What are the responsibilities and job description for the Payment Solutions Specialist position at NEW Credit Union?
The Payment Solutions Specialist is responsible for the monitoring and management of delinquent loan accounts, issuing late payment reminders, and providing effective resolution strategies for members in financial distress. The specialist will maintain accurate and up-to-date records of delinquent accounts, prepare reports for internal and external stakeholders, and ensure compliance with relevant policies and regulations.
Key Responsibilities
- Proactively follow up on delinquent, high-balance, and credit balance accounts via telephone, email, and/or written correspondence.
- Contact delinquent members to assess the cause of delinquency and assist in developing repayment plans.
- Notify guarantors regarding the status of delinquent accounts.
- Accurately update account activity logs for all delinquent loans.
- Investigate payroll deduction issues such as stops, starts, or changes that may affect loan repayment.
- Research and correct discrepancies in loan applications and credit bureau reports.
- Respond to member inquiries regarding delinquencies and credit file corrections.
- Prepare and initiate legal proceedings as needed (e.g., court cases, bankruptcies, replevin judgments, foreclosures).
- Generate and present monthly delinquency and board reports.
- Collaborate with attorneys and send case files as required for legal actions.
- Assist financially struggling members by reviewing refinancing options or issuing Temporary Loan Modifications (TLMs) when appropriate.
- Manage the Overdraft Advance Program, including collections on returned checks and account closures.
- Oversee the Collateral Protection Insurance (CPI) program.
- Provide financial education and counseling to members as needed.
- Annually review collection policies and procedures with the Compliance Officer to ensure current and compliant practices.
- Refer accounts to collection agencies when necessary.
- Prepare and submit quarterly delinquency call report data.
- Perform additional duties as assigned by the Chief Lending Officer or CEO.
- Strong interpersonal and communication skills.
- Ability to handle confidential information and work under pressure.
- Experience in collections, financial counseling, or a related role is preferred.
- Familiarity with credit reports, legal collection processes, and lending regulations is a plus.
- Detail-oriented with excellent organizational skills.
- Proficiency in using financial software and Microsoft Office Suite.
N.E.W. Credit Union began in 1962 as Falls Paper Employees Credit Union, serving paper mill employees and their families. By the late 1970s, we had grown to over $1 million in assets and moved into our first dedicated location in Oconto Falls. Expansion continued through the 1980s and 1990s, with new branches in Suring (1993) and Oconto (1998). We introduced checking accounts, debit/ATM cards, credit cards, and online banking, making financial services more accessible to our members. By 2002, we celebrated 40 years of service and expanded membership eligibility to Brown, Marinette, Oconto, and Shawano counties.
Today, N.E.W. Credit Union remains committed to serving our members and communities. With over $151 million in assets, multiple branch locations, and a strong focus on digital banking, we continue to evolve while staying true to the “People Helping People” philosophy. From a small paper mill credit union to a thriving financial institution, our story is one of growth, service, and commitment to our members.
Our Mission:
Empowering our Member/Owners through personalized service, financial solutions, education and community involvement.
What we offer:
- Flexible Schedule
- 12 Paid Holidays
- Paid Time Off
- Flexible Spending Accounts
- Health Savings Accounts
- Health Insurance
- Dental Insurance
- Vision Insurance
- Life Insurance
- Short and Long-Term Disability Insurance
- 401K with 100% company match up to 5%
- Tuition assistance programs
- Regular training and career progression
- Continuous training and career development opportunities
- Professional certification assistance
- Fitness Reimbursement
- Etc.