Deposit Operations Specialist

Savers Bank; Southbridge (MA); On-site; USD 32,000 - 37,000; Full time

Job summary

Savers Bank is seeking a Deposit Operations Specialist to support back-office deposit account maintenance and daily operations. You will handle overdraft, levy processing, IRA activities, and customer research requests, ensuring compliance and accuracy.

The role requires detail orientation, strong communication, and the ability to work under deadlines within COCC and other systems. This is a full-time, on-site position in Massachusetts.

Qualifications

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

Responsibilities

• Oversee all aspects of Platinum Overdraft accounts, including daily report monitoring and documentation.
• Process returned deposited items and apply chargebacks or redeposits.
• Handle levy processing by reviewing legal orders and issuing letters to customers.
• Complete research requests for customers, legal, and internal departments.
• Maintain IRA activity: distributions, contributions, RMDs, year-end reporting and tax documents.
• Audit Deposit Operations and assist with branch/customer inquiries; provide backup across major functions.

Skills

Deposit operations

Attention to detail

Communication skills

Problem solving

Microsoft Office

COCC

Tools

COCC

Centrix

Job 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.

Job Type

Full-time

Description

POSITION FUNCTIONThe 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

• 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.
• Produces monthly board reports detailing charge off accounts and recovered accounts activity.
• 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.
• 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.
• Completes research requests for customers, legal, and internal departments, including retrieval of account statements and check image copies.
• 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.
• Complete Verifications of Deposits for customer accounts and provides timely responses.
• Performs maintenance in COCC Insight to remove duplicate profile requests.
• Processes fee reversal requests submitted by retail, crediting customer accounts accurately and promptly.
• Assist with internal posting requests submitted by HR, Accounting and the Electronic Services Team, ensuring timely and accurate processing.
• 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.
• Maintains expertise in current IRA regulations and bank processing by attending seminars and workshops and ensures compliance.
• Updates and maintains the bank’s IRA branch procedures and coordinates training sessions with retail to ensure proper understanding and compliance.
• Monitors industry trends and regulatory changes affecting IRAs and assists in communicating relevant updates to retail staff and customers.
• Participates in audits of the Deposit Operations Department, including ACH, Item Processing, Wire Transfer and Deposit Compliance.
• Answers and assists with branch and customer telephone inquiries, resolve inquiries when possible and escalate issues, as necessary.
• Provide excellent customer service to internal and external customers.
• Supports interdepartmental efforts to improve operational efficiency and streamline procedures.
• Creates, updates and maintains assigned policies and procedures to ensure compliance with operational consistency.
• 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.
• Perform other assigned duties.

Requirements

QUALIFICATIONS

• Minimum of 2-3 years' experience in Deposit Operations or related banking functions. Knowledge of IRA regulations and applications is preferred.
• 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.

PHYSICAL DEMANDS

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

Salary Description

23.00 - 27.00