IRA/CD Operations Specialist II
Company: Fifth Third Bank
Location: Grand Rapids
Posted on: January 7, 2021
Make banking a Fifth Third better--
We connect great people to great opportunities. Are you ready to
take the next step? Discover a career in banking at Fifth Third
GENERAL FUNCTION: Independently support and maintain the
Operational and Risk needs of the IRA/CD Operations Banking
division, including the reconciliation, research and clearing of
IRA/CDs and other internal accounts, verification of
documentationforaccuracy and related reporting information, various
compliance functions. Perform other operational duties such as
analysis of processes/trends, recommend process improvements and
participation in the implementation of these improvements.
Thispositionis responsible for providing quality customer service
for various types of inquiries, including complex regulation, IRS
reporting questions or IRS documentation requirement questions from
the contact center, financial centers, retail help desk and/or
Responsible and accountable for risk by openly exchanging ideas and
opinions, elevating concerns, and personally following policies and
procedures as defined. Accountable for always doing the right thing
for customers and colleagues, and ensures that actions and
behaviors drive a positive customer experience. While operating
within the Bank's risk appetite, achieves results by consistently
identifying, assessing, managing, monitoring, and reporting risks
of all types.
ESSENTIAL DUTIES & RESPONSIBILITIES:
Maintain an in-depth, working knowledge of all IRA/CD products and
services as they relate to operational procedures, increased
efficiencies and profitability within the banking center.
Research and clear CD and IRA entries and entries on other internal
Interact with Financial Centers regarding all IRA/CD Operations
supported Operational and Risk Functions.
Review and validate all required IRS and state specific
documentation and coding for all IRA/CD transactions is received
and accurate for proper IRS reporting on customer accounts.
Documentation includes W-8s, NC-4P, and W-4P.
Process complex IRA distributions, collecting customer information
gathered by Financial Centers and completing transactions utilizing
Raft in order to maintain IRS and Fifth Third compliance, legal and
Perform risk based transactions on behalf of the banking center
(penalty exceptions, death payouts).
Research and coordinate support for complex Compliance and
Documentation exceptions such as IRS Audit letters.
Work with Legal, Retail, Corporate Tax, Business Banking, Business
Controls, and other lines of business on issues or processes that
require additional processing.
Collaborate with management and IT for the recommendation and
implementation of enhancements to include writing requirements,
test plans and testing.
Process transactions as needed to perform department functions
(i.e. customer adjustments, interest adjustments, closing or
opening accounts in raft, etc.).
Perform miscellaneous maintenance functions as needed (i.e. removal
of names upon death, DISC IRS updates (IRS Reporting), auto
Possess a solid understanding of IRS regulations related to
information reporting and tax withholding, including requirements
in accordance with IRC section 408 and the corresponding
regulations and publications.
Perform IRS reissue and correction processing for IRA and CD
transactions to include all types of 1099s and 5498s.
Facilitate or participate in assigned projects. Perform any other
duties as assigned.
SUPERVISORY RESPONSIBILITIES: None.
MINIMUM KNOWLEDGE, SKILLS AND ABILITIES REQUIRED:
Bachelors Degree or equivalent work experience preferred.
Three (3) years related experience required, preferably in Retail
Knowledge of retail policies, procedures and products.
Demonstrated ability to resolve operational issues.
Strong verbal and written communication skills.
Strong PC knowledge to include Word & Excel, and a working
knowledge of the internal banking center systems, such as Raft,
ACE, Mobius, IHUB, Branch Capture. Knowledge of frontier system is
Ability to handle multiple tasks and work well under pressure.
Need to have flexibility in scheduling.
Must be able to work in a team environment with the ability to
interact well, and in a positive manner, with co-workers and
IRA/CD Operations Specialist II
LOCATION - Grand Rapids, Michigan 49546
Fifth Third Bank, National Association is proud to have an engaged
and inclusive culture and to promote and ensure equal employment
opportunity in all employment decisions regardless of race, color,
gender, national origin, religion, age, disability, sexual
orientation, gender identity, military status, veteran status or
any other legally protected status.
GRAND RAPIDS-United States of America
Keywords: Fifth Third Bank, Grand Rapids , IRA/CD Operations Specialist II, Accounting, Auditing , Grand Rapids, Michigan
Didn't find what you're looking for? Search again!