The Deposit Services Specialist owns all aspects of deposit account solutions including checking, savings, certificates, IRAs, business and fiduciary accounts. This includes reviewing documentation, transactions, and maintenance for accuracy, coordinating annual IRS tax reporting, processing IRA transactions, adjustments, write-offs, recoveries, and unclaimed property. This position is also responsible for proper legal statement and notice delivery, decedent accounts, deposit fee programs and negative balance monitoring.
Must effectively carry out the essential duties of this position in a manner that consistently demonstrates the core values of the Organization in a positive manner.
1) Deposit Accounts Solution Ownership - 50%
Each Specialist is assigned one of the areas below for primary focus, with cross-training and regular rotation in the other areas to provide seamless support to members and staff:
a. Savings, Checking Money Market
1. Process necessary account documentation review and follow up as indicated by exception and error reports (CIP, CFM and missing documentation errors).
2. Process monetary corrections and/or adjustments to accounts, including closure requests.
3. Provide guidance to branch staff for account exceptions related to accounts with a negative balance.
4. Perform address changes and No Forwarding Address (NFA) file maintenance.
5. Participate in annual Year-End Tax Reporting project. Work with Project Services to analyze tax data, review forms and ensure accurate tax reporting.
6. Monitor and maintain accurate records for deposit account charge-offs including reporting of accounts to Chex Systems and collection agency.
7. Fulfill requests for and respond to member inquiries regarding liens, levies and garnishments.
8. Process necessary changes and provide support for decedent accounts.
9. Process SSA/SSI requests as required including monitoring the program that fulfills the requests.
10. Manage the unclaimed property and escheatment processes.
11. Review interest reported on redeemed savings bonds for accuracy, removing any duplicate entries, and monitor the related tax reporting.
b. IRAs and CESAs
1. Serve as primary resource to provide information and technical support to members and staff on IRAs and CESAs.
2. Review account documentation related to IRAs and CESAs prepared by branch staff for accuracy and compliance.
3. Coordinate annual tax reporting for IRAs and CESAs and review reporting for accuracy.
4. Process all tax corrections accurately and within specified time frames.
5. Coordinate annual mailing for Required Minimum Distribution (RMD) notices. Review all RMD requests to ensure accurate and timely distributions.
c. Business Services
1. Serve as primary contact for retail staff for business and organizational account support.
2. Perform Business/Organization secondary review process including documentation review and communication with Retail Staff.
3. Collaborate with Loss Prevention to determine risk in new/existing business relationships.
4. Maintain compliance knowledge relating to business and organizational accounts.
2) Contribute to Departmental Project Initiatives and Duties - 30%
a. Serve as a Subject Matter Expert to support ad-hoc training development/delivery for support staff.
b. Actively participate in delivering departmental overview and training during Learning Tours.
c. Act as a resource for departmental and organizational projects/Business Initiatives.
d. Participate in MISER Release testing as it supports core job functions within the department.
e. Ensure departmental procedures are current and compliant with various depository regulations.
f. Participate in annual Disaster Recovery testing, including the development and maintenance of DR procedures.
g. Author and submit bulletins or emails to staff to inform of process, procedure or program changes.
h. Initiate ideas or recommendations that contribute to departmental and organizational goals.
i. Assist with department audits including request list fulfillment, analysis and completion of any related recommendations.
j. Identify and report potential regulatory or compliance issues. Review and, if necessary, recommend changes to procedures and forms, and recommend policy changes to comply with regulations.
k. Maintain knowledge of all depository forms, their proper use and completion.
3) General Deposit Account Maintenance & Research, and departmental support - 10%
a. Process monetary corrections and/or adjustments to accounts, including closure requests.
b. Process necessary account review and follow up as indicated by exception and error reports
c. Respond to inquiries or file maintenance requests by members and staff in a prompt and courteous manner.
d. Provide branch staff with accurate data on interest calculations and adjustments.
e. Explain all features and benefits of deposit products and services to both internal and external members.
4) Champion Engagement within Deposit Services Department - 10%
a. Work collaboratively and cooperatively within the team to achieve corporate and departmental goals.
b. Support the operational implementation of new products, systems, and procedures.
c. Assume responsibility for personal development through training, collaboration and establishment of an Individual Development Plan (IDP).
d. Analyze, justify and recommend change in operations to enhance productivity and improve member experience.
e. Actively participate in dialogs, Solution Teams, group meetings and training.
f. Effectively manage relationships by displaying positive communication skills and awareness of your impact on others. Communicate and act in ways that build and reinforce trust.
g. Drive innovation by fostering positive debate amongst team members, creating an atmosphere where differing opinions reveal additional alternatives.
-Two to three years of experience in a financial institution.
-Ability to analyze systems, problem solve, make and implement recommendations for improving efficiency of the work area.
-Knowledge of basic bookkeeping principles.
-Knowledge of fundamental depository concepts and practices.
-Excellent organizational skills with the ability to prioritize and manage multiple responsibilities.
-Must have strong oral and written communication skills.
-Ability to speak fluent Spanish beneficial.