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Deposit Operations Representative

December 3 2019
Industries Bank, Insurance, Financial services
Categories Administrative, Clerical, Bank, Insurance, Financial Services, Store Operations - Associate
Ottawa, ON

Scope of Position

The Deposit Operations Representative will be the “service center” for all e-mail and telephone inquiries to support Deposit Products. These include RRSPs, RRIFs, RESPs, Deceased Accounts, Self-Funded Leave, Savings Bonds, and Non-Resident Accounts; and other related duties as required. The incumbent will utilize well developed investigative; problem solving; probing and analytical skills to provide accurate and timely responses.

Major Responsibilities

The Deposit Operations representative is responsible for the following areas within Deposit Operations:

  • Responsible for the processing of T2033 requests ensuring the accuracy of the information submitted and the timely remittance of funds to other FIs
  • Responsible for the processing of RESP requests ensuring the accuracy of the information and the timely remittance to Concentra.
  • Audit the yearly list of inactive accounts for accuracy and provide listing to branch for member / client contact
  • Prepare letters for members /clients in a dormant status advising them of fees to be charged
  • Ensuring fees are charged on a monthly basis and remitting funds to the Bank of Canada and closed as appropriate
  • Resolve member complaints directly with members as required
  • Deal with the complexity of products such as locked in plans, market tracer investments & special shares
  • Responsible for the account administration and payroll processing for federal government employees who participate in the Self-Funded Leave Program
  • Responsible for the custody and reconciliation of Bank Drafts for Alterna Savings and Alterna Bank and ensuring prompt shipments are sent to the branches as requested.
  • Responsible for the administration of deceased accounts; ensuring all necessary restrictions are placed on accounts in order to protect the assets of the Estate.
  • Provide accurate documentation required to settle accounts to Executors/Estate Lawyers and deal directly with members as necessary.
  • Open and manage products on the banking system as required
  • Track data for reporting purposes for Treasury and for error tracking
  • Oversee quality control by identifying problems or challenges and initiating corrective actions.
  • Collaborate with our internal and external partners to provide support and advice.
  • Maintain an expert working knowledge and understanding of all deposit products and services Alterna offers
  • Act as subject matter experts to our internal and external partners with respect to products, processes, document preparation and legislative requirements.
  • Comply with regulatory deadlines to mitigate financial and reputational risk to our members/clients and Alterna
  • Be cognizant of any backlog and proactively manage it to avoid negative impact to members/clients and other areas of Alterna.
  • Perform departmental audits for compliance with established policies and procedures to ensure regulatory, privacy and security compliance
  • Review all communication received from the Supervisor regarding any policy, procedure and/or legislative changes and ensure a comprehensive understanding of the changes.
  • Complete User testing for any banking system releases, ensuring all processes are functioning accurately and communicate any potential risks

Expectations and Outcomes

  • Provide professional service to all internal and external members, clients and partners
  • Consistently adhere to all legislative requirements, operational policies and procedures
  • Post all financial transactions in an accurate, timely fashion, ensuring all transactions adhere to established audit requirements and pre-determined service level agreements
  • Proactively identify enhancements to our processes and workflow
  • Remain current on all legislative requirements
  • Remain current on all of Alterna’s products and services.

Qualifications

Educations/Certifications/Experience

  • Post secondary education and/or equivalent work experience
  • 3 year of related experience in a financial institution
  • Proficient use of Excel/MS Word required

Knowledge/Skills

  • Detailed working knowledge of Alterna Savings/Alterna Bank products and services
  • Good knowledge of Alterna’s banking system
  • Good knowledge of basic accounting principals is an asset
  • Knowledge of registered products and their associated legislative policies

Competencies

  • Excellent verbal and written communication skills that enables effective interaction with employees, members/clients and business representatives
  • Proven analytical and problem solving skills
  • Ability to accept and embrace change
  • Demonstrate time management abilities
  • Attention to detail and accuracy
  • Ability to multi-task

About the Alterna Financial Group

Alterna Savings and Credit Union Limited (Alterna) has been the Good in Banking for 111 years!

Alterna has grown from its humble beginnings to be the second largest credit union in Ontario, and one of the Top 10 in Canada, with over $8 billion in assets under management and more than 167,000 members and a network of 35 branches across Ontario. The impressive growth throughout the years stems not only from merging with other credit unions, but also from significantly gaining new retail, business and not-for-profit members as people recognize Alterna’s philosophy of putting members first.

Known for its fast-paced environment, Alterna is viewed as a trailblazer in the industry. Led by a CEO with a passion for innovation, Alterna was the first credit union to introduce a digital bank and the first to offer a fully digital end-to-end mortgage through its wholly-owned subsidiary, Alterna Bank.

Alterna is proud of its long history of helping communities thrive. It shared its success in 2018 by donating more than $1 million to the community and, in partnership with employees, contributed 11,300 volunteer hours. Its flagship Community Micro Finance Program also helps underrepresented groups. Since inception, the program has disbursed more than $5 million in impact loans and helped change the lives of more than 1,000 participants and their families.

Alterna is also extremely proud of its corporate culture. With a workforce of more than 600 employees, Alterna is honoured to be recipient of prestigious employer awards, including the National Capital Region’s Top Employers and Aon’s Best Employers (Platinum level) awards.

For more information please visit www.alterna.ca and www.alternabank.ca and connect with us on https://twitter.com/alternasavings.

Compensation

*At Alterna, we offer a competitive total rewards program and an opportunity to truly make a difference. If you put people first and value excellence and integrity, we hope you'll apply!

* Although we appreciate all applicants, preference will be given to candidates who most closely meet the qualifications, key skills and competencies outlined above.

* Alterna is compliant with the Ontarians with Disabilities Act. If you have a disability, please contact the recruiter to let us know how we can accommodate you.

Apply now!