Trust Operations Specialist
OverviewAt MidWestOne, our people are number one in everything we do.
We are a community bank with a culture based on integrity and customer care.
The people on our team are the foundation of our success.
If you're ready to work for an organization that values you, develops your talents and helps you grow personally and professionally, then look no further.
This position is responsible for performing all duties in the Trust Operations Area to include:
executing various disbursement and receipt transactions by means of the trust accounting system, and the appropriate MidWestOne internal core system; settling security and mutual fund trades; interfacing to third-party custodial systems; reconciling balances and reports between the system and independent sources; inputting data into the trust system; and providing assistance as needed for the Trust Officers and other administrative personnel within the Wealth Management Division.
Responsibilities Maintains accurate records in the trust accounting system.
Identifies and posts deposits received into income and principal portfolios using the trust accounting system including cash deposits, transfers, social security income, rental payments, etc.
Post disbursement transactions batches and scheduled payments such as credit cards, utilities, real estate tax payments, personal and fiduciary tax payments and estimates, medical bills, salaries for household employees, etc.
utilizing multiple payment methods including check generation, ACHs, internal transfers, and wires by following procedures.
Transfer funds timely and maintain records for federal and state tax withholding from IRA and salary payment disbursements using the system suspense accounts.
Set up manual account fees for approval, mail invoices, handles the collection process for billed clients and transfers income to the general ledger.
Communicates for daily settlement and asset processing with various custodians for trades, maturities, redemptions, called bonds, dividends, interest, and corporate action activity.
Affirms trades on third-party custodian systems.
Set up non-marketable assets on the trust system and maintain asset pricing.
Process transactions related to Certificate of Deposits and loans Allocates collected income on the trust system to the appropriate accounts.
Executes sweep by posting same day settlement for money market sweep transactions and reconciling the trust system against money market custodian records.
Mails trade notices to clients, as needed.
Scan account documents into archive retrieval system and maintain files for correspondence associated with transactions and handles follow-up actions required.
Maintains correspondence points including the trust recordkeeping system tasks, team email box, and mail.
Provides system reports to audit, fraud, and commercial teams.
Supports higher level transactions including account transfers, security litigation processing and corporate actions.
Supports reconciliation of trust books and tracks clearance of outstanding variances.
Performs other duties, as assigned.
The Perks! Competitive base compensation with additional performance-based incentives (incentives vary depending on role) Career development and continuous learning opportunities Paid Time Off, Paid Holidays, Parental/Grandparent Leave, and more 100% vested 401(k) Retirement Plan with company match Medical, Dental, and Vision insurance Flex spending plan & Health savings accounts with employer contribution Student Loan Debt Reduction Program & Tuition Assistance Plan Employee Stock Ownership Plan Employer provided group life insurance with option to purchase additional life insurance for you and your family members Employer provided long term and short term disability insurance Additional Insurance options to meet your personal needs:
Critical Illness and Accident insurance Wellness Program Free banking services and other financial services discounts Take Your Dog to Work Day in June Employee Rally Day- a day of celebration and recognition! Qualifications Associates degree or equivalent combination of education and 6 months to one year related work experience We RISE by lifting others.
RISE stands for Retention, Innovation, Support, and Empowerment.
Through RISE we aspire to create and sustain a culture of diversity, equity, inclusion and belonging at work and in our communities.
Our commitment to RISE is reflected in our operating principles, people and culture.
We pledge to continuously learn, so we can understand and support the differences of individuals, embrace each other's strengths, and provide opportunities for all of us to work toward and achieve our full potential.
Now that you know more about us and the position, next step is for you apply so we can learn about you!#J-18808-Ljbffr Recommended Skills Administration Auditing General Ledger Lawsuits Loans Property Tax Apply to this job.
Think you're the perfect candidate? Apply on company site Estimated Salary: $20 to $28 per hour based on qualifications.
We are a community bank with a culture based on integrity and customer care.
The people on our team are the foundation of our success.
If you're ready to work for an organization that values you, develops your talents and helps you grow personally and professionally, then look no further.
This position is responsible for performing all duties in the Trust Operations Area to include:
executing various disbursement and receipt transactions by means of the trust accounting system, and the appropriate MidWestOne internal core system; settling security and mutual fund trades; interfacing to third-party custodial systems; reconciling balances and reports between the system and independent sources; inputting data into the trust system; and providing assistance as needed for the Trust Officers and other administrative personnel within the Wealth Management Division.
Responsibilities Maintains accurate records in the trust accounting system.
Identifies and posts deposits received into income and principal portfolios using the trust accounting system including cash deposits, transfers, social security income, rental payments, etc.
Post disbursement transactions batches and scheduled payments such as credit cards, utilities, real estate tax payments, personal and fiduciary tax payments and estimates, medical bills, salaries for household employees, etc.
utilizing multiple payment methods including check generation, ACHs, internal transfers, and wires by following procedures.
Transfer funds timely and maintain records for federal and state tax withholding from IRA and salary payment disbursements using the system suspense accounts.
Set up manual account fees for approval, mail invoices, handles the collection process for billed clients and transfers income to the general ledger.
Communicates for daily settlement and asset processing with various custodians for trades, maturities, redemptions, called bonds, dividends, interest, and corporate action activity.
Affirms trades on third-party custodian systems.
Set up non-marketable assets on the trust system and maintain asset pricing.
Process transactions related to Certificate of Deposits and loans Allocates collected income on the trust system to the appropriate accounts.
Executes sweep by posting same day settlement for money market sweep transactions and reconciling the trust system against money market custodian records.
Mails trade notices to clients, as needed.
Scan account documents into archive retrieval system and maintain files for correspondence associated with transactions and handles follow-up actions required.
Maintains correspondence points including the trust recordkeeping system tasks, team email box, and mail.
Provides system reports to audit, fraud, and commercial teams.
Supports higher level transactions including account transfers, security litigation processing and corporate actions.
Supports reconciliation of trust books and tracks clearance of outstanding variances.
Performs other duties, as assigned.
The Perks! Competitive base compensation with additional performance-based incentives (incentives vary depending on role) Career development and continuous learning opportunities Paid Time Off, Paid Holidays, Parental/Grandparent Leave, and more 100% vested 401(k) Retirement Plan with company match Medical, Dental, and Vision insurance Flex spending plan & Health savings accounts with employer contribution Student Loan Debt Reduction Program & Tuition Assistance Plan Employee Stock Ownership Plan Employer provided group life insurance with option to purchase additional life insurance for you and your family members Employer provided long term and short term disability insurance Additional Insurance options to meet your personal needs:
Critical Illness and Accident insurance Wellness Program Free banking services and other financial services discounts Take Your Dog to Work Day in June Employee Rally Day- a day of celebration and recognition! Qualifications Associates degree or equivalent combination of education and 6 months to one year related work experience We RISE by lifting others.
RISE stands for Retention, Innovation, Support, and Empowerment.
Through RISE we aspire to create and sustain a culture of diversity, equity, inclusion and belonging at work and in our communities.
Our commitment to RISE is reflected in our operating principles, people and culture.
We pledge to continuously learn, so we can understand and support the differences of individuals, embrace each other's strengths, and provide opportunities for all of us to work toward and achieve our full potential.
Now that you know more about us and the position, next step is for you apply so we can learn about you!#J-18808-Ljbffr Recommended Skills Administration Auditing General Ledger Lawsuits Loans Property Tax Apply to this job.
Think you're the perfect candidate? Apply on company site Estimated Salary: $20 to $28 per hour based on qualifications.
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