Deposit Operations Specialist III

Our ideal candidate: We are seeking candidates deeply committed to our mission: to transform the banking industry from within. We lead by example, collaborate with and invest in change-makers and build sustainable prosperity in our communities.

Who we are: Beneficial State is one of only a handful of B-Corp banks in the nation and one of the highest-rated B-Corps on the planet. That means that we subscribe to a rigorous evaluation standard that measures our positive impact, not just our profitability. We demonstrate how a bank can combine social equity, environmental sustainability, and business stability to create a better financial system - a system that drives inclusive prosperity to benefit people and the planet. #BCorp #WeAreBCorps

Join our team: If you are ready to do challenging and transformative work that will build a brighter future for us all, and you are hungry to bring your passion and energy to the table, we welcome your application.

Deposit Operations Spec. III

TITLE:

JOB CODE:

BSB-0101

FLSA:

Non-Exempt

SALARY GRADE:

4

CATEGORY:

Full-time

UNION REPRESENTATION:

CWA 7901/9412

SCHEDULE:

LOCATION:

Monday-Friday

Hybrid

SUPERVISORY ROLE Y/N:

REVISION DATE:

N

1/2025

POSITION OVERVIEW

The Deposit Operations Support Specialist III is responsible for leading and managing complex back-office operational processes, supporting the branch network and other departments, and ensuring seamless operations. The Specialist III serves as a subject matter expert (SME) for deposit operations, identifies and drives strategic improvements, mentors other team members, and handles high-level escalations and critical deposit-related processes. This role ensures compliance with federal and state regulations, minimizes risk, and supports operational excellence while meeting customer service expectations. This is a unionized position through the Communication Workers of America.

ESSENTIAL DUTIES

• Ensures compliance with and maintains advanced knowledge of banking laws, regulations, internal policies, and procedures.
• Acts as a senior resource and SME for all deposit operations functions, providing guidance to Deposit Operations Specialists I and II.
• Oversees complex processes such as reconciliation of escalated discrepancies, high-value transactions, and regulatory reporting.
• Manages and reviews advanced electronic transactions, including ACH, wire transfers, treasury services, mobile deposits, and bill payments.
• Leads and coordinates audits on all deposit operations processes and ensures timely resolution of any findings.
• Partners with leadership to develop, implement, and refine deposit operations procedures to improve efficiency and compliance.
• Oversees Dormant and Inactive account management, including escheatment processes in accordance with state law.
• Works with department management to perform annual W-8 and W-9 certifications, B-Notice Processing for compliance with IRS regulations, including form and/or response reviews, and follows up with branches and departments for corrections and form completion integrity.
• Identifies potential areas of risk or loss and recommends strategies to mitigate them.
• Reviews end-of-year tax notices, such as 1099 and 1099R.
• Serves as the primary contact for escalated issues from branches, departments, and external vendors.
• Manages IRA processing, such as RMDs, distributions, contributions, and ensures compliance with tax regulations.
• Responsible for processing all legal actions, including garnishments, levies, and subpoenas, responding by deadlines, and working with legal counsel as needed.
• Maintains an understanding and knowledge of electronic and check payment processing workflows with Fiserv DNA, Federal Reserve Bank, and various correspondent banks to assist the Central Operations Department and other departments with research and any special handling.
• Oversees Zelle processes and handling of disputes in accordance with program requirements and bank policies/procedures.
• Performs advanced General Ledger reconciliations, ensuring accuracy and resolving discrepancies in a timely manner. Develops reconciliation procedures and provides training to ensure team adherence to best practices.
• Completes mandatory compliance training and ensures team adherence to training deadlines.

The position performs duties specific to the position and other functions as assigned.

ROLE COMPETENCIES

• Customer support
• Advanced Data Analysis
• Technical Documentation
• Time Management
• Task Management
• Initiative
• Prioritization
• Effective communication
• Systems thinking
• Innovative mindset
• Attention to detail
• Advanced Problem-Solving
• Adaptability
• Collaboration

ENVIRONMENT, PHYSICAL & MENTAL ACTIVITIES

The incumbent is in a non-confined office-type setting in which they are free to move about at will. It may include some minor annoyances such as noise, odors, drafts, etc. Work may also be performed at home depending on the requirements. Employee is required to have an environment when working at home that has a high-speed internet connection and environment conducive to frequent phone or internet calls.

The incumbent in the course of performing this position spends time writing, typing, speaking, listening, lifting (up to 10 pounds), driving, carrying, seeing (such as close, color and peripheral vision, depth perception and adjusted focus), sitting, pulling, walking, standing, squatting, kneeling and reaching.

The incumbent for this position may operate any or all of the following: personal computer, cellular telephone, printer, fax, and other standard office equipment.

The incumbent in this position must be able to accommodate reading documents or instruments, detailed work, problem solving, customer contact, reasoning, math, language, presentations, verbal and written communication, analytical reasoning, stress, multiple concurrent tasks and constant interruptions.

The work environment characteristics, physical and mental demands described here are representative of those an employee encounters while performing the essential functions of this job.

Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

POSITION REQUIREMENTS

Minimum Qualifications:

• Bachelor's degree from an accredited college or university, or equivalent level of experience and industry education.
• Minimum 4 years of experience in Central/Deposit Operations in a financial institution.
• 2+ years of experience working with Fiserv DNA core or Fiserv products/programs.
• Knowledge of and experience with NACHA rules and guidelines
• Proven ability to manage complex projects and mentor team members.

Preferred Qualifications:

• Advanced certifications in banking operations or compliance (e.g., Accredited ACH Professional).

Management reserves the right to change this position description at any time according to business needs. #LI-Hybrid

COMPENSATION

The posted pay range is the lowest to highest compensation we reasonably in good faith believe we would pay at posting for this role but may include ranges from the different geographies where this position may be based. New employees starting pay is usually from the start of the range to approximately 25% of the max, more qualified and/or experienced employees may start near the middle of the range for their geography. We may ultimately pay more or less than this range.

Compensation for our organization is based on factors that include the role, required knowledge, skills, abilities and competencies, and candidates' relevant education, qualifications, certifications, experience, skills, seniority, location, performance, union contract and business needs. Our pay ranges are based on national living wage indexes, such as MITs living wage index, to enable us to pay our employees beyond what are standard practices for many employers, and also take into account geographically-specific recent compensation market survey data for each position.

BENEFITS

Beneficial State Bank's benefits include a comprehensive package designed to support you and your eligible dependents. We focus on the holistic health of our team members and promote work-life balance.

Our benefit package includes:

• Medical / Dental / Vision / Basic Life / STD / LTD
• Vacation Days: 2-4 weeks depending on role
• Sick Days: 12 days per year
• Holidays: 11 days per year
• 401(K) / ROTH / FSA / HSA / EAP
• Education and Adoption Assistance
• Bank-Wide Annual Discretionary Bonus Program
• Production-based incentive program available for some roles.
• Paid Volunteer Time: 4 days per year / annual match of qualifying employee donations
• Paid Sabbatical Program after 5 years of service
• Pet Benefits

For detailed information about our benefits, please visit http://www.beneficialstatebank.com/about-us/careers

You are welcome here at Beneficial State Bank. We are an equal opportunity employer and all qualified applicants will receive consideration for employment regardless of race, color, religion, sex, sexual orientation, national origin, gender identity, disability or veteran status.