Deposit Operations Administrator

BankFund Credit Union•Washington, DC

1d•Hybrid

About The Position

BankFund Credit Union is a full-service financial cooperative organized in 1947. This position is classified as a hybrid role, requiring on-site work after initial training, typically 40% of the time, subject to change. The Deposit Operations Administrator will serve as the primary Administrator for Individual Retirement Accounts (IRAs), managing all updates, configurations, and ongoing maintenance. This role oversees all IRA activities, ensuring system integrity, operational efficiency, and alignment with business needs. It also involves servicing guardianship, special trust, decedent, and estate accounts in compliance with regulations and Credit Union policies. The position will review workflows, drive process improvements, and assist the Deposit Product Manager with deposit product life cycle management. Additionally, the Administrator will back up Deposit Operations Representatives and execute basic duties within the department to ensure compliance.

Requirements

Five (5) years of banking experience
Associate’s Degree or equivalent combination of education and experience
Certified IRA Professional Certification required or to be obtained within 12 months of obtaining position
Proficient with Microsoft Office Suite
Intermediate skills in alphanumeric data entry
Outstanding member service skills
Excellent, effective verbal and written communication skills
Maintain a thorough knowledge of CU products and services
Effective problem-solving ability and decision-making abilities

Responsibilities

Serve as the primary IRA Administrator, managing the Ascensus system by creating and maintaining users, updating connections to the core system, completing monthly reviews, and overseeing IRA-related tax forms to ensure accuracy and compliance.
Act as the primary liaison with the IRA vendor to ensure proper system operation and compliance.
Manage account administration, quality control, and accuracy for various account types including new accounts, trusts, organizational accounts, name changes, joint owners/beneficiaries, powers of attorney, certificates, IRAs, trusts, and decedent accounts.
Process withdrawal and direct rollover requests, ensuring compliance with policy and federal regulations.
Create notices for mandatory distribution requirements.
Stay current on IRA regulations and update procedures, forms, and staff training accordingly.
Continuously review, update, and develop procedures to reduce errors and streamline activities.
Act as the central point of contact for member death notifications, overseeing the end-to-end process from intake to completion, and driving process improvements.
Ensure accurate processing of decedent accounts and timely delivery of associated paperwork and communication.
Manage decedent fund disbursement and account restrictions.
Coordinate with internal departments and communicate with the Social Security Administration.
Provide comfort and support when communicating with members during difficult times.
Lead and perform user acceptance testing (UAT) for job-related processes and system enhancements.
Serve as a Subject Matter Expert (SME) for Member Relations staff in opening and processing various account types, and field questions from staff and members.
Maintain databases and/or reports of discrepancies found during review and analysis.
Provide periodic reports to the Manager, Deposit Operations, detailing results and corrective actions.
Provide analysis and recommendations for process improvements.
Allocate daily, weekly, and monthly team assignments, including Account Maintenance, Fulfillment, Bank-by-Mail deposits, Contact Information processing, Debit Card Issuance, Reg E Dispute Administration, Third Party Verifications, Check Distributions, and Decedent and Legal Processing.
Develop reporting and tracking of daily, weekly, and monthly deposit operations assignments.
Create and maintain a Service PACT Culture, including cross-selling products and services.
Assist in problem resolution, account inquiries, and serve as SME for retirement-related issues.
Assist in converting the Credit Union Tax reporting function to a new vendor, ensuring accurate and timely tax reporting.
Assist the Tax & Escheatment Program Specialist with inactive/dormant accounts.
Work with the Deposit Operations Manager on process improvements and workflow enhancements.
Meet established goals for all metrics, including Quality and Productivity.
Act as a mentor and provide training to less experienced staff.
Perform any other related duties as required or assigned.