Wire Transfer Specialist

Merchants Bank, Winona, has an opening for a Wire Transfer Specialist II. The hours for this position will generally be Monday through Friday between 8am – 5pm.

This position is responsible for advanced wire transfer operations and funds management. Will maintain required balances with correspondent banks and the Federal Reserve Bank, as well as the purchase and sale of Fed Funds. The individual in this role will process ACH files and service daily wire transfer needs of customers.

This role requires thorough knowledge of ACH, Fedline requirements, general ledger accounting and expertise in wire transfers—incoming and outgoing, domestic and international wires. 5+ years experience in wire transfer or treasury management desired. Associate’s degree in business or related field preferred. Must have excellent communication skills.

Merchants Bank offers competitive wages and benefits for our full-time employees including health, dental, life, disability and vision insurance; flexible spending accounts, 401(k) and ESOP retirement plans; bonus plan; paid time off; tuition reimbursement; and a variety of voluntary supplemental insurance options.

Please click on Apply Now or apply in person at Merchants Bank, Winona (102 E 3rd Street). Questions can be emailed to hr@merchantsbank.com. Merchants Bank is an Equal Opportunity Employer of women, minorities, protected veterans and individuals with disabilities.


Job Summary:


Essential Duties:
Wire Transfer
• Process incoming and outgoing wire transfers, on both a domestic and international basis, Merchants Financial Group, Inc., affiliate bank personnel, as well as downstream correspondent banks.
• Return social security for deceased customers and track Social Security payments after reclamation notice is received.
• Reconcile wire transfers and cash letter remittances to the Federal Reserve.

ACH
• Check OFAC on incoming ACH files (foreign ACH transactions)
• Confirm origination files in Fed

Funds Management
• Interact with upstream correspondent banks and maintain required balances.
• Reconcile general ledger accounts.
• Send or reposition securities via Fedline.
• Monitor balances at the Federal Reserve Bank to avoid daylight overdrafts and ensure proper funds management.
• Coordinate necessary funds transfers to facilitate daily liquidity position for the banks involved.
• Settlement of funds with large correspondent banks at the end of each day. Printing statements and processing service charges for each correspondent monthly.

Customer Service
• Provide superior customer service, while managing risk, engaging with internal and external customers including bank staff, bank customers and Correspondent Banks, as well as Vendors (Fedline, wire processing provider, etc.).

Training
• Responsible for training Wire Transfer Specialist I as well as assigned back-up personnel to the team.

Documentation and Procedure Management-Maintaining Operational Consistency
• Create, revise and document departmental procedures and best practices. Maintain accurate digital records


Additional Expectations:
• Printing Internal account statements and balance monthly.
• Participate in cross functional teams, representing deposit support.
• Will work with manager on specialist projects and system implementation projects, including testing and error resolution.
• Maintain a neat and orderly work area and adhere to customer privacy requirements.
• Regular and dependable attendance is an essential function of the job.
• Provide exceptional customer experience when assisting internal and external customers.
• Employee may be asked to perform other duties as required by business needs.
• Employee will be expected to complete compliance and product knowledge assignments in a timely manner.

Skills and Abilities Required:
• 5-7 years of Wire Transfer or Treasury Management experience.
• Associate’s degree in business or related field preferred.
• Extensive knowledge of Wire Processing and ACH activities as well as associated compliance and risk policies and procedures.
• Knowledge of banking systems, products and services.
• Excellent interpersonal skills required.
• Ability to work on various duties with interruptions.
• Skill in customer relations, such as the ability to respond with sensitivity and sense of urgency to customer needs or requests.
• Strong planning ability, attention to details, and the ability to work in a self-directed manner.


Working Conditions:
Inside working environment, comfortable working temperature. Minimal in-person customer contact: however, will have extensive telephone and email contact with internal and external customers. No environmental hazards.


Physical Demands:
Work will be performed predominately sitting at a desk, very low degree of lifting. Lifting will generally not require over 35 pounds in weight. Position will require average finger dexterity to operate normal office equipment, such as computer, calculator, etc. Requires ability to articulate clearly.


Relationships:
Will have extensive contact with Finance, Treasury Management and Branch staff. Will have telephone contact with Federal Reserve, Correspondent Banks and customers to assist with a variety of matters and must interact in a professional manner. The employee will be expected to contribute to a positive working environment and have excellent communication skills. Responsible to the Specialized Services Manager in Deposit Operations for the fulfillment of functions, responsibilities, and authority, and for their proper interpretation.