What are the responsibilities and job description for the Reconciliations Specialist position at Fifth Third Bank?
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GENERAL FUNCTION: Performs reconciliation functions on bankwide assigned accounts at the intermediate level. Completes complex cash research for out of balance or entries and makes correcting adjustments on the servicing systems and completes cash movement. Assures daily monitoring and maintenance of account reconciliations to minimize customer impact and Bancorp risk. Collaborates with other cash departments within the Bancorp to research resolve cross-product outages.
Responsible and accountable for risk by openly exchanging ideas and opinions, elevating concerns, and personally following policies and procedures as defined. Accountable for always doing the right thing for customers and colleagues, and ensures that actions and behaviors drive a positive customer experience. While operating within the Bank’s risk appetite, achieves results by consistently identifying, assessing, managing, monitoring, and reporting risks of all types.
ESSENTIAL DUTIES AND RESPONSIBILITIES:
- Comprehends Fifth Third reconciliation policies and procedures; responsible for departmental compliance.
- Processes daily cash exceptions including rejected payments from retail and wholesale lockbox, BillPayer, ACH, and ACE.
- Research and perform adjusting entries in ACE or AFS to clear GL and wire account outages that are a result of processing errors involving financial transactions.
- Strong knowledge of Debit and Credit flow through various systems.
- btains correct supporting documentation as requested by internal/external audit and external regulatory agencies.
- Review and analysis of loan status and structure on AFS prior to posting financial transactions.
- Learn and keep updated on processing rules and proper procedures, system and business rules.
- Understands the assigned accounts, including how entries flow through the accounts, and how the activity affects other accounts. Responds to questions related to entries in the accounts. Escalates issues to management.
- Resolve discrepancies and issues with input documents.
- Communicate with internal customer to resolve payment/payoff issues prior to posting.
- Performs daily reconciliation of multiple general ledger and wire accounts.
- Track and follow-up on Aged items and escalate when appropriate to assure timely resolution.
- Identifies areas of process improvement to increase departmental efficiencies.
- Provide high level of customer service and develop relationships with various departments within Bank.
- Research, identify, and resolve items aging in accounts. Reviews entries using Mobius, Vector, Ace, Web Archive, Frontier and other research tools. Communicate with other Operations departments, financial controls, accounting, and/or LOB to identify and clear GL and wire account discrepancies.
- Monitor and report number of aged items in accounts to management.
- Uses knowledge of systems and processes to assist other reconcilers in researching and clearing difficult holdovers.
- Perform basic special projects as assigned and at the direction of Manager.
SUPERVISORY RESPONSIBILITIES: None.
MINIMUM KNOWLEDGE & SKILLS REQUIRED:
- Associates Degree or equivalent work experience.
- Minimum 3 years years experience within commercial banking, accounting, or a related financial industry.
- Strong analytical and problem solving skills.
- Demonstrated professional interpersonal, written and verbal communication skills.
- Intermediate level in skills for windows- based computer programs such as Microsoft Excel, Word, Outlook, Access.
- Proficient with the various Commercial Loan systems, AFS, Raft, Vector, ACE, Filenet, Mobius, Fifth Third Direct, etc preferred.
- Strong analytical skills.
- Working knowledge of debits, credits, and balancing.
- Ability to work independently and meet deadlines with a low margin of error.
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Reconciliations Specialist
LOCATION - Cincinnati, Ohio 45227
Fifth Third Bank, National Association is proud to have an engaged and inclusive culture and to promote and ensure equal employment opportunity in all employment decisions regardless of race, color, gender, national origin, religion, age, disability, sexual orientation, gender identity, military status, veteran status or any other legally protected status.
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