Collections Associate

Work Location

This position is only eligible for in-office/branch work arrangements.

Compensation

• Base Salary: The full salary range for the Collections Associate position is $18.25 - $26.05 per hour, with new hires generally starting between $20.90 and $22.80 per hour, based on relevant knowledge, skills, education, and experience. This range will be converted to semi-monthly ranges for full-time employees. This position is eligible to earn additional monthly and annual incentives.
• Incentives: In addition to base pay, this position is eligible for monthly incentives based on the production of specific collection activity and management of a Collections queue with established goals. Although there is not a minimum or maximum incentive threshold, on average a Collections Associate earns between $400 and $1,000 per month in incentives. To aid with the learning curve, new hires will receive a minimum incentive payout of $400 per month for the first 4 months of active employment unless incentives over $400 are earned, in which case the higher amount will be paid.
• Annual Incentive: In addition, all SELCO team members receive an annual incentive based on how well SELCO meets the prior year’s strategic business goals. This incentive is calculated using the team member’s prior year eligible earnings and ranges from 0%-12% (with the average payout over the last five years being 11.07%).

Benefits

Our team’s well-being is a priority, and we’re proud to offer a comprehensive and holistic benefits package for team members and their families.

• Medical, dental, vision, long-term disability, and life insurance
• 401(k) retirement plan (with guaranteed employer contributions
• Paid time off for personal and volunteer hours, as well as 10 paid holidays per year
• Additional programs and benefits include wellness and educational reimbursements, an employee assistance program, discounted rates on select SELCO services, and more.

Position Overview

Act in the interest of SELCO Community Credit Union for resolution of delinquent or other collection accounts.

Essential Functions

• Review, maintain, and resolve accounts on individual collection queue list and take action to mitigate the Credit Union’s exposure to risk in a timely manner.
• Communicate with account holders who have delinquent accounts to resolve delinquency and assist them in developing plans to bring accounts current by a specified date.
• Research and analyze account(s) that cannot be resolved through standard collection efforts and determine viable alternatives such as debt restructure, loan modification or recommend repossession and/or foreclosure, charge-off, or legal action.
• Send out appropriate notices as directed or required by law for collections and legal actions and any other applicable situations.
• Act in the best interest of the Credit Union by following procedures to initiate repossession and/or foreclosure; arrange for maintenance of collateral while in the Credit Union’s possession; execute disposition of collateral.
• Maintain thorough electronic documentation of individual collection activities or issues.
• Participate in periodic review of collection procedures and policies; recommend changes.
• Participate in compilation, preparation, and presentation of delinquency, charge-off, and recovery reports for Management review and approval.
• Act as the Credit Union’s representative in collection and legal matters.
• Assist internal and external members with inquiries and problem-resolution regarding delinquent and other collection accounts.
• Perform skip traces to locate debtors when necessary.
• Coordinate with other department to resolve accounts when necessary.
• Assist attorneys with preparation of legal pleadings, demand letters, and other administrative duties.
• Assist with processing debt restructures and workout loans.
• Interact with internal and external customers in a warm and friendly manner, demonstrate a sincere interest and willingness to help.
• Adhere to federal and state regulations, Credit Union policies, confidentiality requirements, and other compliance obligations.
• Consistently achieve individual performance goals and contribute to department and organizational objectives.
• Lead and/or actively participate in required meetings and trainings.
• Adapt to change to accomplish SELCO’s goals and objectives.
• Perform other duties as assigned.

Skills and Abilities

The position requires the following:

• Excellent communication and presentation skills in person, over the phone, and in writing including through electronic channels.
• Possess comprehensive knowledge of banking and general state and federal laws related to financial privacy, fair lending, collections, bankruptcy, and any other applicable laws or regulations.
• Strong analytical ability with active listening skills.
• Possess knowledge of specific Credit Union product requirements.
• Sophisticated computer and software skills, including Microsoft Office 365 applications.
• Strong interpersonal skills with the ability to build strong, collaborative relationships with individuals and groups at all levels both within and outside the Credit Union.
• Exceptional customer service skills.
• Excellent time management, prioritization and organizational skills with a high level of initiative, responsibility, and accountability, including flexibility to adapt to changing business needs and deadlines.
• Ability to recognize member financial needs and effectively cross-sell and close Credit Union and CUSO products and services; excellent member/customer service skills.
• Ability to use experience-related knowledge and good judgment to plan and accomplish goals.
• Ability to maintain confidentiality of sensitive information.
• Strong problem resolution and problem prevention skills.
• Willingness and ability to receive, give, and assimilate coaching and feedback.
• Ability to work accurately with a close attention to detail.
• Work ethic that includes dependability, punctuality, and a professional appearance and demeanor.
• Ability to perform duties in an environment with background noise and complete tasks despite interruptions.

Education and Experience

• High school diploma or equivalent; and
• At least one (1) year of customer service experience; and
• Must be bondable.

Physical Demands

While performing the job duties, approximately 85% of the time is spent stationary, with the remaining time spent moving around work areas. Frequent communication occurs in person, over the phone, and in writing. This position requires the ability to view a computer screen and interpret printed materials and other documents. This position requires the ability to lift and transport up to 5 pounds, and there is an occasional need to stoop, kneel, or reach to access documents, equipment and supplies.

Interaction and Work Environment

Reports To: Collections Manager and Collections Assistant Manager

Work areas are inside in a climate-controlled environment with background noise.

Material and Equipment Used

Computer, phone, scanner, copier, fax machine, web camera, and general office supplies

Acknowledgement

I have received and reviewed a copy of the Collections Associate job description. I understand that this job description is not a contract of employment and in no way changes the at-will nature of the employment relationship with SELCO Community Credit Union.