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.
New accounts representative responsibilities
Here are examples of responsibilities from real new accounts representative resumes:
- 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.
- Inform customers of procedures for applying for various services such as ATM cards, direct deposit & CD's.
- Balance cash vault every night, balance and maintain the ATM and the cash flow log for the ATM daily.
- Position involve extensive direct contact with customers via phone and email, including high AML risk and politically expose customers.
- Review existing accounts and initiate contacts by telephone and mail to cross-sell additional services.
- Advise patients of insurance/hospital information, prepare admission forms and enter patient data into the patient data accounting system.
- Implement a new procedural manual of instructions on how to complete the IR restrictions.
- Refer treasury management, merchant services and cash flow management opportunities to business banker.
New accounts representative skills and personality traits
We calculated that 15% of New Accounts Representatives are proficient in Customer Service, Bank Products, and Cross-Sell. They’re also known for soft skills such as Organizational skills, Math skills, and Communication skills.
We break down the percentage of New Accounts Representatives that have these skills listed on their resume here:
- Customer Service, 15%
Provided an excellent customer service experience by maintaining the highest degree of courtesy, confidentiality and professionalism.
- Bank Products, 8%
Referred bank products and services to specific customers through needs identification and maximizing profitable relationship.
- Cross-Sell, 6%
Reviewed existing accounts and initiated contacts by telephone and mail to cross-sell additional services.
- Financial Services, 6%
Opened and processed new accounts; presented financial services to new and existing customers; assisted branch manager in daily operation.
- Credit Card, 5%
Determined customer credit worthiness and verified customer employment to issue customer a credit card.
- Loan Payments, 5%
Tell her receiving business and personal deposits, entering loan payments and cashing checks, while working with Microsoft Windows.
Common skills that a new accounts representative uses to do their job include "customer service," "bank products," and "cross-sell." You can find details on the most important new accounts representative responsibilities below.
Organizational skills. To carry out their duties, the most important skill for a new accounts representative to have is organizational skills. Their role and responsibilities require that "financial clerks must be able to arrange files so they can find them quickly and efficiently." New accounts representatives often use organizational skills in their day-to-day job, as shown by this real resume: "develop help files according to organizational software quality standards. "
Math skills. Another soft skill that's essential for fulfilling new accounts representative duties is math skills. The role rewards competence in this skill because "the job duties of financial clerks includes calculating charges and updating financial records." According to a new accounts representative resume, here's how new accounts representatives can utilize math skills in their job responsibilities: "tracked all employees in cms and the iex webstation (schedule bidding, call statistics, time off) 9. )"
Communication skills. This is an important skill for new accounts representatives to perform their duties. For an example of how new accounts representative responsibilities depend on this skill, consider that "financial clerks should be able to explain policies and procedures to colleagues and customers." This excerpt from a resume also shows how vital it is to everyday roles and responsibilities of a new accounts representative: "displayed strong communication skills in both employee and customer relations; helped build employee morale. ".
The three companies that hire the most new accounts representatives are:
- Glacier Ban20 new accounts representatives jobs
- Heritage Bank of Commerce13 new accounts representatives jobs
- International Paper9 new accounts representatives jobs
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Compare different new accounts representatives
New accounts representative vs. Teller
Tellers are bank employees who handle face-to-face or in-person transactions of clients. They are the bank's front liners, and they interact with clients on a daily basis. They process requests related to the clients' bank accounts, including, but not limited to, opening and closing accounts, withdrawing and depositing cash and checks, processing loan requests, accepting payments, validating transactions, and answering any other questions that a client may have. They should also be familiar with the bank's products and services. Tellers should have good customer service skills, attention to detail, and basic accounting skills.
There are some key differences in the responsibilities of each position. For example, new accounts representative responsibilities require skills like "credit card," "loan payments," "product knowledge," and "check orders." Meanwhile a typical teller has skills in areas such as "cash handling," "math," "basic math," and "savings withdrawals." This difference in skills reveals the differences in what each career does.
Tellers tend to make the most money working in the finance industry, where they earn an average salary of $32,762. In contrast, new accounts representatives make the biggest average salary, $37,062, in the finance industry.The education levels that tellers earn slightly differ from new accounts representatives. In particular, tellers are 1.1% less likely to graduate with a Master's Degree than a new accounts representative. Additionally, they're 0.1% less likely to earn a Doctoral Degree.New accounts representative vs. Universal banker
A universal banker's role is to provide banking assistance to clients by performing a wide range of tasks, ensuring timeliness and customer satisfaction. Their responsibilities revolve around handling and processing accounts, accomplishing requests from clients, and addressing inquiries and complaints, responding to them promptly and efficiently. They must also manage cash drawers, generate referrals, and identify the clients' financial and banking needs. Furthermore, as a universal banker, it is crucial to ensure that all processes comply with the policies and regulations of the bank.
Each career also uses different skills, according to real new accounts representative resumes. While new accounts representative responsibilities can utilize skills like "bank products," "cross-sell," "credit card," and "check orders," universal bankers use skills like "customer relationships," "cash handling," "branch management," and "customer satisfaction."
On average, universal bankers earn a lower salary than new accounts representatives. Some industries support higher salaries in each profession. Interestingly enough, universal bankers earn the most pay in the finance industry with an average salary of $33,730. Whereas new accounts representatives have higher pay in the finance industry, with an average salary of $37,062.Average education levels between the two professions vary. Universal bankers tend to reach similar levels of education than new accounts representatives. In fact, they're 0.6% more likely to graduate with a Master's Degree and 0.1% less likely to earn a Doctoral Degree.New accounts representative vs. Telephone banker
There are many key differences between these two careers, including some of the skills required to perform responsibilities within each role. For example, a new accounts representative is likely to be skilled in "cross-sell," "product knowledge," "bank secrecy act," and "account types," while a typical telephone banker is skilled in "account balances," "problem resolution," "customer calls," and "windows."
Most telephone bankers achieve a similar degree level compared to new accounts representatives. For example, they're 1.5% less likely to graduate with a Master's Degree, and 0.2% less likely to earn a Doctoral Degree.New accounts representative vs. Personal banking assistant
Types of new accounts representative
Updated January 8, 2025
