
Recording Accurate Details of Currency
Counting money and checking the valuables stored in the vault are also the vault teller's responsibilities. The teller makes a detailed record of the amount of money sent to ATMs. He has to be well-versed in recording all transaction data in the computer. A bulk teller may even have to count cash and sort it out according to respective denominations. His duty consists of recording deposits in customers' accounts as well. This bank employee has to set up proper currency denominations in the register for smooth handing over of currency to customers. He has to count and record high-denomination currency details in the system. A vault worker may even need to transfer a copy of the recorded financial transactions to the national bank.
Obtaining and Transferring Currency
In case the bank is running short of money, he needs to carry out necessary formalities and send a request to the national bank. The vault teller has to receive the money at the bank facility, that is brought in by armored cars and security personnel. This may include signing a slip as proof that the money has been received. After the money is received by the bank, the teller is supposed to record the same and store in the vault with proper security measures. If he finds any mutilated currency in stock, he has to make necessary arrangements for returning it back to the respective state's Federal Reserve bank. If cash has to be transferred to other branches of the bank, the teller has to prepare sealed cash bags as per the receiving branches, and hand them over to security drivers and personnel. These tasks might not be carried out on a daily basis though.
A bulk teller is thus responsible for handling and managing cash. The salary is not that high and is reported to be around $26,000 per annum. Remember that the tasks and salary structure may vary from bank to bank. One providing services in a national bank would receive a greater pay than one working in a small private bank. This career undoubtedly requires one to be honest, meticulous with an incredible attention to detail.