Check Operations Specialist II

Navy Federal Credit Union - Vienna, VA

Full-time

Vienna, VA

Credit Intermediation and Related Activities

About the position

The Check Operations Specialist II position at Navy Federal Credit Union involves validating and processing checks and financial instruments received from various sources while adhering to strict posting deadlines and compliance with state and federal regulations governing payment processing. This role requires the processing of moderately complex transactions and exceptions, as well as the research, resolution, balancing, and reconciliation of basic to moderately complex adjustments received from the Federal Reserve Bank (FRB), financial institutions, and internal business units. The specialist will be responsible for receiving incoming check files from other financial institutions and posting funds in accordance with regulations and company policies. A key aspect of this role is to maintain internal controls to minimize risk and prevent losses while supporting the goals and objectives of the branch and division, as well as Navy Federal as a whole. The position operates under minimal supervision, with the possibility of receiving guidance on work priorities. In this role, the specialist will prioritize, process, and reconcile incoming and outgoing financial items from various sources, including direct presentment banks, the FRB, Navy Federal branches, Mail Remittance, ATMs, and eDeposits. They will be tasked with making pay/no pay decisions for corporate check items and reconciling the general ledger to ensure compliance with state and federal regulations. The specialist will also handle negotiable instruments that require special attention, such as stop payments, cancellations, voids, duplicate paid drafts, and escheatment. Organizing work according to item type is essential to ensure adherence to established deadlines and guidelines. Additionally, the specialist will initiate check adjustments and correspond with the FRB to resolve issues related to incorrect payment amounts or duplicate presentments. They will research and investigate escalated problems involving member and corporate check transactions, process corrections to exceptions, and review the status of outstanding transactions to initiate corrective actions. The role also involves reviewing transactions flagged as fraudulent or suspicious, determining risk levels based on OFAC regulations, and escalating confirmed fraudulent transactions to Security. Continuous quality control is necessary to ensure the efficiency and accuracy of processes and procedures, and the specialist will perform end-of-day balancing for incoming and outgoing check transactions. They will also prepare additional documentation for check adjustments to be provided to internal business units, financial institutions, and the FRB, while responding to general requests from members and other stakeholders. Overall, the Check Operations Specialist II plays a crucial role in maintaining compliance, minimizing risks, and supporting the operational goals of Navy Federal Credit Union.

Responsibilities

• Prioritize, process and reconcile incoming and outgoing financial items from direct presentment banks, the Federal Reserve Bank (FRB), Navy Federal branches, Mail Remittance, ATM, eDeposits, or other sources for clearing
• Make pay/no pay decision for corporate check items
• Reconcile general ledger for proper recordation and processing of escheated items to ensure compliance with state and federal regulations
• Make payment decisions on negotiable instruments that require special handling, e.g. stop payments, cancellations, voids, duplicate paid drafts, and escheatment
• Organize work according to item type (e.g. on-us, returned items, Savings Bonds etc.) to ensure adherence to established deadlines/guidelines
• Initiate Check Adjustment and correspond with the FRB via an automated system to resolve incorrect payment amount, duplicate or false presentments
• Research and investigate escalated problems involving member and corporate check transaction; processes corrections to exceptions transactions
• Review status of outstanding transaction and initiate corrective action for transactions
• Review transactions flagged as fraudulent or suspicious; determine risk level based on OFAC regulations and complete appropriate documentation; escalate confirmed fraudulent or suspicious transactions to Security
• Remain current on industry rules and regulations governing checks and other financial transactions
• Perform on-going quality control to ensure efficiency and accuracy of processes and procedures
• Perform end of day balancing for Incoming and Outgoing Check transaction
• Obtain and prepare additional documentation for check adjustments to be provided to internal business units, financial institutions and the FRB
• Respond to general requests from members, internal business units, FRB and financial institutions
• Maintain a general awareness of FRB rules, regulations and operating guidelines
• Adhere to internal controls and procedures to minimize risks and prevent losses
• Support projects and initiatives within the business unit and/or across the organization
• Mentor and guide level I team members
• Perform other duties as assigned

Requirements

• Working knowledge of accounting reconciliations and principles
• Experience in processing incoming and outgoing checks transactions
• Experience in processing incoming Check Adjustment, Corporate transactions and Reconcile General ledgers
• Working knowledge with industry rules and regulations governing checks and other financial transactions
• Effective skill following, interpreting and applying relevant data/instructions to guidelines, procedures, practices and regulations
• Working Knowledge with payment rules and regulations
• Working knowledge with FRB rules, regulations and operating guidelines
• Ability to handle multiple tasks simultaneously with a high degree of accuracy
• Experience in working in a high volume, fast paced environment
• Effective in the use of PCs and related software packages
• Exposure to leading, guiding and mentoring others
• Effective skill exercising initiative and using good judgment to make sound decisions
• Effective skill interacting tactfully and effectively in difficult situations
• Effective research, analytical, and problem solving skills
• Effective verbal and written communication skills

Nice-to-haves

• Familiarity with NFCU credit/debit card products, services, processes, procedures and related dispute/fraud
• Familiarity with Navy Federal's functions, philosophy, operations and organizational objective