Collections representative vs bank representative

The differences between collections representatives and bank representatives can be seen in a few details. Each job has different responsibilities and duties. Additionally, a bank representative has an average salary of $34,417, which is higher than the $34,015 average annual salary of a collections representative.

The top three skills for a collections representative include payment arrangements, customer service and delinquent accounts. The most important skills for a bank representative are bank products, customer service, and bank policies.

Collections representative vs bank representative overview

	Collections Representative	Bank Representative
Yearly salary	$34,015	$34,417
Hourly rate	$16.35	$16.55
Growth rate	-8%	-12%
Number of jobs	85,275	105,192
Job satisfaction	-	-
Most common degree	High School Diploma, 33%	Bachelor's Degree, 53%
Average age	46	39
Years of experience	12	-

What does a collections representative do?

A Collections Representative's role is to collect payment for outstanding or overdue bills through phone calls, email, mail, or sometimes personal appointments. A Collections Representative is required to have a great deal of research and communication skills in order to reach out to people and explain how to settle their debts or even negotiate a payment term or plan. Collections Representatives must also make sure that these terms are honored and met, and create reports for the creditor regarding the delinquent accounts.

What does a bank representative do?

A bank representative works to assist clients, aiming to provide optimal banking services and build positive client relationships. Their duties include greeting and identifying the clients' needs, answering inquiries, giving clear instructions, and discussing banking terms. They also process client requests such as withdrawals, deposits, payments, and even handling applications. Moreover, a bank representative may also conduct market research and analyses, generate leads, and reach out to potential clients through calls and correspondence to offer products and services.

Collections representative vs bank representative salary

Collections representatives and bank representatives have different pay scales, as shown below.

	Collections Representative	Bank Representative
Average salary	$34,015	$34,417
Salary range	Between $26,000 And $42,000	Between $28,000 And $41,000
Highest paying City	San Ramon, CA	Albany, NY
Highest paying state	California	New York
Best paying company	University of California, Berkeley	Advancial Federal Credit Union
Best paying industry	Finance	Finance

Differences between collections representative and bank representative education

There are a few differences between a collections representative and a bank representative in terms of educational background:

	Collections Representative	Bank Representative
Most common degree	High School Diploma, 33%	Bachelor's Degree, 53%
Most common major	Business	Business
Most common college	-	-

Collections representative vs bank representative demographics

Here are the differences between collections representatives' and bank representatives' demographics:

	Collections Representative	Bank Representative
Average age	46	39
Gender ratio	Male, 30.6% Female, 69.4%	Male, 34.1% Female, 65.9%
Race ratio	Black or African American, 12.2% Unknown, 3.9% Hispanic or Latino, 18.9% Asian, 3.4% White, 61.1% American Indian and Alaska Native, 0.5%	Black or African American, 9.2% Unknown, 3.4% Hispanic or Latino, 22.4% Asian, 7.3% White, 57.1% American Indian and Alaska Native, 0.6%
LGBT Percentage	8%	7%

Differences between collections representative and bank representative duties and responsibilities

Collections representative example responsibilities.

Protect A/R assets by managing a portfolio of accounts to maximize gainful sales and reduce debt losses.
Maintain effective communication and utilize negotiation skills with internal and external customers to effect collections while maintaining customer good will.
Submit all reconsideration and appeals if need.
Conduct periodic data cleaning of queues balances deny with deny appeals.
Resolve valid or authorize NSF charges due to decline credit cards or ACH transactions.
Collect and count inventories, reconcile purchases and scan UPC's and inputting price information.

Bank representative example responsibilities.

Used CRM software for KYC purposes, managing and analyzing customer data throughout life cycle.
Open new accounts for existing and/or new clients, including money market savings, CDs, and IRA accounts.
Complete maintenance request including address changes, check orders, stop payments, warnings, account closings and ATM card captures.
Originate and sign internal debit and credit documents.
Complete customer account paperwork for loans, fraudulent activity, unauthorize activity and weekly ATM balancing reports.
Advise patients of insurance/hospital information, prepare admission forms and enter patient data into the patient data accounting system.

Collections representative vs bank representative skills

Common collections representative skills

Payment Arrangements, 14%
Customer Service, 13%
Delinquent Accounts, 9%
Past Due Accounts, 6%
Customer Accounts, 4%
Debt Repayment, 4%

Common bank representative skills

Bank Products, 12%
Customer Service, 11%
Bank Policies, 9%
Cross-Sell, 6%
Excellent Interpersonal, 5%
Cash Handling, 5%

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Office and Administrative Industry
Collections Representative
Collections Representative vs Bank Representative

Updated January 8, 2025

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