Accounts Receivable Representative at Fifth Third Bank

Rosemont, Illinois, United States

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Not SpecifiedCompensation

Entry Level & New Grad, Junior (1 to 2 years)Experience Level

Full TimeJob Type

UnknownVisa

Banking, FinanceIndustries

Requirements

2+ years accounts receivable experience
Bachelor's degree in Business (e.g. Business Administration, Finance, Accounting) required
Familiar with Equipment Finance loan and lease structures such as finance leases, operating leases, synthetic leases, Municipal leases, conditional sales, and the implications related to each transaction (preferred)
Knowledge of loan transactions and how to calculate interest accruals based on loan type

Responsibilities

Adhere to Federal Lending Regulations as it relates to Equipment Finance
Read, analyze and interpret Equipment Finance loan and lease documents, including documents prepared internally, by outside counsel and external sources and how they relate to the servicing system to resolve client inquiries and/or internal boarding issues
Provide cross functional support for portfolio monitoring of newly booked and existing accounts, provide customer service to internal and external clients and assist with lien perfection on equipment
Provide support to the Equipment Finance Portfolio Analyst II, including aiding in gathering information needed for loan/lease servicing and providing additional customer support for specific clients
Establish, foster and maintain strong working relationships with the Commercial Bank (portfolio managers, underwriters, credit officers, senior bankers, relationship managers) to improve the overall customer experience specific to Equipment Finance loan/lease servicing
Deliver timely resolution to incoming client requests received via email, direct dial and/or the 800-Customer Line
Promptly analyze the client's communication and provide accurate and professional resolution based on knowledge of the relationship, documentation and servicing system
Encourage clients to sign up for Equipment Finance online payment services
Manage a portfolio of accounts by proactively monitoring daily, weekly and monthly reporting to ensure new accounts are booked accurately for client billing and submit any required forms and/or corrections to internal partners to update the necessary servicing systems appropriately eliminating customer impact
Direct client contact to resolve cash application issues, invoice questions or other post boarding issues
Reconcile and resolve cash application issues with clients and third party servicers
Review and aggressively resolve delinquent accounts for assigned portfolio per Department's procedures and have the ability to recognize a potential credit issue for escalation to the Team Lead, Relationship Manager, Special Asset Officer and/or the Credit Officer
Provide manual billing via Microsoft Excel or Access as necessary for your assigned portfolio

Skills

Equipment Finance

Accounts Receivable

Loan Servicing

Lease Documents

Customer Service

Portfolio Monitoring

Lien Perfection

Federal Lending Regulations

Risk Management

Fifth Third Bank

Provides banking, loans, and wealth management services

About Fifth Third Bank

Fifth Third Bank offers a variety of financial services, including personal and business banking, loans, mortgages, credit lines, and insurance products. Their services cater to individual consumers, small businesses, and commercial clients, providing comprehensive solutions for managing finances. The bank generates revenue through interest on loans, service fees, and commissions from insurance and investment products. Unlike many competitors, Fifth Third Bank emphasizes community engagement and financial education, providing resources to help clients improve their financial literacy. The goal of Fifth Third Bank is to support clients in achieving their financial objectives while fostering a strong connection with the communities they serve.

Cincinnati, OhioHeadquarters

1858Year Founded

IPOCompany Stage

Social Impact, Financial ServicesIndustries

10,001+Employees

Benefits

Health Insurance

Paid Sick Leave

Paid Holidays

Performance Bonus

Flexible Work Hours

Risks

Rising interest rates may decrease demand for loans and mortgages.

Competition from fintechs like Robinhood threatens Fifth Third's wealth management sector.

Sophisticated cybersecurity threats pose risks to customer data and trust.

Differentiation

Fifth Third Bank offers comprehensive financial solutions for individuals and businesses.

The bank emphasizes community engagement and financial education for client empowerment.

It provides a wide range of insurance products, including life, health, and disability.

Upsides

Increased demand for digital banking boosts Fifth Third Bank's online service offerings.

Partnerships with fintech enhance technological capabilities and customer experience.

Growing interest in sustainable finance attracts environmentally conscious customers.

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