Deposit Operations IRA Specialist
QNB Bank Quakertown, PA
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GENERAL DUTIES AND RESPONSIBILITIES:

Provides internal and external customer support through telephone, mail, and e-mail of deposit operations products and services.  Handles inquiries on a wide variety of Deposit Operations products and services., which often includes inquiries of a more complex nature.  Builds internal customer relationships by being accountable for representing the department in a courteous and professional manner.  Provide prompt efficient and accurate service with questions related to Deposit Operations.  Takes personal initiative and is a positive example for others to emulate. Attends job-related seminars as directed by supervisor.

Deposit Operations Functions:

May perform a variety of tasks to support the daily duties within the Deposit Operations department as it relates to the various products and services supported by the department.  These may include, but are not limited to:

  • Research all types of questions, problems, department-related needs as it applies to the various products and services and functions supported by Deposit Operations.
  • Review and settle various GL and /or CIF accounts and other transactions related to Deposit Operations.
  • Accurately completes input for new, or maintenance changes to, various account records or ancillary products. Examples include, but are not limited to address changes, account registration changes, changes in account type, CD interest payment changes, CIF scrub, product changes, etc.
  • Perform review of daily new accounts or maintenance reports to ensure supporting documentation is on file and that data fields or changes have been performed completely and accurately. Contact branch personnel in the event of conflicting information to determine correct information and enter maintenance changes as needed. 
  • Ensure that appropriate documentation has been completed to support all new accounts, product or service enrollments and/or maintenance requests; that they have been completed correctly, scanned and made available on the document imaging system.  This may include a review of legal documents prepared by customer’s attorneys and accountants.
  • Maintain a list of pending information and/or documentation for each branch.
  • Perform manual indexing of scanned documents that are not automatically readable by the document imaging system to ensure they are made available for viewing.
  • Assist with updating, maintaining, and testing the platform automation as it relates to new account upload, maintenance, term changes, card ordering, and other platform functions.
  • Maintain and fulfill all department regulatory requirements.

CD/IRA/HSA functions:

  • Provides a high level of internal and external customer support through telephone, mail, and e-mail regarding IRA products and services.  This includes inquiries which may be of a more complex nature including, but not limited to, IRA products and investments, regulations, tax deductibility, RMDs, and IRS tax reporting.
  • Process transactions related to withdrawals, transfers, penalties, distributions, etc., and ensure proper filings with the IRS.
  • Meet/Speak with IRA customers as required regarding distributions, etc., to determine appropriate action on their accounts.
  • Corresponds with other Financial Institutions to facilitate transfers and rollovers from qualified plans in a manner that meets customer needs.
  • Update and review customer records to assure the accuracy of year-end interest reporting to the IRS.  Forward required documentation to Data Processing as needed in a timely manner in accord with penalty schedules established by the IRS.
  • Follow up on outstanding exception items and special requests with IRA accounts.
  • Perform review of daily IRA transactions, including reviewing prior days IRA transactions to ensure compliance with IRS reporting requirements and IRA regulations.  Make corrections as required.
  • Prepare paperwork for IRA customers and review paperwork completed by branch staff to ensure appropriateness and compliance with IRA regulations.  Ensuring that these documents have been scanned and made available in the document imaging system.
  • Prepare input and entering of new account and investment information (for both CIF and IRA), as well as, data entry of transactions.
  • Maintain current awareness of IRA rules and regulations and may assist with assuring that staff and branch personnel are adequately trained.
  • Recommends and assists in developing IRA products and features that meet our customer needs within the framework of the complex IRA/IRS rules.
  • Prepare and mail Certificate of Deposit interest checks

Assumes additional job-related duties as may be assigned.

REQUIRED TRAINING, EXPERIENCE, AND EDUCATION:

  1. Interpersonal skills to represent the Bank in a positive way of dealing with internal and external customer transactions.
  2. Requires basic reading, writing and arithmetic skills. Completion of high school, vocational training or equivalent.
  3. Two years of experience working with and familiarity with IRA legislation.
  4. Recent attendance at IRA seminars dealing with various levels of IRA legislation
  5. Must be willing to attend job-related seminars.
  6. Fulfill QNB compliance in operations and security procedures by adhering to government regulations, QNB policy, and established procedures.
  7. Strong keyboarding skills.
  8. Must be flexible with hours - may be required to work extended hours.
  9. Strong knowledge of, and experience using Microsoft Office applications.
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