By Dan FiermanFor many Americans, the first step to getting a loan is going to be going to a bank.
But if you are looking to get a loan, you need to know what kind of bank you need and whether it has the right staff.
Bank examiners and their salaries range from $30,000 to $50,000 a year, according to the National Association of Bank Examiners (NABE).
Thats a huge difference from the average $70,000-plus bank examiner, said NABE president Jim Moulton.
Moulton said bank examiners tend to be more knowledgeable about banks and the banks they work for, so they can make a lot of calls on behalf of the customers.
The other big difference is how they are paid.
NABO estimates that banks pay about 10 percent more to examiners than other types of professionals.
Maurice Fink, president of the Financial Consumer Agency of America, said examiners are paid $25,000 per year.
He said exam takers typically earn about $50k, but said they are rarely paid more than that.
“You can’t get more than $50K a year if you want to be a bank examiner,” Fink said.
“So there’s really a lot more than just salaries and bonuses that banks offer.”
The average salary for a bank examiter is about $40,000, according the NABA.
Fink says that may not sound like much, but exam taker salaries can go up as banks seek to expand their business.
Fanker said exam pay is also influenced by the type of bank examiner you want, as well as the type and size of the loan you need.
Moulin said he wants to go into debt and said he’s already started paying his mortgage off.
He says his goal is to have $5,000 in the bank by the time he’s done.
But he said if that’s not possible, he’s looking to take out a $3,000 loan for his mortgage.
Mouslin said bank exams are the best way to prepare for a job because they provide the best information about banks, their processes and their insurance.
He said exams can help banks ensure they can provide safe and easy banking for their customers, and if they don’t, customers will know that banks aren’t doing their job.
He added that examiners also help the banking industry avoid regulatory oversight and can help companies understand how they operate.
“I think it helps them to know their customers better,” Moulon said.
“If they can get away with something that they don-t want to disclose, that’s something they’ll never have to do again,” Mouson said, adding that he would like to see more examiners being paid.
“There’s always the potential that people might have questions about the system,” he said.MOULIN, Moulson and Fink say bank exam tasters should have an education and a solid foundation in banking to ensure they understand the process of banking.
But exam taster salaries can vary widely depending on the bank, and exam tester pay is subject to change based on what is most profitable for the bank.
Moulson said bank officials also are constantly working on new features to better ensure they meet customer needs.
For example, he said bank executives are constantly testing new technology, such as digital video recorders that record every transaction, so customers don’t have to worry about their credit being compromised.