Deposit Operations Administrator

BANK FUND STAFF FEDERAL CREDIT UNION

12h•Hybrid

About The Position

BankFund Credit Union is a full-service financial cooperative that was organized and chartered in 1947 as a convenient place for employees of the World Bank Group and International Monetary Fund and their families to save and to obtain credit. Located in Washington, DC, BankFund maintains three full-service branches downtown with our headquarters located near Farragut West metro station. This position is classified as a hybrid role which means that on-site work will be expected. After completion of training for the role, staff generally work on site 40% of the time but this is subject to change based on health and safety standards and operational need. Responsibilities of the Deposit Operations Administrator are to serve as a primary Administrator of Individual Retirement Accounts, managing all updates, configurations, and ongoing maintenance. This role will oversee all activities related to the associated product type, ensuring system integrity, operational efficiency, and alignment with business needed. To servicing guardianship accounts, special trust accounts, decedent, and estate accounts in accordance with all regulatory requirements and documented Credit Union policies and procedures. Additionally, reviews workflows, drives process improvements, and assists the Deposit Product Manager with deposit product life cycle management. Responsible for servicing as the back up to the Deposit Operations Representative I, II and III and executing and completing of the basic duties within the Deposit Operations Department to ensure compliance with regulatory standards and BFSFCU policy and procedures.

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

Serves as the primary IRA Administrator for the Credit Union, managing the Ascensus system by creating and maintaining users, updating connections to the core system, completing required monthly reviews, overseeing the implementation and administration of all IRA-related tax forms, and ensuring all IRA account transactions are accurate and compliant.
Acts as the primary liaison with the IRA vendor to confirm the system is operating properly and that all applicable compliance requirements are met.
Manage account administration, quality control, and accuracy, including but not limited to opening new accounts, new trust or trust conversion, organizational accounts, name changes, adding of joint owners/beneficiaries, power of attorney, certificates, IRA, trust, and decedent accounts.
Processes withdrawal and/or direct rollover requests from members or beneficiaries, ensuring disbursements follow BFSFCU policy and federal regulations.
Creates notices as needed to meet mandatory distribution requirements.
Stay current on changes in IRA regulations; -makes effects changes to procedures, forms, and staff training as appropriate.
Continually reviews, updates, and develops procedures to reduce errors and streamline activities.
Acts as the central point of contact for all member death notifications, overseeing the end-to-end process from intake through completion, and proactively driving process improvements, including automation and efficiency enhancements.
Ensure decedent accounts are processed accurately and all paperwork and communication associated with the death of a member are delivered in a timely manner.
Manage decedent disbursement of funds, account restrictions upon notification from the Social Security Administration.
Coordinate with the other Internal departments when necessary and communicate with the Social Security Administration on a recurring basis.
Provide comfort when communicating during a challenging and often a difficult time in someone's life dealing with a death of a family member, spouse, friend, etc.
Leads and performs comprehensive user acceptance testing (UAT) for job-related processes and new system enhancements, ensuring accuracy, identifying defects, and confirming readiness for implementation.
Serves as a SME and assists Member Relations staff in opening and processing IRA, guardianship, organization, and trust accounts and serves as subject matter expert (SME) in fielding questions from staff and members.
Maintain database and/or reports of discrepancies discovered in review and analysis of various reports.
Provide periodic reports for the Manager, Deposit Operations, detailing results and corrective action taken or required.
Provide analysis and recommendations for process improvements when appropriate.
Allocation of daily, weekly, and monthly team assignments. Including but not limited to: Account Maintenance, Fulfillment assignments, Bank-by-Mail deposits, Contact Information processing, Debit Card Issuance, Reg E Dispute Administration, Third Party Verifications, Check Distributions, Decedent and Legal Processing.
Develop reporting and tracking of daily weekly and monthly deposit operations assignments.
Creates and maintains Service PACT Culture including cross-selling products and services to enhance and deepen member relationships as needed.
Assists in problem resolution, account inquiries and serves as the SME in any Retirement related issues concerning the Credit Union, emphasizing BFSFCU Service PACT philosophy.
Assist in leading the efforts to convert the Credit Union Tax reporting function to new vendor and ensuring accurate and timely tax reporting for the 1099INT, 1099R, and 5498.
Assist the Tax & Escheatment Program Specialist with the Credit Union’s Inactive/Dormant accounts to ensure the Credit Union escheatment process is functioning as designed.
Works with the Deposit Operations Manager on process improvements and other workflow enhancements to improve the efficiency and effectiveness of the BFSFCU deposit products and services.
Meet established goals for all metrics, including Quality and Productivity.
Act as mentor and provide training to less experienced staff within Deposit Operations as needed.
Perform any other related duties as required or assigned.