The Deposit Services Specialist (DSS) is responsible for assisting members and serving as a subject matter expert to the organization with respect to Health Savings Accounts (HSAs), Individual Retirement Accounts (IRAs), Trusts, and Deceased Accounts. The Deposit Services Specialist is required to maintain a breadth of knowledge but specializes in opening and administration of HSAs, IRAs and Trust accounts, as well as the distribution of assets from member-owner accounts in the event of death.

• Ensures all critical functions related to HSAs, IRAs, Trusts and Deceased Accounts are in accordance with government regulations and credit union policies. (50%)
  1. IRAs –Responsible for in routine risk-based audits of operational and compliance areas pertaining to IRAs, including but not limited to newly opened IRAs, rollovers, conversions, and distributions. Ensures proper procedures and operating controls pertaining to IRAs are followed. Reports gaps in procedures and operating controls to leadership to ensure member impact and risk is mitigated.
  2. HSAs – Responsible for the establishment of new account opening through the online channel. This includes administration and maintenance of health savings accounts opened through our third-party vendor, as well as, evaluating and managing risk in the process to detect fraudulent activity. Ensure opening of health savings accounts are in compliance with regulation.
  3. Trusts – Responsible interpreting and understanding trust documents for accurately and timely converting accounts to Trusts. Ensuring proper documentation is signed and imaged.
  4. Deceased Accounts - Works closely with legal and compliance teams to ensure proper estate disbursement and release of information to third parties. The specialist interprets probate documents, issue POD disbursement checks and is responsible for auditing the account and ensuring compliance, security and safety of financial records, as well as, responsible for account fraud detection and mitigation to prevent credit union loss. oversee and manage the distribution of assets with respect to deceased accounts
• Serves as subject matter expert and is responsible for resolving complex situations for Service Delivery Staff. Administers fund distribution from accounts owned by deceased members in accordance with credit union policies and procedures. Process life insurance claims through credit union provided products. Review incoming documentation on behalf of WPCU, including Trusts Documents, probate documents, and Last Will and Testaments. Provide guidance and assistance to members maneuvering the process of settling an estate. (15%)
• Ensures proper policies, procedures, risk mitigation activities, and operating controls are followed. Reports gaps in policies, procedures, and operating controls to leadership to ensure member impact and risk is mitigated. (5%)
• Develops and conducts on-going training materials related to HSAs, IRAs, Trusts, and basic information on deceased accounts to partner-employees working on the service delivery teams. (5%)
• Other duties assigned. (5%)

Required Skills

The Deposit Services Specialist must possess the following knowledge and skills:

• A high school diploma or equivalent or ten (10) years equivalent work experience.
• Demonstrated ability to meet deadlines and accomplish assignments without close supervision.
• Ability to use analytical and independent judgment for process improvements and problem resolution.
• The Deposit Services Specialist should possess at least 3 years working experience with retail deposit products. Working knowledge of HSA and IRA products, deceased accounts and living trusts is desired.
• Demonstrated skill to effectively and compassionately communicate and work with individuals to make their experience with WPCU as congenial as possible.
• Demonstrated ability to learn through on-the-job experience and apply general knowledge of estate laws and evaluate legal documents relative to deceased accounts and revocable/irrevocable living trusts.
• Excellent oral/written communication skills, the ability to manage multiple diverse tasks, and functioning as a team member.
• Demonstrated ability to learn and adhere to regulations and laws pertaining to HSA and IRA products.
• Demonstrated ability to analyze, reason, problem solve, and prioritize work independently, especially involving legal documents such as trust documents.
• Demonstrated ability to learn and apply available and appropriate software applications to job functions.

Required Experience

The Deposit Services Specialist must possess the following knowledge and skills:

• A high school diploma or equivalent or ten (10) years equivalent work experience.
• Demonstrated ability to meet deadlines and accomplish assignments without close supervision.
• Ability to use analytical and independent judgment for process improvements and problem resolution.
• The Deposit Services Specialist should possess at least 3 years working experience with retail deposit products. Working knowledge of HSA and IRA products, deceased accounts and living trusts is desired.
• Demonstrated skill to effectively and compassionately communicate and work with individuals to make their experience with WPCU as congenial as possible.
• Demonstrated ability to learn through on-the-job experience and apply general knowledge of estate laws and evaluate legal documents relative to deceased accounts and revocable/irrevocable living trusts.
• Excellent oral/written communication skills, the ability to manage multiple diverse tasks, and functioning as a team member.
• Demonstrated ability to learn and adhere to regulations and laws pertaining to HSA and IRA products.
• Demonstrated ability to analyze, reason, problem solve, and prioritize work independently, especially involving legal documents such as trust documents.
• Demonstrated ability to learn and apply available and appropriate software applications to job functions.