Funds Management Specialist

First Commonwealth Bank•Indiana, PA

7h•Hybrid

About The Position

This position requires ongoing interaction with internal clients, the Federal Reserve, and correspondent banks to ensure First Commonwealth maintains established reserves, while monitoring coin and currency information, wire transfers, and international transactions. The role involves monitoring monetary transactions, entering domestic and international wires, gathering daily statement information, identifying and resolving errors, preparing and posting general ledger entries, maintaining transaction backups, determining overnight funding needs, monitoring securities movement, and managing collateral balances. The specialist will also work closely with community offices, banking services, and other internal departments.

Requirements

High school diploma or equivalent
A minimum of one (1) year experience in a related position
Above average initiative, analytical and problem solving abilities
Understanding of accounting principles
Proficient computer skills, including Microsoft Word and Excel
Proficient reading, writing, and grammar skills
Proficient analytical and mathematical skills
Proficient communicative and interpersonal relations skills
Must reside in PA or OH to be considered.

Responsibilities

Monitors all monetary transactions with the Federal Reserve and correspondent banks by utilizing Fedline Advantage to send and receive wire and book entry security transfers, send and receive other information relating to activity in our account at the Federal Reserve, maintain established reserves or required balances and to comply with daylight overdraft rules.
Enters domestic and international wires for internal departments and clients using bank software, complying with all policies and procedures related to wire entry and processing.
Gathers daily statement information relating to transactions and accounts with the Federal Reserve and correspondent banks using various electronic means.
Identifies and makes decisions relating to errors or omissions and reporting, and/or external activity reporting, where to purchase funds, appropriate balance, wire instruction format, security transfer format and understands the consequences to First Commonwealth and correspondent banks.
Interacts with internal departments, the Federal Reserve, and/or correspondent banks to determine and monitor daily check letter activity and to gather information and/or resolve problems relating to today’s activity in our accounts.
Prepares and posts online entries to general ledger accounts.
Maintains backup of daily transactions and organizes hard copies of documents and prepares them for long-term storage.
Determines the bank’s overnight funding needs using spreadsheet software such as Excel and processes them through the bank’s Fed Funds providers using the telephone and Fedline.
Monitors movement of securities into and out of the Federal Reserve Safekeeping Accounts.
Utilizes Fedline for the WEB extensively to send and receive various information such as coin and currency transactions, reserve requirement positions, and to monitor our account balance at the Federal Reserve throughout the day.
Monitors collateral balance in the bank’s Treasury Tax and Loan Note account.
Works closely with community offices, banking services, and other internal departments as needed.