Showing posts with label bank teller. Show all posts
Showing posts with label bank teller. Show all posts

Wednesday, September 2, 2015

The Secret to Training Tellers

Our guest blogger, Zack Merrill, CBTP, is a Senior Training Consultant with InterAction Training. You will enjoy learning the secret to training tellers.

We seldom remember the expected exchange of everyday conversation because our brain is chock-full of stuff already. If the exchange is meaningful or helpful to you then there is a better than average chance you can recall it. When you are called upon to train or be trained remember this secret: Engagement, getting involved in the training, creates a very distinct file in the brain. When you want learners to learn, teach utilizing engagement and involvement.
Clean junk from brainWhen we only read, look, or listen that information is instantly processed and we file it away in our brain under the junk file marked MISC. Very hard to recover information in this file of the brain because it is overloaded and stuff is tossed in there in no particular order. Like taking your trash and junk to the landfill. If you cleaned out that file you could sort it into four piles: Don’t care, Don’t Understand, Won’t Ever Use, I Need This. The last pile will be the smallest.

When training tellers how to perform, the expectations are high. Both the teller and the company want recall to be quick and spot-on so we wow the client and protect the company. Many bank and credit union trainers feel lousy when the trainees that attend their training don’t remember what was covered. Most trainers are offended when leadership complains that so and so wasn’t trained very well.

Idea TransferIn teller training, the amount of information that needs to be transferred to learning is staggering if you look at the whole picture. The trainer must breakdown the required knowledge, skills, and attitudes into training modules that call for engagement, relatable stories, discussion, real world examples, role play, FAQs, and note taking.

A module that I always enjoyed training tellers about had to do with the persistent threat of counterfeit items. A highly impactful technique for training tellers is the use of storytelling. Here is a favorite one of mine.

Our customer, a decorated veteran was a favorite with the branch staff. Kind and friendly, everyone enjoyed seeing him walk into the lobby. His daughter convinced him to cash some postal money orders she had received as part of a Craig’s List employment opportunity. I don’t need to tell you what happened next. He became my favorite former customer. He thought we should have been able to tell the items were worthless and counterfeit.

It’s still a punch in the gut to think about today. When we charged back the fraudulent activity it cost him over a third of his irreplaceable nest egg that he had earmarked for retirement. It pained all of us to see Mr. Smith fall victim to a scammer.

Immediately after this unfortunate event came to light, I went to the Post Office and purchased a low dollar amount authentic money order to use in the counterfeit module as a “show and tell” discussion. All new tellers as well as veterans should have at their fingertips the means to compare an incoming postal money order to a genuine one.

What stories or techniques have you used to create highly impactful training for tellers?

Great info for our audience, Zack, thank you for sharing your story.

Still learning,

Honey

Tuesday, March 31, 2015

 
The Federal Trade Commission, the nation’s consumer protection agency, states that counterfeit check scams are on the rise. Some fake checks look so real that bank tellers are reporting being fooled. The scammers use high quality printers and scanners to make the checks look real. Some of the checks contain authentic-looking watermarks. These counterfeit checks are printed with the names and addresses of legitimate financial institutions.  And even though the bank and account and routing numbers listed on a counterfeit check may be real, the check still can be a fake. These fakes come in many forms, from cashier’s checks and money orders to corporate and personal checks.
 
A teller must be fast, efficient, competent and well-versed in money, monetary transactions and financial instruments. The teller must be sufficiently worldly-wise to cope with the professional "paperhanger" who makes a comfortable living by defrauding financial institutions and merchants out of hundreds of millions of dollars annually. There is no substitute for experience in the teller's arsenal of defense weapons, but until that experience has been acquired and carefully developed, intelligent training methods must fill the gap.
 
$ $ $ $ $ $
The teller treats a check to be cashed or accepted for deposit
like a thermometer – the higher the amount the hotter the deal.
Practicing prudent risk management practices is essential at the teller window!
$ $ $ $ $ $
 
A scammer's goal is to become your customer.   Once an accountholder, the thief can wait patiently (typically months not years) to deposit fake checks into their account and then move the money before the bank is on to them.  Once an accountholder defrauds the bank they move on so the likelihood of collection is extremely low.
 
Decision making on the teller line around checks that are acceptable to cash or take for deposit is complex.  Here are critical questions and concerns to ponder:
 
Who is this customer?
  • How long have they been my customer?
  • What is their average balance?
  • How much is in their account?
  • How have they managed the account – NSFs?
  • Would the bank loan this amount of money to this customer unsecured for ten days?
  • Don’t be lulled into feeling comfortable by placing a REG CC hold. Whenever the character of the presenter is unknown or questionable or when the amount exceeds the customer’s “credit history” a routine REG CC hold will not offer enough protection.   A hold is never a solution for potential or probable fraud.  Never use a hold when the amount is excessive.  Those items must be sent for collection or the presenter can take the check to the financial institution it is drawn on.

Still Learning,
Honey Shelton

Wednesday, August 13, 2014

Crimes At The Teller Window




Crimes committed at a teller window occur most often by a new account holder or by an impostor posing as someone else. The favorite location for this type of perpetrator is the drive-in. A quick getaway, in addition to the added distance between teller and customer, make the drive-in the ideal place for con artists to try new tricks. A quick getaway, in addition to the added distance between teller and customer, make the drive-in the ideal place for con artists to try their hand at stealing without a gun. These are just two of the motivating factors that prompt crooks passing as customers to use the drive-in to try the newest scam. For example, depositing stolen checks in a new account is one of the oldest tricks in the book still used by con artist today.
 
Investigate checksWhat should you look for? Always examine checks to be certain the payee name and the account holder name are exactly the same. If not, stop. Most likely you should not accept the check for deposit. Take this case for example: What would you do is someone opened an account six weeks ago under the name of John Cameron, and today, he comes through the drive-in to send in a check payable to Cameron for deposit?
 
When you inquire about the payee on the check the depositor says, “I have a small consulting business on the side and some of my clients send me checks payable just to ‘Cameron’. It happens all the time, it is no big deal. I just want to deposit it into my checking account.”
 
Do not accept this check for deposit without an officer’s initials. It is possible the customer’s story is legit; however it is also possible this is a case where checks payable to a business have been stolen. Perhaps the thief has access to the business and is stealing accounts receivable payments.
 
It could take weeks, even months, for the business to discover what is going on. In the meantime, the thief has deposited numerous checks amounting to thousands of dollars, withdrawn all the funds, closed the account, and moved on to another institution to pull his trick on another unsuspecting teller.
 
Still learning,
Honey

Tuesday, November 5, 2013

Red Flags for the Elder Abuse

Elder abuse includes the illegal or improper use of an older adult's funds, property or assets. Recent studies suggest that financial exploitation is the most common form of elder abuse that only a small fraction of incidents are reported. Financial institutions can play a key role in preventing and detecting elder financial exploitation. Financial institutions often spot the red flags for abuse sooner than anyone else.

Check out previously recorded webinar for tellers: It’s More Than a Balancing Act and our manual Essential Teller Issues.

Possible signs of elder abuse might include the following:

  • Frequent large withdrawals
  • Sudden non-sufficient fund activity
  • Uncharacteristic nonpayment for services
  • Uncharacteristic attempts to wire large sums of money
  • Closing of CDs or accounts with no regard to penalties
  • Caregiver or other individuals shows excessive interest in the older adult's finances
  • The financial institution is unable to speak directly with the older adult, despite repeated attempts to contact him or her.
  • A new caregiver, relative or friend suddenly begins conducting financial transaction on behalf of the older adult without proper documentation
  • The older adult's financial management changes suddenly, such as through a change of power of attorney to a different family member or new individual
  • The older adult lacks knowledge about his or her financial status, or shows a sudden reluctance to discuss financial matters.
Still learning,

Honey

Honey Shelton
InterAction Training
20826 Sweet Violet Court
Humble, TX 77346
281-812-0211

Thursday, May 9, 2013

Eight Principles that Count at the Teller Window


Every teller has a personal interest in cash-handling procedures and should be certain cash-related  policy is meticulously obeyed.  Cash limits vary from institution to institution and even from one teller to another, depending on the teller's specific responsibilities.  Limits can also vary from day to day, depending upon your cash needs. 

 
  1. Large bulk-cash deposits should be removed from the teller window as soon as possible.  Similarly, prepared change orders should not be kept at the teller window awaiting pickup. It is tempting fate to use teller windows as temporary storage space for large sums of money.  The teller's coin vault could be used for safe temporary storage during the day.
  2. Each teller is responsible for the currency and coin supply assigned to him/her.  Tellers also are charged with the responsibility of accepting money from--and paying money to--their customers.
  3. Financial institution tellers are the constant target of thieves, swindlers, and con artists.  This is true of almost all phases of teller activity.  Teller training must go beyond the basics of counting money and making change.  Learning how swindlers cheat  tellers is an essential part of the training.  This requires continuous, on-going teller training.  Professional crooks are clever and resourceful.  They are well acquainted with internal procedures, and constantly invent new deceptive tactics.  Management must understand that a "new" teller steps up to the window and enters the world of major-league fraud.
  4. The teller's responsibility for handling money begins before the teller window is opened and extends up to the point of balancing and turning in the cash supply at the end of the day.  During that time thousands of dollars are handled--money set up in the drawer, taken in from and paid out to depositors and customers, or transferred within the institution.
  5. If interrupted during counting, stop and start again.  It's better to take the extra minute than to shortchange or overpay someone.
  6. Avoid making unnecessary conversation when counting.  This discipline enables the teller to stay focused and avoid being distracted during the counting steps.
  7. Ask customers to count large amounts of cash before they leave the window.  As an added precaution, follow procedures for having customers sign for large amounts of cash, to indicate receipt of the money.
  8. By handling currency and coin in a consistent and professional manner, the work is simplified and the chance of error is reduced.  Equally important, tellers develop the skill to concentrate on both the transaction and the customer.
Pay the teller the respect they are due, smile when you see them and provide them training and coaching routinely!

Still learning,

Honey