Account Settlement Specialist

Educational Federal Credit Union•Miami, FL

About The Position

EdFed offers challenging career opportunities and great benefits! This role involves processing all deceased accountholder claims in a timely and compassionate manner, supporting survivors throughout the account settlement process. The specialist will ensure adverse impacts to joint accountholders are minimized while balancing them with the Credit Union’s rights of offset. This position requires coordination with Lending and Credit Solutions staff to settle loans for deceased borrowers, gathering necessary documentation, and researching insurances like Life Savings Benefit and Credit Life & Disability. The role also involves disbursing funds to beneficiaries, maintaining knowledge of Florida statutes and federal regulations, filing legal documents with Probate Courts, and liaising with legal professionals. Additionally, the specialist will provide guidance to frontline staff, represent the Credit Union during court-ordered safe deposit box entry, oversee Estate Accounts, and maintain department procedures. Assistance will be provided to Operations Support Specialists in reviewing Trust, Power of Attorney, and Guardianship documents. The role also involves representing the Credit Union during safe-deposit box inventories of a decedent and performing other duties as assigned by management.

Requirements

Every employee is required to comply with all Bank Secrecy Act (BSA) policies and procedures, and to attend required BSA-related training as assigned.
Less than 2 years Credit Union or Banking experience.
Must be proficient in Microsoft Office and job related computer programs and software.
Knowledge of federal and state financial laws pertaining to card service/fraud.
Excellent written and verbal communications skills and the ability to communicate with discretion and understanding when confidentiality is needed.
Strong analytical and technical skills including fact finding and problem solving.

Nice To Haves

Prior Credit Union or Banking experience preferred.
Critical thinking skills.
Must be approachable and collaborative, thrive in a fast-paced dynamic environment, and be comfortable quickly shifting priorities on short notice.

Responsibilities

Process all deceased accountholder claims in a timely manner, ensuring survivors are treated with compassion and are supported throughout the account settlement process.
Ensure adverse impact to joint accountholders is minimized and carefully balanced with the Credit Union’s rights of offset.
Coordinate with Lending and Credit Solutions staff as applicable to settle loans where the borrower is deceased.
Gather appropriate documentation as needed for all deceased claims.
Conduct research related to insurances such as Life Savings Benefit and Credit Life & Disability. File claims as applicable.
Disburse account funds to beneficiaries in accordance with the account’s Payable of Death Beneficiary designations.
Maintain a thorough working knowledge of Florida statutes and applicable federal regulations.
File Caveats and/or Statement of Claims with the appropriate Probate Courts to secure the Credit Union’s debtor rights against an Estate when monies are owed.
Liaise with Probate clerks, Estate attorneys, and the Credit Union’s counsel as needed.
Provide guidance to frontline staff related to deceased payee check negotiation.
Liaise with branch management and represent the Credit Union as an Officer of the lessor during court-ordered Safe Deposit Box entry.
Oversee all aspects of Estate Accounts.
Maintain department procedures related to account settlement.
Assist Operations Support Specialists with reviewing Trust documents, Power of Attorney documents, and Guardianship documents to ensure accounts are opened and maintained in accordance with the all applicable laws and regulations.
Represents the Credit Union as an Officer of the lessor during safe-deposit box inventories of a decedent.
Performs other duties as assigned by management.