What are the responsibilities and job description for the Account Settlement Specialist position at EdFed?
Why Work Here?
EdFed offers challenging career opportunities and great benefits!
A Brief Overview
Process all deceased accountholder claims in a timely manner. Ensure survivors are treated with compassion and are supported throughout the account settlement process. Coordinate with Lending and Credit Solutions staff as applicable to settle loans where the borrower is deceased. Act as back-up for the Operations Support Specialist, providing support and guidance to frontline staff related to specialized account types and services.
Job Title
Account Settlement Specialist, Administration (CEO)
Overtime Exemption
Non-Exempt
What you will do
- Process all deceased accountholder claims in a timely manner, ensuring survivors are treated with compassion and are supported throughout the account settlement process.
- Ensure adverse impact to joint accountholders is minimized and carefully balanced with the Credit Union’s rights of offset.
- Coordinate with Lending and Credit Solutions staff as applicable to settle loans where the borrower is deceased.
- Gather appropriate documentation as needed for all deceased claims.
- Conduct research related to insurances such as Life Savings Benefit and Credit Life & Disability. File claims as applicable.
- Disburse account funds to beneficiaries in accordance with the account’s Payable of Death Beneficiary designations.
- Maintain a thorough working knowledge of Florida statutes and applicable federal regulations.
- File Caveats and/or Statement of Claims with the appropriate Probate Courts to secure the Credit Union’s debtor rights against an Estate when monies are owed.
- Liaise with Probate clerks, Estate attorneys, and the Credit Union’s counsel as needed.
- Provide guidance to frontline staff related to deceased payee check negotiation.
- Liaise with branch management and represent the Credit Union as an Officer of the lessor during court-ordered Safe Deposit Box entry.
- Oversee all aspects of Estate Accounts.
- Maintain department procedures related to account settlement.
- Assist Operations Support Specialists with reviewing Trust documents, Power of Attorney documents, and Guardianship documents to ensure accounts are opened and maintained in accordance with the all applicable laws and regulations.
- Represents the Credit Union as an Officer of the lessor during safe-deposit box inventories of a decedent.
- Performs other duties as assigned by management.
Qualifications
Every employee is required to comply with all Bank Secrecy Act (BSA) policies and procedures, and to attend required BSA-related training as assigned.
Work Experience
- Less than 2 years Credit Union or Banking experience.
Skills and Abilities
- Prior Credit Union or Banking experience preferred.
- Critical thinking skills.
- Must be approachable and collaborative, thrive in a fast-paced dynamic environment, and be comfortable quickly shifting priorities on short notice.
- Must be proficient in Microsoft Office and job related computer programs and software.
- Knowledge of federal and state financial laws pertaining to card service/fraud.
- Excellent written and verbal communications skills and the ability to communicate with discretion and understanding when confidentiality is needed.
- Strong analytical and technical skills including fact finding and problem solving.
Our people are passionate about what they do, the products and services they promote, and the members they serve. If you're looking for an opportunity to be an opportunity to be a part of a work family that values collaboration, innovation and dedication, we're the right company for you.
