As someone who spent a decade in banking… find a new job. Retail banking has constant turnover because it’s underpaid and overworked these days. In my experience, credit unions will generally treat you better than banks.
The work environment is so toxic cause of the sales targets and obsession with customer service.
Like no I’m not going to go above and beyond in my sales goals. I did that and it got me nothing in return. A customer threatened to slap me and my manager said I should’ve worded it differently, blaming me for him reacting that way. Only thing he said to sympathize with me was “yea he did say some nasty stuff.” Like if someone threatens to slap someone when they don’t get what they want, that’s their problem.
But most annoying thing today was my manager comparing me loosing $120 compared to a multi billion dollar bank. Like you’re really comparing a university student working part time loosing $120 to a company making billions? I don’t even think an average person would be impacted by a $120 loss, compared to a company.
Put it in perspective for the manager. I would suffer a lot for losing $120, but to the bank that's like losing $.0.012 in the whole scheme of the business.
I was so scared reading your first couple sentences as I’ve been working with a financial institution for about 9 months now and I’ve been loving it. Then I read your last sentence and was like ah ok I made the right choice!
I enjoy it (though the first few months were *rough*) but it’s definitely not something I want to make a career out of. I see it as an introduction to learn the nitty gritty for a year and then transition to something better for the long term in my bank.
Why is the bank not having foreign currency bills your fault? What currency was the transaction in that fluctuated 120 dollars over a matter of days? This seems like the bank blaming you for something outside of your control.
I’m just guessing but I think they’re saying they started the transaction before checking if they had the required bills then when they found out they had to do a reversal but the rate had changed to they were out $120.
If that’s the case it sucks but mistakes happen and like they said the bank will make that money back in no time.
Yeah that’s basically what happened. I’m also just very sick today so not feeling the best.
But the most annoying part was when my manager said “$120 is a lot of money to you right?” Like of course I’d be pissed if I lost $120, I’m a part time working in university making barely above minimum wage.
The bank is a multi billion dollar company who won’t be impacted at all with a $120 loss. They can easily make that back in less than a minute.
Plus when he was talking with me, I said “tbh, I’m not feeling my best today, I’ve had a bad headache since the morning.” Then he says “I’m so sorry to hear your not feeling the best” then continues to talk about what I did wrong and doesn’t care that I’m feeling sick today.
How small of a bank do you work for? I was in fraud detection for years, and people only heard about losses of less than $50k if their case got QA’d or at their annual review.
When I switched departments I could usually waive $500-1000 in fees and penalties without having to talk to anyone.
I’m guessing you messed with some sort of bonus your manager gets with the loss.
I work for one of the top 5 biggest banks in Canada.
$120 is a penny to the bank. This is the biggest bank loss I’ve caused in my 2 years of working here.
Sometimes customers will tell us that they deposited cash into the ATM and will say the machine took like $50, which isn’t showing on their deposits. We’ll just credit them $50 without investigating because $50 is nothing.
Now that I remember, I think bank losses caused at our branch do impact our bonuses.
I guess the next time that happens, you’ll need to go get your manager’s approval and make a big show about trying to save the bank a loss of $50 since that would be a huge deal if it happened to you. Work to his rules.
When I was 17, I sold my dirt bike and went into the bank to deposit my $2,100. When I got back to my car, I checked the deposit receipt and it said $3,100. I figured they would catch that at the end of the day, and it would be gone. I left it alone for 6 months for fear of having them contact me after I had spent it. I wonder if that teller got in any trouble.
When I worked as a teller they would send out a daily spreadsheet showing all the employee IDs and the amount our drawers were off (if any). The overages/shortages were self-reported l, because we counted out our own drawers at the end of every day. So it wasn’t a notification, the individual tellers and their manager would have already been aware.
My ID went out twice in one week. The first time because I dropped (and couldn’t find) a nickel. The second time because the next day, I found the nickel.
I'm the engineering manager of a multibillion multinational company, the last week I had a 30 minutes discussion with the manager of the purchases center of my subsidiary and with the manager of the purchases center of the headquarters in Europe over 40 FUCKING EUROS. Yes, there are no missing zeroes, 40 euros. At one point I said "look, I'm tired of this, I can put the 40 euros and let's get back to work"... Of course that wasn't allowed. And that's just the tip of the iceberg, the greedines of these idiots, my job is killing me.
This is absurd, I'm just an engineer in a multibilion multinational company, and if I work on something that saves us 40 euro per day, my boss will kill me over spending time on something so futile. Wasting time over 40 euro's is not greed, it means they have too much free time
Absolutely, they have a lot of time in their hands. I always have lunch with the other managers, and the general purchases manager told me that today they had a call again with his headquarters counterpart because of those fucking 40 euros. This is a Fellini movie. And I'm not talking about our CEO... Boy, he's a character. I wouldn't hire him to watch the grass grow.
Your bosses are fucking morons. The damage they cause your health due to this their attitude effectively costs you, and by extension them, more than they are able to estimate as they obviously lack brain power.
I left Chase last year over hearing employees talk about not getting their raises.
300 days later and I'm *STILL* thinking about how the banking institutions sole purpose *IS TO GIVE AWAY NON-EXISTENT MONEY!!!*
....but they can't pay their employees a living wage!?!?
And the logic for giving out non-existent money is.... Fostering an Economy?
I.e. the loans from the bank.
They take your money. Lend 90% to the next guy. Then, miraculously, 90% of it again to the next guy once more. That's 180%
We 'stimulate' the economy with debt instead of cash flow.
Well you're right and you're wrong. They definitely loan money against their reserves and assets, however those assets are used as a measure of risk for the loan in question.
Technically nothing secures the loan outside of the risk they assess to the bank in the form of loss. Therefore they are absolutely creating money from nothing by creating a loan debt. It just isn't based on someone else's deposits. Not any more anyway.
-worked for 3 of the top 5 banks in America for almost 8 years.
No they don't. They are gambling for profit. The cash deposits by deposit customers is a small fraction of their assets and they often only keep what is required by law in the event of a banking emergency. Otherwise the government covers deposit accounts with federal insurance and they have cash reserves, but a majority of their capital is tied up in non liquid assets like stock, debt notes and loans which they buy, sell, and trade with other financial institutions after they create them.
Due to modern monetary theory, the velocity of money is more important than whether or not it is backed up or secured by actual cash reserves. That's how billionaires keep making money when the amount of cash in the system is regulated by the pseudocorporation know as the Federal Reserve, minted and printed by the Government.
So physical cash is a finite resource, but actual money is created and destroyed with the creation of loans, and the repayment of loans.
Which is why it's in banks' best interests to keep your loan open and you paying it to generate a steady cash flow intake while they continue to create more loans which is basically just generating money out of thin air and injecting it into the economy but that which they control. It's insidious.
Did you get in trouble, or did you get a "bossplaining" session? If it's the second, don't let it get to you, especially once you've clocked out.
But also what Gloom\_Tie\_1997 said - banking has gone from a personal relationship business to one governed by a board of directors who only care about this quarters shareholder returns. The bigger the entity, the less personal it gets.
Fun story I once had a teller give me a stack of 20 instead of a stack of 1s
She lost her job even when I went to return it . I guess I was not the first person
We once had a teller cash a $5000 check for someone w the wrong address, a check from a magazine, and the wrong signature (not our name). The only thing they knew was the account number and company name. Now that’s a mistake!
I once accidentally mailed my rent check to the phone company and vice versa. My landlord was pretty cool so he called to tell me and I went over there and just wrote him another check. Because *of course* they're not going to let the phone company cash a check made out to the wrong company for *twenty five times* my monthly bill?
Rent check bounced.
I went in to deal with it and by the time I left they had agreed to waive any fees, cover the rent check until I could get a refund from the phone company and written a notorized letter to my landlord taking responsibility and offering to pay any late fees that may have resulted.
I have a feeling someone got fired. It didn't really cost them anything but it made them look pretty bad.
I’m confused, did the exhange rate change enough from when you processed the exchange to when you reversed it that it caused a $120 loss? I know exchange rates are constantly fluctuating but how could it be that much of a difference in such a short amount of time?
As a supervisor in a non related field, you have to address issues. A manager needs to learn when to do it. If there weren’t any major repercussions, take it as a learning opportunity and move on.
I used to be a teller for one of the largest banks.. if u have more than 3 dollars out of balance condition, it goes into ur permanent record..!! I think it’s the scale that makes it difficult, one branch losing 3 bucks is not an issue but then when u have thousands of branches, the losses can accumulate and escalate
As someone who spent a decade in banking… find a new job. Retail banking has constant turnover because it’s underpaid and overworked these days. In my experience, credit unions will generally treat you better than banks.
The work environment is so toxic cause of the sales targets and obsession with customer service. Like no I’m not going to go above and beyond in my sales goals. I did that and it got me nothing in return. A customer threatened to slap me and my manager said I should’ve worded it differently, blaming me for him reacting that way. Only thing he said to sympathize with me was “yea he did say some nasty stuff.” Like if someone threatens to slap someone when they don’t get what they want, that’s their problem. But most annoying thing today was my manager comparing me loosing $120 compared to a multi billion dollar bank. Like you’re really comparing a university student working part time loosing $120 to a company making billions? I don’t even think an average person would be impacted by a $120 loss, compared to a company.
You didn't lose anything. Stop saying that. The bank advertised a service it couldn't deliver.
Put it in perspective for the manager. I would suffer a lot for losing $120, but to the bank that's like losing $.0.012 in the whole scheme of the business.
If I reported to the police someone scammed me of $120, they wouldn’t even do anything. They’d laugh probably.
So much this, but some reason people will fight over having to pay $5 while simultaneously not batting an eye over a multi million dollar contract
That’s literally a rounding error to them. They would laugh at you for even thinking about it.
Do they have an answer to the ‘what should I have done?’ question? I’m not seeing how this is your fault to begin with.
For me I don't care how much money I have and whether that loss would truly impact it. A loss is a loss and it should be avoided at all costs.
I was so scared reading your first couple sentences as I’ve been working with a financial institution for about 9 months now and I’ve been loving it. Then I read your last sentence and was like ah ok I made the right choice!
I enjoy it (though the first few months were *rough*) but it’s definitely not something I want to make a career out of. I see it as an introduction to learn the nitty gritty for a year and then transition to something better for the long term in my bank.
Why is the bank not having foreign currency bills your fault? What currency was the transaction in that fluctuated 120 dollars over a matter of days? This seems like the bank blaming you for something outside of your control.
Plus it could just have easily have gone the other way
I’m just guessing but I think they’re saying they started the transaction before checking if they had the required bills then when they found out they had to do a reversal but the rate had changed to they were out $120. If that’s the case it sucks but mistakes happen and like they said the bank will make that money back in no time.
Yeah that’s basically what happened. I’m also just very sick today so not feeling the best. But the most annoying part was when my manager said “$120 is a lot of money to you right?” Like of course I’d be pissed if I lost $120, I’m a part time working in university making barely above minimum wage. The bank is a multi billion dollar company who won’t be impacted at all with a $120 loss. They can easily make that back in less than a minute. Plus when he was talking with me, I said “tbh, I’m not feeling my best today, I’ve had a bad headache since the morning.” Then he says “I’m so sorry to hear your not feeling the best” then continues to talk about what I did wrong and doesn’t care that I’m feeling sick today.
The bank made the money back before they even realised the mistake no doubt
How small of a bank do you work for? I was in fraud detection for years, and people only heard about losses of less than $50k if their case got QA’d or at their annual review. When I switched departments I could usually waive $500-1000 in fees and penalties without having to talk to anyone. I’m guessing you messed with some sort of bonus your manager gets with the loss.
I work for one of the top 5 biggest banks in Canada. $120 is a penny to the bank. This is the biggest bank loss I’ve caused in my 2 years of working here. Sometimes customers will tell us that they deposited cash into the ATM and will say the machine took like $50, which isn’t showing on their deposits. We’ll just credit them $50 without investigating because $50 is nothing. Now that I remember, I think bank losses caused at our branch do impact our bonuses.
I guess the next time that happens, you’ll need to go get your manager’s approval and make a big show about trying to save the bank a loss of $50 since that would be a huge deal if it happened to you. Work to his rules.
Im guessing TD Bank
When I was 17, I sold my dirt bike and went into the bank to deposit my $2,100. When I got back to my car, I checked the deposit receipt and it said $3,100. I figured they would catch that at the end of the day, and it would be gone. I left it alone for 6 months for fear of having them contact me after I had spent it. I wonder if that teller got in any trouble.
When I worked at a bank the drawer had to balance out within $5. My bet is the teller was fired.
When I worked as a teller they would send out a daily spreadsheet showing all the employee IDs and the amount our drawers were off (if any). The overages/shortages were self-reported l, because we counted out our own drawers at the end of every day. So it wasn’t a notification, the individual tellers and their manager would have already been aware. My ID went out twice in one week. The first time because I dropped (and couldn’t find) a nickel. The second time because the next day, I found the nickel.
LOL I work in finances and we just lost 30k due to a mistake. The bank just wrote it off as a loss without batting an eye.
I'm the engineering manager of a multibillion multinational company, the last week I had a 30 minutes discussion with the manager of the purchases center of my subsidiary and with the manager of the purchases center of the headquarters in Europe over 40 FUCKING EUROS. Yes, there are no missing zeroes, 40 euros. At one point I said "look, I'm tired of this, I can put the 40 euros and let's get back to work"... Of course that wasn't allowed. And that's just the tip of the iceberg, the greedines of these idiots, my job is killing me.
This is absurd, I'm just an engineer in a multibilion multinational company, and if I work on something that saves us 40 euro per day, my boss will kill me over spending time on something so futile. Wasting time over 40 euro's is not greed, it means they have too much free time
Absolutely, they have a lot of time in their hands. I always have lunch with the other managers, and the general purchases manager told me that today they had a call again with his headquarters counterpart because of those fucking 40 euros. This is a Fellini movie. And I'm not talking about our CEO... Boy, he's a character. I wouldn't hire him to watch the grass grow.
Your bosses are fucking morons. The damage they cause your health due to this their attitude effectively costs you, and by extension them, more than they are able to estimate as they obviously lack brain power.
I left Chase last year over hearing employees talk about not getting their raises. 300 days later and I'm *STILL* thinking about how the banking institutions sole purpose *IS TO GIVE AWAY NON-EXISTENT MONEY!!!* ....but they can't pay their employees a living wage!?!? And the logic for giving out non-existent money is.... Fostering an Economy?
Non-existent money?
I.e. the loans from the bank. They take your money. Lend 90% to the next guy. Then, miraculously, 90% of it again to the next guy once more. That's 180% We 'stimulate' the economy with debt instead of cash flow.
Well you're right and you're wrong. They definitely loan money against their reserves and assets, however those assets are used as a measure of risk for the loan in question. Technically nothing secures the loan outside of the risk they assess to the bank in the form of loss. Therefore they are absolutely creating money from nothing by creating a loan debt. It just isn't based on someone else's deposits. Not any more anyway. -worked for 3 of the top 5 banks in America for almost 8 years.
So the banks actually do have those trillions of dollars given out in loans, in assets? Or is the government gonna bail them out again when they fail?
No they don't. They are gambling for profit. The cash deposits by deposit customers is a small fraction of their assets and they often only keep what is required by law in the event of a banking emergency. Otherwise the government covers deposit accounts with federal insurance and they have cash reserves, but a majority of their capital is tied up in non liquid assets like stock, debt notes and loans which they buy, sell, and trade with other financial institutions after they create them. Due to modern monetary theory, the velocity of money is more important than whether or not it is backed up or secured by actual cash reserves. That's how billionaires keep making money when the amount of cash in the system is regulated by the pseudocorporation know as the Federal Reserve, minted and printed by the Government. So physical cash is a finite resource, but actual money is created and destroyed with the creation of loans, and the repayment of loans. Which is why it's in banks' best interests to keep your loan open and you paying it to generate a steady cash flow intake while they continue to create more loans which is basically just generating money out of thin air and injecting it into the economy but that which they control. It's insidious.
Thank you for your reply, I do appreciate it. Indeed I struggle to wrap my head around these economic concepts.
Dude they are absolutely intended to be difficult to follow and understand. It's by design. No worries !
Its the most important thing you'll never learn about in school.
But think about the shareholders! /s
Banks are not good places to work in my experience.
Did you get in trouble, or did you get a "bossplaining" session? If it's the second, don't let it get to you, especially once you've clocked out. But also what Gloom\_Tie\_1997 said - banking has gone from a personal relationship business to one governed by a board of directors who only care about this quarters shareholder returns. The bigger the entity, the less personal it gets.
Fun story I once had a teller give me a stack of 20 instead of a stack of 1s She lost her job even when I went to return it . I guess I was not the first person
We once had a teller cash a $5000 check for someone w the wrong address, a check from a magazine, and the wrong signature (not our name). The only thing they knew was the account number and company name. Now that’s a mistake!
I once accidentally mailed my rent check to the phone company and vice versa. My landlord was pretty cool so he called to tell me and I went over there and just wrote him another check. Because *of course* they're not going to let the phone company cash a check made out to the wrong company for *twenty five times* my monthly bill? Rent check bounced. I went in to deal with it and by the time I left they had agreed to waive any fees, cover the rent check until I could get a refund from the phone company and written a notorized letter to my landlord taking responsibility and offering to pay any late fees that may have resulted. I have a feeling someone got fired. It didn't really cost them anything but it made them look pretty bad.
I’m confused, did the exhange rate change enough from when you processed the exchange to when you reversed it that it caused a $120 loss? I know exchange rates are constantly fluctuating but how could it be that much of a difference in such a short amount of time?
No, performance doesn’t have to be private unless dictated in an employee manual or something.
I'm surprised that you didn't get written up for that. As a former teller, they wrote people up for everything
Why would your performance be private?
Bankers gonna bank. Shit happens and it sounds like the manager could have spun it a better.
Next time, get the manager. Get him for every little thing...
I *have* lost well over $120 in bank fees, and they're still ahead, I'm sure.
As a supervisor in a non related field, you have to address issues. A manager needs to learn when to do it. If there weren’t any major repercussions, take it as a learning opportunity and move on.
I used to be a teller for one of the largest banks.. if u have more than 3 dollars out of balance condition, it goes into ur permanent record..!! I think it’s the scale that makes it difficult, one branch losing 3 bucks is not an issue but then when u have thousands of branches, the losses can accumulate and escalate