Deposit Operations Specialist

Savers-Bank-; Southbridge (MA); On-site; USD 52,000 - 72,000; Full time

Job summary

Savers-Bank- is seeking a Deposit Operations Specialist to support back-office deposit processing, IRA activity, and regulatory compliance. The role covers overdraft handling, item processing, and research requests while ensuring accuracy and policy adherence.

The candidate will work in a detail-oriented environment, supporting risk controls and customer service objectives. Strong knowledge of COCC and MS Office is expected, with the ability to manage multiple priorities under pressure.

Qualifications

• Minimum of 2-3 years' experience in Deposit Operations or related banking functions.
• Working knowledge of deposit related regulations.
• Strong attention to detail and accuracy.
• Ability to work under pressure and meet required processing deadlines.
• Proficiency with Microsoft Office and COCC.
• Excellent communication and problem-solving skills
• Ability to work independently and manage multiple priorities.

Responsibilities

• Oversees all aspects of Platinum Overdraft accounts, including daily report monitoring and documentation for repayment plans.
• Produces monthly reports detailing charge-off accounts and activity.
• Processes returned deposited items and resolves negative balance accounts with staff.
• Handles Levy processing by reviewing legal orders and issuing funds to agencies.
• Performs account research and retrieves statements and check images as needed.
• Maintains security by handling returned mail and dual-control card mail processes.
• Verifies deposits and provides timely responses to customer requests.
• Maintains and updates COCC Insight profiles to avoid duplicates.
• Processes fee reversals and supports HR, Accounting, and Electronic Services requests.
• Oversees IRA account reviews, distributions, and year-end tax reporting; ensures IRA regulatory compliance.
• Keeps up-to-date with IRA regulations and conducts staff training on procedures.
• Tracks regulatory changes affecting IRAs and informs retail staff and customers.
• Participates in audits covering ACH, Item Processing, Wire Transfer and Deposit Compliance.
• Responds to branch and customer inquiries and elevates issues when needed.
• Provides excellent service to internal and external customers.
• Supports interdepartmental process improvements and policy updates.
• Acts as a cross-trained backup for major Deposit Operations functions.
• Performs other assigned duties.

Skills

Attention to detail

Problem-solving

Communication

Independent work

Multitasking

Tools

COCC

Microsoft Office

Job description

Description

POSITION FUNCTION

The Deposit Operations Specialist is responsible for performing a variety of back-office and support duties related to deposit accounts and maintenance. The position supports the daily operations of the Deposit Operations Department, including tasks related to Overdraft Protection, Return Deposited Items, Levy Processing, IRA’s and Research Requests. The candidate performs all duties in accordance with established bank policies, procedures and regulatory requirements to ensure accuracy, efficiency and compliance.

ESSENTIAL FUNCTIONS

1. Oversees all aspects of Platinum Overdraft accounts, including daily report monitoring, processing charge-offs, mailing overdraft letters, updating COCC Insight to ensure account eligibility, tracking and maintaining accurate documentation for repayment plan agreements, and reporting accounts to collections.
2. Produces monthly board reports detailing charge off accounts and recovered accounts activity.
3. Processes returned deposited items received from the Federal Reserve by posting chargebacks or redeposits, collaborates with branch staff and security officer to resolve negative balance accounts, and place appropriate holds on account for large dollar return notifications.
4. Handles Levy processing by reviewing legal orders placing holds on accounts, checking for exempt funds, producing customer letters and sending funds to the issuing agency while maintaining accurate records.
5. Completes research requests for customers, legal, and internal departments, including retrieval of account statements and check image copies.
6. Processes returned mail for accounts, applying and verifying address flags as needed; and handling returned Debit/ATM card mail under dual control procedures to ensure security and compliance.
7. Complete Verifications of Deposits for customer accounts and provides timely responses.
8. Performs maintenance in COCC Insight to remove duplicate profile requests.
9. Processes fee reversal requests submitted by retail, crediting customer accounts accurately and promptly.
10. Assist with internal posting requests submitted by HR, Accounting and the Electronic Services Team, ensuring timely and accurate processing.
11. Oversees IRA account review, processing and exception tracking; coordinates and monitors all IRA related activity, including distributions, contributions, required minimum distributions (RMDs), year-end reporting, and correction of tax documentation.
12. Maintains expertise in current IRA regulations and bank processing by attending seminars and workshops and ensures compliance.
13. Updates and maintains the bank’s IRA branch procedures and coordinates training sessions with retail to ensure proper understanding and compliance.
14. Monitors industry trends and regulatory changes affecting IRAs and assists in communicating relevant updates to retail staff and customers.
15. Participates in audits of the Deposit Operations Department, including ACH, Item Processing, Wire Transfer and Deposit Compliance.
16. Answers and assists with branch and customer telephone inquiries, resolve inquiries when possible and elevate issues, as necessary.
17. Provide excellent customer service to internal and external customers.
18. Supports interdepartmental efforts to improve operational efficiency and streamline procedures.
19. Creates, updates and maintains assigned policies and procedures to ensure compliance with operational consistency.
20. 20. Provides support across all major Deposit Operations functions by serving as a backup and a cross-trained team member. Including but not limited to New Account Reviews, Large Check Review, ACH/Check Processing, Load Errors, Rejected Items, ACH Exception Report, Stop Payments, Wire Transfer Processing, Verification of Deposits and Centrix Debit Card/ACH disputes.
21. 21. Perform other assigned duties.

Requirements

QUALIFICATIONS

1. Minimum of 2-3 years' experience in Deposit Operations or related banking functions. Knowledge of IRA regulations and applications is preferred.
2. Working knowledge of deposit related regulations.
3. Strong attention to detail and accuracy.
4. Ability to work under pressure and meet required processing deadlines.
5. Proficiency with Microsoft office and COCC.
6. Excellent communication and problem-solving skills
7. Ability to work independently and manage multiple priorities.

PHYSICAL DEMANDS

1. Must have full hand dexterity required to operate computer terminal and related equipment.
2. Must have eye coordination required to operate computer terminal.
3. Frequently moves around bank, between levels or floors while performing duties
4. Often lifts files, records, supply boxes and places in storage areas. Infrequently lifts up to 50 lbs.
5. Regularly sits at desk or computer workstation for periods of time.