Estate and IRA Account Specialist

2 weeks ago

Herndon Virginia, United States Northwest Federal Credit Union Full time

Overview:


The Estate and IRA Account Specialist plays a crucial role in managing all facets of Trust and IRA operations, including policies related to deceased and trust accounts, risk management, and compliance with legal standards. This position is dedicated to ensuring member satisfaction with these financial products.

Furthermore, this role involves educating both members and staff about the various offerings within this domain.

Key Responsibilities:
Management of Deceased Accounts

Act as a point of contact between the surviving family or personal representative and the organization until the account is resolved.

Conduct maintenance on deceased accounts, which includes canceling ACH transactions and other pre-authorized debits, as well as managing debit and credit cards, and placing restrictions on accounts.

Determine the appropriate distribution of funds in the account while minimizing liability exposure.

Ensure payments are made to the legally appointed representative of the deceased member upon receipt of necessary documentation.

Draft correspondence and memoranda for surviving account holders, executors, attorneys, and trustees.

Comply with all Federal and State regulations concerning decedent accounts.

Provide comprehensive support regarding deceased accounts to other departments within the credit union.

Act as Administrator for Power of Attorney (POA) Accounts

Review all incoming documentation related to Powers of Attorney; verify that the language in the document is legal and valid.

Maintain account records and alerts to properly flag accounts designated with POA.

Function as IRA Administrator

Possess extensive knowledge of all IRA products and operational protocols.

Process all IRA transactions, including withdrawals, deposits, transfers, and distributions.

Understand IRS regulations and guidelines concerning IRA accounts and their management.

Oversee Certificate of Deposit (CD) Account Maintenance

Execute maturity instructions, withdrawals, deposits, and transfers.

Investigate and rectify transaction errors made by other departments.

Provide advanced support on these accounts to other branches and departments.

Engage in testing and implementation of new products, services, or processes.

Proactively seek opportunities to enhance skills and industry knowledge to improve member interactions.

Participate in regular training and certification courses as required for this role - travel may be necessary.

Identify opportunities to offer product and service solutions to members.

Accurately and efficiently process member financial transactions.

Deliver exceptional member experiences.

Collaborate with teams across the organization to enhance visibility into the member experience.

Adhere to NWFCU policies and procedures as well as regulations related to the Bank Secrecy Act (BSA).

Qualifications:
Required

High school diploma or equivalent.

A minimum of 2 years of experience in banking or credit unions, or a similar role.

Must achieve and maintain an IRA Specialist Certification at a minimum of the Certified IRA Specialist II (CIS II) level within one year of hire.

Intermediate proficiency in Microsoft Office applications (Word, Excel, Outlook).

Ability to maintain confidentiality.

Strong collaborative skills.

Attention to detail and accuracy.

Effective verbal and written communication skills.

Strong critical thinking abilities.

Excellent interpersonal skills.

Exceptional attention to detail with the capacity to complete tasks with minimal errors.

Ability to manage multiple tasks and work independently using sound judgment.

Strong time management skills and adaptability to change.

Ability to use independent judgment to make prompt decisions within established policies and procedures.

Ability to comprehend and execute instructions provided in written, oral, or diagrammatic form.

Availability to work Monday through Friday from 8:00 AM to 4:30 PM.

Preferred

Bachelor's Degree or equivalent from a four-year college or technical institution.

Two years of experience in a financial institution with a focus on deceased account processing, Estate, and Trust accounts.

EEO Notice:


Northwest Federal Credit Union is an Equal Opportunity Employer and will consider all qualified applicants without regard to race, color, age, religion, sex, sexual orientation, gender identity, genetic information, national origin, disability, protected veteran status, or any other classification protected by law.

NWFCU complies with federal and state disability laws and provides reasonable accommodations for applicants and employees with disabilities.

If reasonable accommodation is needed to participate in the job application or interview process, to perform essential job functions, and/or to receive other benefits and privileges of employment, please contact the Human Resources Department.

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