Time Deposits Processor-Verifier

Location: Grand Rapids
Posted on: November 4, 2024

Job Description:

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 balance.

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 processing.

o Prevent accumulation of aged items by processing all items within departmental standards.

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 items.

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 center requests.

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 reporting.

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 activity.

* Knowledge û 40%:

o Accurate balancing skills and good working knowledge of CD processing.

o Understands Time Deposit Compliance and applies the knowledge to their job.

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 RESPONSIBILITIES.

SUPERVISORY RESPONSIBILITIES: None.

Keywords: , Portage , Time Deposits Processor-Verifier, PR / Public Relations , Grand Rapids, Michigan