IRA/CD Operations Specialist II at Fifth Third Bank

Grand Rapids, Michigan, United States

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Not SpecifiedCompensation

Mid-level (3 to 4 years)Experience Level

Full TimeJob Type

UnknownVisa

BankingIndustries

Requirements

Bachelor’s Degree or equivalent work experience preferred
Three (3) years related experience required, preferably in Retail or Operations
Knowledge of retail policies, procedures and products
Demonstrated ability to resolve operational issues
Strong verbal and written communication skills
Strong PC knowledge to include Word & Excel, and a working knowledge of the internal banking systems

Responsibilities

Independently support and maintain the Operational and Risk needs of the IRA/CD Operations Banking division, including reconciliation, research and clearing of IRA/CDs and other internal accounts
Verify documentation for accuracy and related reporting information, and perform various compliance functions
Analyze processes/trends, recommend process improvements and participate in the implementation of these improvements
Provide quality customer service for various types of inquiries, including complex regulation, IRS reporting questions or IRS documentation requirement questions from the contact center, financial centers, retail help desk and/or external customers
Maintain an in-depth, working knowledge of all IRA/CD products and services as they relate to operational procedures, increased efficiencies and profitability
Research and clear CD and IRA entries and entries on other internal accounts
Interact with Financial Centers regarding all IRA/CD Operations supported Operational and Risk Functions
Review and validate all required IRS and state specific documentation and coding for all IRA/CD transactions
Process complex IRA distributions, collecting customer information and completing transactions utilizing Raft to maintain IRS and Fifth Third compliance
Perform risk based transactions on behalf of the banking center (penalty exceptions, death payouts)
Research and coordinate support for complex Compliance and Documentation exceptions such as IRS Audit letters
Work with Legal, Retail, Corporate Tax, Business Banking, Business Controls, and other lines of business on issues or processes that require additional processing
Collaborate with management and IT for the recommendation and implementation of enhancements to include writing requirements, test plans and testing
Process transactions as needed to perform department functions (customer adjustments, interest adjustments, closing or opening accounts in raft, etc.)
Perform miscellaneous maintenance functions as needed (removal of names upon death, DISC IRS updates, auto distributions, etc.)
Possess a solid understanding of IRS regulations related to information reporting and tax withholding, including requirements in accordance with IRC section 408 and corresponding regulations and publications
Perform IRS reissue and correction processing for IRA and CD transactions to include all types of 1099s and 5498s
Facilitate or participate in assigned projects
Perform any other duties as assigned

Skills

Key technologies and capabilities for this role

IRA OperationsCD OperationsAccount ReconciliationIRS ReportingComplianceDocumentation VerificationProcess ImprovementRisk ManagementCustomer Service

Questions & Answers

Common questions about this position

Is this a full-time position?

Yes, this is a full-time employment position.

What is the salary range for the IRA/CD Operations Specialist II role?

This information is not specified in the job description.

What are the key responsibilities or skills needed for this role?

The role requires in-depth knowledge of IRA/CD products, researching and clearing entries, validating IRS documentation like W-8s and W-4P, processing complex IRA distributions, handling risk-based transactions, and collaborating with other departments for process improvements.

What does the company emphasize about risk and customer service?

The role emphasizes accountability for risk management, openly exchanging ideas, following policies, doing the right thing for customers and colleagues, and driving a positive customer experience while operating within the bank's risk appetite.

What makes a strong candidate for this position?

A strong candidate has in-depth knowledge of IRA/CD operations, experience with IRS compliance and documentation, ability to handle complex transactions and research, and skills in process analysis and collaboration with management, IT, and other business lines.

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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