A new accounts officer at a bank, often known as a new accounts representative, helps customers set up new checking, savings, and investment accounts. Even though they work with loan officers to meet client needs, they usually only help with preliminary customer requests and general product offerings but don't perform underwriting duties or finalize loans. New accounts representatives help individuals with personal banking needs and assist business owners with commercial banking demands.
Explain Account Options
New accounts officers must be up to date on all account products and services. They must be familiar with different types of accounts, fee structures, customer benefits, interest rates on savings and investment accounts and account restrictions. For example, some checking accounts don't require a monthly fee but a minimum balance must be maintained. Other accounts are free for students but have a low monthly fee for non-students. New accounts representatives present account options to potential clients over the phone and in face-to-face meetings.
Open New Accounts
Banks have procedures and documentation requirements for opening new accounts. Owners of new accounts must be present to officially sign, register and agree to the terms of their accounts. For example, most banks require signatures from both parties when they open a joint account. Some new accounts require initial deposits so representatives fill out the paperwork and escort new account owners to tellers to complete transactions. New accounts officers help customers sign up for debit cards, order checks and deposit slips and instruct them on how to use online banking systems.
Ensure Security and Privacy
New accounts officers are responsible for maintaining the security and confidentiality of new accounts. Social security numbers, initial deposit amounts and personal contact information are kept private between the officer, client and teller, who might be needed to complete transactions. Personal access codes, account numbers, passwords and pin numbers are also kept confidential. New account representatives also assist existing clients with account needs, such as address changes, lost or stolen bank cards, wire transfers, certificates of deposit, retirement accounts and fraudulent account activity.
Solicit Other Products and Services
Account owners might need additional banking services, so new accounts officers advertise and market other available opportunities. They often market to specific age groups and current needs. For example, they might discuss retirement account options with senior citizens, college-saving programs with parents of elementary or high school students or mortgage loan programs for newlyweds and young families. New accounts representatives often work as salespeople and introduce new products to existing clients. They often introduce customers to new departments and cross-sell products and services, according to Merchants Bank of California.