Almost 1 in 3 Bank Tellers Need Public Assistance
And that's costing taxpayers almost $900 million a year
By Kevin Spak, Newser User
Posted Dec 5, 2013 1:25 PM CST
A Bank of America branch in Gilbert, Ariz.   (AP Photo/Matt York)

(Newser) – You probably don't think of bank tellers the same way you think about, say, the fast food workers protesting today, but they, too, have ample reason to complain about their wages, a new report suggests. Nearly a third of tellers are on some form of public assistance, according to a UC Berkeley/Committee for Better Banks study. Taxpayers spend $899 million each year helping tellers get by, the report concludes.

Banks made more than $141.3 billion in profit last year, and had a median executive pay of around $552,000—compared to $24,100, or $11.59 per hour for tellers, the Washington Post reports. But Jay Jenkins at the Motley Fool points out that median pay for all workers isn't much better, at a mere $14.93 an hour. "The root of the problem is not about banks," he argues, "it's about the structure of the US economy and the quality of jobs available to the workforce."

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Ezekiel 25:17
Dec 7, 2013 2:34 PM CST
First of all, the Cage position is usually an entry level, non education position where you put someone on day #1. Then you train them on how the US banking system works. You train them through all the processes that make the core banking business model. This is an apprentice position that does not deserve a very good wage because you want them to yearn for that better position in one of the career positions the bank offers. You also want them to work toward a degree that allows them to eventually gain a license such as a financial counselor, loan officer, or investment division. You cannot promote someone to one of the higher banking positions without a college degree in most states. So you put the probey in the cage to see how they handle the public. How do they handle situations caused by the bank. How about problems caused by the customer? You don't want the customer to feel like their own error is the bank's joke of the day. The Cage gives that entry level first tier worker the chance to also make mistakes that won't necessarily cost their job. So as you see how they do in that year of Cage work, you can then decide if they are ready for an accounts position. Now you can up them in pay and responsibility and they can have one of the front offices out in the lobby. Then as they gain even more knowledge of the law and bank procedure, they can move possibly to the investment or loan division. You can teach them a broker position and it can lead to an eventual license. Then as they get good at those positions and they have their necessary licenses, you may put them into an officer position. Now you are talking a six figure income. Then as they continue to learn, grow, and mature, you can eventually put them into a bank officer's position. Now they have a six to seven figure income. But you know they started in the Cage and with the appropriate level of compensation of such.
Dec 6, 2013 10:01 AM CST
1 in 3 bank teller need public assistance? I'm not surprised as bankers and CEOs with millions and billions lounge on their yachts and slurp Cristal champagne every-day people need to visit a food bank or get food stamps to feed their family. Nice!!
Dec 6, 2013 9:55 AM CST
The national debt is increasing inflation! If the Walmart workers and burger flippers deserve $15 an hour, the military deserve $100.00 an hour! Where does it stop?