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Account Settlement Specialist

1 month ago


Oswego, Illinois, United States Educational Federal Credit Union Full time
Job Summary

As an Account Settlement Specialist at Educational Federal Credit Union, you will be responsible for processing deceased accountholder claims in a timely manner. This involves ensuring survivors are treated with compassion and supported throughout the account settlement process. You will also coordinate with Lending and Credit Solutions staff as applicable to settle loans where the borrower is deceased.

Key Responsibilities:

  • Process deceased accountholder claims in a timely manner.
  • Ensure survivors are treated with compassion and supported throughout the account settlement process.
  • Coordinate with Lending and Credit Solutions staff as applicable to settle loans where the borrower is deceased.
  • Gather appropriate documentation as needed for all deceased claims.
  • Conduct research related to insurances such as Life Savings Benefit and Credit Life & Disability. File claims as applicable.
  • Disburse account funds to beneficiaries in accordance with the account's Payable of Death Beneficiary designations.
  • Maintain a thorough working knowledge of Florida statutes and applicable federal regulations.
  • File Caveats and/or Statement of Claims with the appropriate Probate Courts to secure the Credit Union's debtor rights against an Estate when monies are owed.
  • Liaise with Probate clerks, Estate attorneys, and the Credit Union's counsel as needed.
  • Provide guidance to frontline staff related to deceased payee check negotiation.
  • Liaise with branch management and represent the Credit Union as an Officer of the lessor during court-ordered Safe Deposit Box entry.
  • Oversee all aspects of Estate Accounts.
  • Maintain department procedures related to account settlement.
  • Assist Operations Support Specialists with reviewing Trust documents, Power of Attorney documents, and Guardianship documents to ensure accounts are opened and maintained in accordance with the all applicable laws and regulations.
  • Represents the Credit Union as an Officer of the lessor during safe-deposit box inventories of a decedent.
  • Performs other duties as assigned by management.

Requirements:

  • Associate's Degree or equivalent combination
  • 1 to 3 years of prior experience in legal services, account settlement or relevant experience in the credit union/banking industry.

Every employee is required to comply with all Bank Secrecy Act (BSA) policies and procedures, and to attend required BSA-related training as assigned.

The following are some benefits offered to employees:

  • Paid Holiday
  • Paid Birthday
  • Paid Sick and Personal Days
  • Paid Vacation
  • Retirement/401K with matching contributions
  • Medical, Dental and Vision Insurance
  • Life Insurance and Long Term Disability
  • Tuition reimbursement for Undergraduate and Graduate courses
  • Various Incentive Programs
  • Career opportunities