What we’re looking for:
The Senior Deposit Services Specialist performs functions to support the servicing and maintenance of deposit accounts in compliance with regulations and professional standards. They serve as an expert in handling all deposit services tasks, system functionality, and other deposit account related inquiries to support internal and external members.
Responsibilities include new account quality audit reviews and tracking, deposit product support and testing, VOD/VOA requests, IRA account maintenance, dormant and decedent accounts, escheatment, garnishment and levy administration, year-end tax reporting, exception processing, development of training materials, responding to requests via phone, email, and written correspondence, and maintaining policies and procedures to ensure regulatory compliance.
What you’ll do:
- Provides internal and external member support related to deposit products, services, policies, and procedures.
- Processes account file maintenance in compliance with procedural requirements, including, but not limited to opening all account types, closing accounts, vesting changes, account type changes, placing and removing warnings and comments on accounts, certificate renewals, beneficiary designations, and various account corrections.
- Performs various Deposit Operations functions including but not limited to, levy and subpoena processing, dormant account, and escheatment processing.
- Responsible for accurate and timely review of all decedent notifications, including estate and beneficiary payouts and maintenance requests, as well as the accurate disposition of deposits involving deceased account holders.
- Review IRA account documentations, audit required distributions to customers, ensure proper compliance with all policies and/or regulations affecting the IRA accounts, and assist branch staff with questions and related issues.
- Assist with monitoring and reconciling various general ledgers in accordance with Accounting department policies.
- Research and make complex decisions on transaction exceptions using established regulatory guidance and internal policies and procedures.
- Research and recommend course of action on escalated items when the potential for reputation risk is increased. Work with management on complex member issues and escalations where non-routine procedures may be required.
- Responsible for coordinating the annual tax reporting by collaborating with cross-functional partners to prepare, audit, mail forms to members and submit files to IRS.
- Assist in mitigating high risk and/or fraud transaction trends in the portfolio and work to reduce losses and risk exposure. Assist management in developing action plans to ensure fraud risks are effectively managed.
- Assist Management with Deposit Services projects, system management, and policy and procedure review and revision. Recommend ideas for continued improvement, reviews trends in responses to questions incoming from internal and external members. Draft internal training and communications for Management review.
- Responsible for administrative items such as: statement review, deposit product and relational pricing rules and fees, deposit document and disclosure, and internal and external deposit risk assessments.
- Perform system validation and regression testing for all Core Systems upgrades and enhancements. Troubleshoot system issues affecting deposit accounts, tax reporting, escheatment, dormant account functionality.
- Maintain a thorough knowledge of all related State and Federal regulations as they relate to Reg E, Reg J, Truth in Savings, Reg CC, Reg D, Reg DD, Right to Financial Privacy Act, Information Security, Elder Financial Abuse, FACT Act Identity Theft Detection, Prevention and Mitigation, Decedent Account Claims, etc.
- Promote and maintain a positive image of the Credit Union at all times to personnel, members, vendors and may represent the Deposit Production team in cross-functional projects or trainings.
What you bring to the Credit Union:
- High School Diploma or equivalent is required.
- Minimum of 3 years experience in the Banking or Credit Union industry.
- Minimum of 6 months experience with IRA accounts, year-end tax reporting, and escheatment processing.
- Applied understanding of systems and applications used for processing year-end tax reporting, escheatment, and IRA account maintenance.
- Intermediate level knowledge of the Microsoft Office software suite Internet and Intranet required.
Why work for us:
- Positive and fun work culture
- Rated #1 Credit Union to Work For by CU Journal
- Best Places to Work in the Bay Area (SF Business Times/Silicon Valley Journal)
- Benefits – Medical, Dental, Vision and more
- 401k Matching – $1 for $1 company match up to 5% of pay
- Eligibility to participate in annual bonus plan
- Paid vacations and holidays
- Our hybrid with flexibility approach combines the flexibility of remote working with the benefits of in-person, quarterly collaboration and all staff meetings
- Employee Assistance Program that supports 6 face-to-face sessions per person, per reason, for you and your household
- We invest in your professional growth & development
- A wellness program that supports your physical, financial, and emotional health
Bay Federal is proud to offer a competitive, robust compensation and benefits package. Bay Federal considers many factors in determining base pay such as experience, education/training, internal peer equity, job location, and other business considerations when extending an offer. For Santa Cruz, CA only, the pay scale Bay Federal reasonably expects to pay for this position is $24 - $29 per hour. Salaries are based on the geographic location in which you live if working remotely.
Bay Federal provides health care benefits, life and disability insurance, paid holidays and 401k with a company match to eligible employees; along with employee paid voluntary benefits. Paid time off is accrued per paycheck for eligible employees at a rate based on your tenure. Leaves of absences are available in adherence with state and federal regulations.
Bay Federal is committed to providing equal employment opportunity for all persons regardless of age, disability, national origin, race, color, religion, sex, sexual orientation, gender, gender identity or expression, pregnancy, veteran or military status, marital and civil partnership/union status, alienage or citizenship status, creed, genetic information or any other status protected by applicable federal, state, or local law.
For CCPA’s requirements regarding security practices and procedures, please see our privacy page here (https://www.bayfed.com/privacy). Bay Federal Credit Union takes our obligation to keep our member’s data safe and secure and adhere to industry standard best practices.
HOW TO APPLY: If interested, please submit an online application here.