Operations Specialist (Req#2768)

Posted: 08/28/2024

Banking

Job Schedule: Full Time
Location: Lynn, MA

The Deposit Operations Specialist in Time Investments is responsible for a variety of centralized processing and support of deposit accounts including Certificates of Deposit (CDs), Retirement Accounts and deposit account exception processing.

MAJOR RESPONSIBILITIES:

Perform functions within the Deposit Operations department including, but not limited to:

Provide time deposit/retirement account support, including:

Process IRA transaction requests in accordance with IRS regulations (rollovers, transfers, withdrawals, RMD set ups, deaths, beneficiary designation etc).

Review and perform quality control on IRA transactions completed throughout the bank to ensure accuracy in IRS reporting.

Assist in completing consumer tax year end reporting to ensure necessary documentation issued timely.

Perform certificate of deposit transactions including renewals, account closures and account maintenance.

Reconcile and remit customer tax withholding to state and federal treasuries in compliance with IRS regulations.

Assist in the account opening and maintenance of business-related account set ups.

Assist business lines with business sweep set up and maintenance.

Complete daily balancing of internal accounts

Assist in monthly and quarterly reporting for recon, campaign reporting, and retail tracking

Assist in annual projects such as B-notice and W8BEN recertification

PROBLEM SOLVING & DECISION MAKING:

Independent decisioning for minor and/or mid-level issues, ability to identify potential solutions for more complex or uncommon issues for approval recommendation. A strong understanding of IRS rules with respect to retirement accounts is needed to make decisions on Retirement account related activities. Firm understanding of various state and federal regulations associated with the various functions performed in Deposit Operations. Proactively involve resources from other departments and various bank systems to solve issues.

Education and Experience

High School Graduate with a minimum 3 - 5 years banking experience, preferably in operations and retirement account processing

Skills/Knowledge

Posses the ability to perform in a fast paced, high demand, environment whilst balancing multiple priorities.
Excellent written, verbal, and interpersonal communication skills.
Proficient in Microsoft Office (Word, Excel, and Outlook).
Ability to work effectively in a team environment across all organizational levels, demonstrating flexibility, collaboration, and adaptability.
Capability to prioritize work, meet deadlines, achieve goals, and work under pressure in a dynamic and complex environment.

Working Conditions

This is a hybrid role.