Deposit Operations Specialist

Deposit Operations Specialist

Peapack Private Bank & Trust is a well-recognized, high-performing boutique bank and a leader in wealth, lending, and deposit solutions. We provide a broad range of sought-after products and services designed to help our clients establish, maintain, and grow their legacy through an innovative approach to private banking. What makes Peapack Private different from our competition? As an institution with over 100 years of history, we have always believed in putting the well-being and needs of our employees and clients first. We are proud to be recognized by American Banker for the eighth consecutive year as one of the nation's "Best Banks to Work For." Our secret sauce, in a word, is our culture. We value a diverse, equitable, inclusive, and safe workplace. Our one-team culture goes to great lengths to show all employees that they are valued members of the organization. We treat one another like family and communicate across the Bank in a transparent and frequent manner, respect and consider feedback from all levels, and operate with a philosophy grounded in hospitality and genuine human kindness. There are multiple ways to build relationships and get involved; from joining one of our Cultural Ambassador sub-committees (focused on Wellness, Employee Fun, Diversity & Inclusion, or Environmental Awareness), to participating in community service activities through our Volunteerism outreach, to joining LIFT (Leading Inspiring Females Together), a committee focused on enriching the lives of women. Simply put, our culture is amazing.

Position Summary

The Deposit Operations Specialist is responsible for performing a variety of operational and servicing functions supporting deposit products and services while ensuring accuracy, compliance, operational excellence, and an exceptional client experience. This role supports deposit account maintenance, exception processing, fraud monitoring, research requests, and regulatory servicing activities. The specialist collaborates with internal business partners to resolve issues, improve processes, support workflow automation initiatives, and contribute to the bank's operational efficiency and growth objectives.

Responsibilities

• Deposit Operations & Account Servicing
• Process and maintain DDA, Savings, CD, and IRA accounts throughout the account lifecycle.
• Perform account maintenance quality reviews and process operational requests in accordance with established procedures.
• Research and resolve posting exceptions, balancing discrepancies, and account-related issues.
• Complete daily and monthly reconciliations, proofs, and account balancing activities.
• Process NSF items, chargebacks, adjustments, stop payments, and other deposit-related exceptions.
• Risk Management & Compliance
• Process levies, garnishments, subpoenas, reclamations, death notifications, and legal orders.
• Monitor fraud alerts, account exceptions, and unusual activity, escalating concerns as appropriate.
• Support escheatment, backup withholding, B-Notices, and other regulatory servicing functions.
• Ensure compliance with applicable regulatory requirements, bank policies, and internal controls.
• Support internal and external audits, exams, and risk management initiatives.
• Client & Business Support
• Respond to deposit account research requests and client servicing inquiries.
• Assist with statement requests, image retrieval, and account investigations.
• Collaborate across departments to ensure timely resolution of operational issues and a high-quality client experience.
• Process Improvement & Technology
• Support workflow automation, system enhancements, and operational improvement initiatives.
• Assist with procedure maintenance, testing activities, and implementation of new processes or technologies.
• Identify opportunities to improve efficiency, accuracy, and operational effectiveness.

Key Behavioral Expectations

• Operate with agility and adaptability, responding effectively to changing priorities and business needs.
• Demonstrate curiosity and a learning mindset, continuously seeking to improve and grow.
• Utilize AI and technology tools responsibly to enhance productivity and decision-making.
• Show ownership and critical thinking, using sound judgment to solve problems and deliver results.
• Deliver white-glove hospitality, providing thoughtful, proactive, and personalized service in every interaction.

Qualifications

• Required: High school diploma or equivalent required. Minimum of 2 years of banking or other related experience. Strong analytical, problem-solving, organizational, and time-management skills. Effective verbal and written communication skills. Proficiency with Microsoft Office applications.
• Desired: Experience with Jack Henry or comparable core banking systems. Working knowledge of ACH processing, NACHA rules, Reg CC, OFAC, and deposit operations regulations. Experience with workflow systems, automation platforms, and process improvement initiatives. Bilingual skills are a plus.

Benefits Overview

We offer a competitive compensation package, a generous paid time off program, comprehensive medical, dental and vision coverage, maternity/paternity leave, education reimbursement, wellness programs and more. We also offer participation in an Employee Stock Purchase Program and a 401K with a generous match. The approximate pay range for this position is $41,556 to $50,000, plus an opportunity to earn performance-based incentives. Please note that the pay range provided is a good faith estimate for the position at the time of posting. Final compensation may vary based on factors including, but not limited to knowledge, skills and abilities, as well as geographic location. Note: Incentives and/or benefits packages may vary depending on the position.

Peapack Private Bank & Trust