Banking Ops Specialist

About the job Banking Ops Specialist


Banking Ops Specialist needs 2 years of relevant experience Banking Ops Specialist in unclaimed property, tax operations, accounting, banking, or compliance related roles

Banking Ops Specialist requires:

• Unclaimed Property Compliance & Regulatory knowledge
• State Escheatment Knowledge: Working knowledge of state escheatment laws, reporting timelines, due diligence requirements, and remittance processes.
• Audit & Documentation Experience: Internal financial and reporting systems
  Top 3 Nice-To-Haves (Hard and/or Soft Skills)
• Advanced Excel Skills - Reporting and data analysis, including functions such as VLOOKUP.
• SOVOS (unclaimed property reporting and research) tax and regulatory compliance software platform.
• Customer Service - outbound calls

Banking Ops Specialist duties:

Communicates and corresponds with account owners regarding questions regarding unclaimed property laws and regulations, while ensuring compliance with said laws and regulations.
Processes state and federal withholding and backup withholding payments in compliance with IRS and state regulations.
Reconciles unclaimed property general ledgers and internal accounts to ensure accuracy of all financial records and identifies and resolves discrepancies.
Identify unclaimed property (e.g., dormant accounts, outstanding checks, credit balances).
Perform account research to determine owner eligibility and dormancy status.
Conduct due diligence outreach to property owners as required by law.
Prepare unclaimed property reports to state agencies accurately and on time.
Provides solutions to client, branch, and banking inquiries, and escalates issues when necessary.
Research, review, and process 1099 corrections (e.g., name/TIN changes, amount adjustments, reclassifications).
Ensure timely and accurate submission of corrected forms in compliance with IRS deadlines and requirements.
Investigate discrepancies related to 1099 reporting and coordinate resolutions with internal business partners.
Maintain documentation and audit trails supporting all corrections and adjustments.
Apply appropriate withholding rates and exemptions based on residency status and tax treaties.