What are the responsibilities and job description for the ACH Specialist position at Educational Federal Credit Union?
Job Details
Description
Job Summary:
Responsible for accurately processing ACH transactions, reconciling settlements, and ensuring compliance with regulations, while also providing internal and external member support and resolving issues related to ACH payments.
Duties & Responsibilities
Description
Job Summary:
Responsible for accurately processing ACH transactions, reconciling settlements, and ensuring compliance with regulations, while also providing internal and external member support and resolving issues related to ACH payments.
Duties & Responsibilities
- Performs the daily processing of all incoming ACH files and ensures proper posting to member accounts.
- Process reconciliation of ACH settlements received through the Federal Reserve and post the general journal entries.
- Responsible for processing ACH exceptions, reversals, and stop payments, ensuring the usage of correct ACH codes.
- Process daily ACH returns, Notification of Change (NOC), and Death Notification Entries (DNE) from the Federal Reserve Bank.
- Process and respond to ACH government and ACH ODFI (Originating Depository Financial Institution) reclamations and trace requests.
- Process ACH returns, including late returns (LOIs), which may require additional follow-up.
- Review and process all ACH disputes submitted through the dispute software. Return items with the appropriate reason code.
- Primary support and responsible for investigating and resolving member account discrepancies related to ACH.
- Recommend changes and process improvements to allow compliance with industry standards and ACH operations.
- Maintain NACHA Accredited ACH Professional (AAP) certification by participating in credit-eligible courses as required to maintain AAP certification.
- Stay abreast of industry changes and maintain an in-depth understanding of NACHA rules and other applicable regulations to ensure compliance. Update departmental procedures when regulatory changes arise.
- Retain documentation and reports as required by The National Automated Clearing House Association (NACHA).
- Responsible for processing critical and essential functions remotely during a disaster as defined in the organization’s Business Continuity Plan and on non-federal holidays to eliminate or minimize interruption with member payments and Federal Reserve deadlines.
- Assist frontline and key support departments with complex member inquiries, account issues, research, and document requests.
- Coordinate with internal auditors as required for periodic ACH examinations.
- Maintain a thorough knowledge of credit union services, policies, procedures, and general operations practices.
- Provide backup support with processing draft Inclearings.
- Must obtain the Accredited ACH Professional AAP within two years of employment
- Perform other duties as assigned by management.
- Moderate to strong knowledge of NACHA rules and guidelines.
- Strong communication, analytical, research, and problem-solving skills.
- Moderate to advanced knowledge of credit union policy and procedures.
- Accuracy and attention to detail.
