What are the responsibilities and job description for the Deposit Services Officer position at Grove Bank & Trust?
Company Description
Grove Bank & Trust, established in 1926, is a Miami-based financial services firm known for its integrity and honesty. The bank offers boutique banking, trust, and wealth management services tailored to individuals, families, and businesses.
Job Summary
The Deposit Services Officer is responsible for overseeing the daily operations of deposit-related services, ensuring accuracy, efficiency, and compliance with regulatory requirements. This role involves handling account maintenance, transaction processing, and providing support to internal teams and customers regarding deposit products and services.
Duties and Responsibilities
- Daily morning opening of the wire room, and the submission of all wire reports to the Accounting Department.
- Reviewing outgoing wire documentation for completeness and the approval for release after review. The approval of incoming wires and any editing needed before approval, such as correcting account numbers, bank intermediary information, and country codes.
- Provide support to the frontline staff with any wire issues and be available to answer any questions. Act as Liaison between the branch staff and PCBB for any International wire issues and questions.
- Perform the End of Day balancing of Fed wires and the saving of approved files to the appropriate network folder.
- Processing of the daily Chargeback file received from Fed. This includes the printing of the IRD for the chargebacks, printing of the notices, redepositing any items scanning, and filing to Synergy.
- Handle Reg E card disputes from intake through claim closure following regulatory requirements, including logging, entering through a third-party dispute system, requesting and managing credits/debits to accounts, customer lettering, and scanning of documentation to client files.
- Tracking of excess MMK and Savings activity (Reg D), including lettering and account disposition, and providing Backup for branch IRA account assistance.
- Daily review of checks identified in the fraud detection system. Back-up for ACH, Zelle, wire, and any other fraud exceptions arising in SQN, Verafin, or Yellow Hammer modules.
- Monitors restricted accounts due to fraudulent or suspicious activity and ensures closing within the acceptable time frame.
- Request and process Fed adjustments as needed.
- Perform Backup responsibilities for mail room functions as needed, including organizing and preparation of outgoing mail.
- Perform Backup responsibilities for the processing of non-posted items as needed. Including the processing of any returns, scanning and saving of daily reports to Synergy.
- Back-up for NSF daily process including system balancing, submission of reports and client notices, and Fed large item return notifications. Assists with gathering information for Deposit Operations audit requests.
- Minimizes the bank's liability exposure by adhering to established policies and procedures, internal controls, and legal and regulatory guidelines.
Education and/or Experience
- High school diploma or equivalent; five years of previous bank operations or related banking experience.
- Broad knowledge of financial institution bank operations procedures.
- Strong organizational and analytical skills. Detail-oriented with the ability to work in a deadline-intensive work environment.
- Strong communication and interpersonal skills. Proficient in Word and Excel.
- Experience with Jack Henry platforms preferred.
