GENERAL FUNCTION: Under minimal supervision,
this position is responsible for a variety of functions including
CD/IRA reconciliation and IRA verification for all affiliates
within the Bancorp. Utilizing the Frontier system along with
reports to reconcile all Time deposit IRA transactions, support
CD/IRA processing performed at outsourced service provider
including balancing, research and maintenance on IRA / Certificate
of Deposits. Additionally, the verification includes the review of
all IRA documents to ensure compliance and accuracy for proper IRS
reporting and regulations for all affiliates within the Bancorp,
using various system reports. This position is responsible for the
internal call center (1-800 #) for financial centers for all CD &
IRA questions must provide quality customer service.
ESSENTIAL DUTIES & RESPONSIBILITIES:
* Productivity / Quality / Customer Service û 50%:
o CD Balancing û Provide support to the outsourced servicing team
by researching and addressing items to ensure the processing GL
remains in balance. Review both monetary and non-monetary
transactions to verify the items processed through RAFT or ACE are
passed correctly to the Time Deposits system and stay in
o Process IRA transactions including investigation and correcting
errors processed on line in raft /ACE.
o Ensure RRS system is properly maintained with the correct
reporting information, contribution limits, distribution reporting
based on age and circumstance, rollover reporting death
withdrawals, and beneficiary IRAÆs.
o Print and distribute all reports needed for IRA
o Prevent accumulation of aged items by processing all items within
o Monitor Negative accruals and correct as needed.
o Review IRA ACH reject report to determine why payment was
rejected, process accordingly.
o Research problem accounts by reviewing daily items, reports, on
lines and Image Archive.
o Process Batch transactions in Raft or platform to clear
o Process ACE transactions between GL accounts, CD accounts, DDA
and Saving accounts.
o Review tickets in the Image Archive in order to clear outstanding
or incorrect items.
o Perform maintenance changes including interest rate, interest
payment method, name changes, federal withholding changes, and
maturity types on individual customer accounts based on financial
o Correct transactions, open, and close customer accounts as
necessary in a timely manner.
o Verify all IRA documents are in compliance with IRS regulations,
utilizing both RRS and the Access database to ensure proper
tracking of incoming paperwork and IRS tax
o Set up RMD (required minimum distribution) payments as well as
any special payment processing option available.
o Providing customer service to financial center representatives to
problem solve for basic fundamental solutions on account
* Knowledge û 40%:
o Accurate balancing skills and good working knowledge of CD
o Understands Time Deposit Compliance and applies the knowledge to
o Ensure customer IRA files are in compliance and up to date with
changes in documentation as needed.
o Strong knowledge of IRS rules and regulations as it pertains to
IRAÆs (can be complex).
o Develops an understanding of account transactions/corrections
with reporting implications.
* Teamwork û 10%:
o Communicate daily with financial centers by utilizing service
alerts to clear outstanding items.
* SEE ACTUAL JOB DESCRIPTION FOR ALL DUTIES AND
SUPERVISORY RESPONSIBILITIES: None.