New accounts representative vs bank representative

The differences between new accounts representatives and bank representatives can be seen in a few details. Each job has different responsibilities and duties. Additionally, a new accounts representative has an average salary of $36,918, which is higher than the $34,417 average annual salary of a bank representative.

The top three skills for a new accounts representative include customer service, bank products and cross-sell. The most important skills for a bank representative are bank products, customer service, and bank policies.

New accounts representative vs bank representative overview

	New Accounts Representative	Bank Representative
Yearly salary	$36,918	$34,417
Hourly rate	$17.75	$16.55
Growth rate	-3%	-12%
Number of jobs	133,070	105,192
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 51%	Bachelor's Degree, 53%
Average age	41	39
Years of experience	12	-

What does a new accounts representative do?

New accounts representatives are banking professionals who are responsible for the explanation of the available accounts. The accounts representatives explain different options for new accounts and interconnected services. They discuss any requirements, fees, or limits related to an account. It is their job to describe new account services to clients and assist them in the paperwork. They perform wire or electronic transfers for the funds coming from the other accounts. Also, they direct their clients to banking specialists for additional services.

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.

New accounts representative vs bank representative salary

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

	New Accounts Representative	Bank Representative
Average salary	$36,918	$34,417
Salary range	Between $28,000 And $47,000	Between $28,000 And $41,000
Highest paying City	San Mateo, CA	Albany, NY
Highest paying state	Hawaii	New York
Best paying company	DATCU	Advancial Federal Credit Union
Best paying industry	Finance	Finance

Differences between new accounts representative and bank representative education

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

	New Accounts Representative	Bank Representative
Most common degree	Bachelor's Degree, 51%	Bachelor's Degree, 53%
Most common major	Business	Business
Most common college	-	-

New accounts representative vs bank representative demographics

Here are the differences between new accounts representatives' and bank representatives' demographics:

	New Accounts Representative	Bank Representative
Average age	41	39
Gender ratio	Male, 26.6% Female, 73.4%	Male, 34.1% Female, 65.9%
Race ratio	Black or African American, 9.5% Unknown, 2.9% Hispanic or Latino, 22.0% Asian, 9.1% White, 55.7% American Indian and Alaska Native, 0.8%	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	11%	7%

Differences between new accounts representative and bank representative duties and responsibilities

New accounts representative example responsibilities.

Gain excellent customer service skills and achieve award for completing voluntary MSR exams.1
Report tax information to the IRS.
Complete require BSA & OFAC training annually.
Identify potential high risks clients and investigate OFAC status.
Ensure adherence to IIROC, QI, AML, regulations and to mitigate legal and reputational risk.
Answer incoming calls on first ring; assist customers, complete customer request forms in AS400 system.

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.

New accounts representative vs bank representative skills

Common new accounts representative skills

Customer Service, 15%
Bank Products, 8%
Cross-Sell, 6%
Financial Services, 6%
Credit Card, 5%
Loan Payments, 5%

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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New Accounts Representative
New Accounts Representative vs Bank Representative

Updated January 8, 2025

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